Faculty who are considering retirement should consult with the Provost early in their planning. Faculty are also encouraged to consult with a financial planner. The College will reimburse qualified employees up to $300 for costs incurred for financial planning advice provided by a certified financial planner, accountant, attorney or other planning professional. Additional information can be found on the Human Resources website.
Faculty who will be between the ages of 60 and 65 at the time of their retirement period and who have at least 20 years of service at Carleton College may choose to continue on the College medical insurance plan until age 65. In that case, Carleton will pay 50% of the premium for the faculty member and the faculty members’ spouse/domestic partner, if applicable. If the faculty member is over 65 and is carrying medical coverage for a spouse/domestic partner who is under 65, the spouse/domestic partner can continue on Carleton’s plan through COBRA for up to three years (or until age 65), and Carleton will pay 50% of the premium.
The Provost’s Office will also contribute up to $500 to help defray the costs of moving books and other materials from a retiring faculty member’s office to their home or other location. Your department assistant can contact Danette DeMann for assistance.
Faculty who have signed a commitment to retire may teach one special “culminating” course (to be negotiated with the Provost). This may be a special topics course within the faculty member’s department or program, or may be an interdisciplinary or team-taught course. If a faculty member wishes to undertake a culminating project other than a course (for example, a scholarly or creative project, or a project related to professional or College service), he/she should consult with the Provost about the possibility of support for that project.
In consultation with the Provost, unused PDA funds may be rolled over for research support post-retirement. After any remaining PDA funds have been spent, retired faculty may apply for modest research support through the Provost’s office.
Many privileges continue after retirement. Retired (non-emeritus) faculty members who have completed at least 15 years of service, are age 55 or older, and held a position that was half-time or greater at the time of their retirement may choose to maintain their listing on the department’s website and College directory, and continue their e-mail and computing accounts. They may also retain their OneCard, have continuing access to the Recreation Center and Library, as well as Bookstore and dining discounts.
Emeritus faculty can find ways to stay connected and discover privileges that continue after retirement.
Carleton offers the option of phased retirement in addition to regular retirement. Whereas in a regular retirement plan one goes directly from full-time employment to retirement, Carleton’s phased retirement provides the option of teaching part-time for a period of one to three years before retiring completely. Full details of the phased retirement plan are described in the Faculty Handbook.