Faculty Retirement Process
- During Spring Quarter of each year, the College of Engineering Fiscal Administrator will request Retirement/Emeriti Budget data from Department Administrators in order to develop a negotiating package for the Dean. Department Administrators will be asked to complete an Annual Retirement/Emeritus Budget Request which will:
The College of Engineering Fiscal Administrator will combine department data into a comprehensive Emeriti Budget request.
- Identify any “copper parachute” retirements, i.e., special retirement agreements with limited/no reemployment
- Identify “senior level replacement position required”
- Estimate emeriti re-employment budget amount for new retirees
- Estimate reemployment amounts for prior emeriti retirees
- Delete retirees whose reemployment period has expired
The Dean will then meet with the UW Provost late Spring or early Summer quarter to negotiate an Emeriti Funding Plan. Results of this negotiation will be stated in writing and signed by the Provost and Dean.
The Central Budget Office will provide a temporary-funded, CoE-wide Emeriti budget, generally before the beginning of Autumn Quarter. All COE emeriti are to be paid from this fund only.
As each new retirement occurs, the CoE Fiscal Administrator processes a P/CF budget revision, returning net differences between the old and new position. "Copper Parachute" or "Senior Level Required" funding changes are processed per negotiations mentioned in step 3 above.
Funds remaining in Department budgets during the interim between retirement and any new hire shall be used by the Department to cover replacement lecturers and faculty recruitment costs. In some cases, Departments will find that the actual new hire salary is substantially higher or lower than the amount negotiated during this process. The Dean and Department head shall confer on the appropriate action on a case-by-case basis. Such action may include returning funds or requesting additional support.
Departments process all payroll updates, transferring Emeriti to new central reemployment budgets according to plan. All Emeriti reemployment costs will be charged to the central emeritus budget, and not to department budgets.
The College of Engineering Fiscal Administrator will provide a monthly Emeriti fund status report to the Dean, Provost, and Department Chairs to track actual (vs. planned) expenditures.
At end of each year, excess reemployment funds will roll over to offset succeeding year Emeriti reemployment costs. These funds will not be available to CoE for any other purpose.
There may be some last-minute retirement decisions that occur between negotiations between the Dean and Provost. Any that occur prior to 30 June shall be added to this budget via ad hoc discussions. For any changes that occur after 1 July, the Department shall cover any emeritus costs out of emeritus vacancy savings for the remainder of the academic year. These positions shall be included in the annual submittal for the following year.