Renewal of the Incentive Plan for Tenured Faculty Retirement

Dear Colleagues,

I am pleased to share the Incentive Plan for Tenured Faculty Retirement, a renewal of the current plan that will take effect from January 1, 2027, and run through December 31, 2029. 

To recognize the years of dedication, teaching, scholarship, and service that our eligible tenured faculty have given to the University, this voluntary plan provides a thoughtful and flexible way to support those planning for retirement and who wish to begin a new phase of life after age 65. 

This renewal extends the current plan that was initiated in 2013 as a pilot under former Provost John Coatsworth, and then renewed first in 2019 and then again in 2024. It allows faculty to plan ahead and, if they choose, to phase their retirement over up to three years, ensuring a more gradual transition. Tenured faculty who meet the eligibility conditions will also receive an incentive payment equal to 100 percent of their annual base salary upon retirement.

The schools that have elected to participate in the plan include the Arts and Sciences (including the School of the Arts), GSAPP, Business, Engineering, SIPA, and Social Work. Eligibility is limited to full-time tenured faculty with at least ten years of continuous service at the University, and who are between the ages of 65 and 73. Faculty who are over 73 are encouraged to meet with their dean to explore individually tailored options.

Faculty aged 65 and over who participate in the program must commit to initiating retirement by the time they reach age 74. Retirement may take place all at once or be phased through reduced activity at a reduced salary, with terms subject to the approval of the faculty member’s dean. For agreements signed under the new Plan that begins on January 1, 2027, faculty can phase their retirement over up to three years.

Faculty considering the Incentive Plan should meet with their dean or department chair to discuss retirement arrangements. Eligible faculty who wish to participate must enter into a written retirement agreement with the University that sets out specific terms and conditions.

Those who are thinking about participating can also draw on resources at the Office of Faculty Retirement. This office provides information and advice for all Columbia faculty contemplating retirement as well as those who have already begun this new phase of their careers. Vice Provost Eugenia Lean, who oversees the Office of Faculty Retirement, is available for your consultation as you navigate the retirement process. She can be reached through the office at [email protected].

I encourage you to take advantage of these resources and review the Incentive Plan for Tenured Faculty Retirement to consider what options may be right for you.

All the best wishes,

Angela V. Olinto
Provost 
Rutherfurd Professor of Astronomy and Professor of Physics