Report of the Faculty Retirement Incentive Plan Review Committee and Next Steps

 

To: All Faculty

From: Ka Yee C. Lee, Provost

Subject: Report of the Faculty Retirement Incentive Plan Review Committee and Next Steps

Date: August 16, 2021

 

I have read the Faculty Retirement Incentive Plan (FRIP) Review Committee’s report, met with them to discuss it, and am now sharing the report with you.

 

In Autumn Quarter, I look forward to discussing the document with the Committee of the Council and the Council of the University Senate, broadening faculty input beyond the report’s authors and the faculty members who responded to the Review Committee’s Winter Quarter retirement survey. University leadership will continue to discuss the report. These additional perspectives will guide how best to modify FRIP’s features as well as how to communicate and implement those changes.

 

Vice Provost Melina Hale and her team will continue working with the Emeriti Steering Committee. As the Review Committee recommended, we will revise the FRIP materials and review when and how we discuss retirement with you.

 

I should note that tax considerations limit our ability to allow current FRIP participants (i.e., both retired faculty and those who have irrevocably elected to retire) to opt into the terms of a revised FRIP in the future, and material changes to University benefit plans and related policies require approval from the Board of Trustees.

 

Please join me in extending warm thanks to the faculty members who crafted this thoughtful report. You will find their report here.