Chapter Two: Personnel
 
Procedure Title: Phased Retirement
Based On: Board Policies 3, 4, and 8
Procedure Number: 2.34
Date Adopted/Revised: June 25, 2001; November 21, 2006; May 15, 2007; March 29, 2010; July 20, 2016
 
The Phased Retirement Plan provides eligible faculty with an opportunity to retire and maintain a reduced employment status. This plan permits the faculty member to reduce his/her workload in exchange for a commitment from the College to continue employment on a part-time basis for a limited time, subject to College and State regulations and statutes.
  1. Eligibility

    Eligible faculty are those full-time faculty who have reached the age of 55 years and who have ten (10) or more years of creditable service at South Arkansas Community College and its predecessor institutions. Participation is on a strictly voluntary basis, initiated by the faculty member, and when applicable, results in the conversion of tenured faculty status to non-tenured status. Arkansas Teacher Retirement and Arkansas Public Employees Retirement require waiting periods as prescribed by state laws and regulations that must be observed.

  2. Procedure

    1. Except for the initial year of implementation, a faculty member who wishes to participate in the Phased Retirement Plan should submit a request in writing to the appropriate Dean not less than four (4) months prior to the beginning of the fiscal year or as soon as applicable within Arkansas Teacher or Arkansas Public Employee retirement laws and regulations in which participation in the plan will begin.

    2. The Dean/s will forward the request, with a recommendation, to the Vice President of Learning. The Vice President of Learning will consider the request and recommend a course of action to the President, along with documentation of cost savings or other benefits to the College resulting from the decision to allow participation in the Phased Retirement Plan. Upon final approval of the President, a time line for action will be established, including expectations of the faculty member and anticipated employment needs of the College.

    3. The Phased Retirement option will be initially negotiated for a period of no more than three (3) years, subject to the rules and laws of the State of Arkansas, consistent with other part-time faculty contracts. Additional part-time employment may be renewed on a year-to-year basis thereafter.

    4. A faculty member in the Phased Retirement Plan may elect to discontinue phased retirement and completely discontinue employment status at any time by notifying the Dean, in writing, not less than ninety (90) days prior to the beginning of the fiscal year when the change in status is to become effective. Likewise, after three years, a faculty member wishing to maintain his/her status as a phased retiree should confirm this desire in writing to the Dean according to the same time schedule.

  3. Implementation

    1. The determination of employment will be the prerogative of the Dean and based upon the needs of the department and the students. Phased Retirement Plan participants will receive a proportional percentage of the last full-time contract worked for the College, established at a value commensurate with the workload agreed to by the faculty member and the College. The workload for a Phased Retirement Plan participant will be consistent with the salary previously earned as a full-time faculty member and shall be less than one-half the normal faculty workload. Participants appointed for nine (9) months will receive salary payment in the same manner as regular faculty members.

    2. The salary and associated workload shall be less than one-half of the salary that he/she was earning during the year immediately prior to beginning participation in the Phased Retirement Plan. During this time period, the participant will receive any general raises provided to comparable continuing full-time faculty members.

    3. Retirees who participate in the Phased Retirement Plan will be eligible to receive only the mandatory employment benefits of social security, workers compensation insurance, and unemployment insurance. In addition the retiree will be eligible for all previously earned and accrued retirement benefits.

    4. Retirees who participate in the Phased Retirement plan relinquish full-time faculty status, including tenure rights held, effective on the date of retirement, but do not relinquish the right to participate in discussions of instructional matters considered by the senior faculty or the departmental faculty.

  4. Employees that are eligible and elect the College’s Phased Retirement Plan may withdraw their vested benefits attributable to employee and institutional plan contributions (with all of the tax consequences). An employee who chooses the Phased retirement Plan shall be eligible for the same benefits under the defined contribution plan as someone that has terminated employment with the institution.