Standard Retirement Incentive Program
The Retirement Assistance Program is a voluntary option for eligible tenured faculty members aged 63 to 72 with at least 15 years of continuous full-time service at Vanderbilt University. Under this program, participants agree to surrender their tenure and retire by either December 31 or August 15, within one year of signing a formal written agreement. The agreement provides a Retirement Assistance Payment, calculated as 2.0 times the stated salary for retirees aged 63–67, or 1.0 times the stated salary for those aged 68–72. Upon retirement, faculty may continue enrollment in the Vanderbilt Health Care Plan, with premium reimbursements determined by their years of full-time service. To receive the benefits, faculty must survive through their designated retirement date; no benefits are payable if death occurs after enrollment but before retirement. Vanderbilt reserves the right to delay a participant’s retirement by up to one calendar year, if deemed in the University’s interest, with the retirement payment based on the originally elected retirement date.
Phased Retirement Program
The Phased Retirement Program, introduced at Vanderbilt University on January 1, 2013, is a voluntary option for tenured faculty members aged 63 or older to transition gradually into retirement. Under this program, eligible faculty may enter into an appointment of up to three years on a partial-load basis—no less than 50 percent of a full-time workload—while retaining full-status benefits. At the conclusion of the phased period, the faculty member surrenders tenure and fully retires. The program offers flexibility, allowing participants, with the approval of the Dean and Provost, to retire earlier than initially planned. While Vanderbilt reserves the right to terminate the program with 180 days’ notice, any faculty members who have already entered into a written phased retirement agreement will have their arrangements honored under the original terms. This structure ensures both a smooth transition for faculty members and continuity in meeting institutional needs.
Have more questions? You can reach out to your Dean's Office or email faculty@vanderbilt.edu.