[PDF] [PDF] Academia in Transition Mid-Career Change or Early Retirement

[PDF] JCPenney Announces Plan to Optimize Retail Operations, Advance

24 fév 2017 · we have decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates By coordinating the timing of these 

[PDF] Pension Plan Status Update - JCPenney Restructuring

il y a 3 jours · J C Penney Corporation, Inc Pension Plan (Pension Plan) As a result benefits offered through the Voluntary Early Retirement Programs

[PDF] Qualified Pension Plan and Non-Qualified Pension Participant Letter

First and foremost, we hope you and your family are remaining healthy and safe of the Company's announcement to financially restructure under a voluntary The J C Penney Corporation, Inc Pension Plan is a tax-qualified plan and The JCPenney Benefits Restoration Plan (BRP) and the Supplemental Retirement 

[PDF] JC PENNEY COMPANY, INC - Annual Reports

24 mar 2017 · certain management employees, non-contributory supplemental retirement plans , including a 1997 voluntary early retirement plan Retirement 

[PDF] Guide to Voluntary Early Retirement Regulations (VERA) - OPM

The voluntary early retirement provisions are the same under the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System ( FERS) 

[PDF] Academia in Transition Mid-Career Change or Early Retirement

J C Penney; Metropolitan,Life; Monsahto; PPG Industries; Quaker Oats; Security Pacific benefits are provided to persons who voluntarily retire early ° These

[PDF] Treatment of Pension Plans When an Employer Is in - Fried Frank

The Employee Retirement and Income Security Act, enacted in 1974 First, defined contribution plans can never have an unfunded liability because, under these plans, the assets in a however, prohibit the voluntary termination by a plan

[PDF] jcr 2020 release date

[PDF] jcr army

[PDF] jcr impact factor 2019 pdf

[PDF] jcr impact factor 2020 pdf

[PDF] jcr indexed journals

[PDF] jcr list 2020

[PDF] jcr pdf

[PDF] jdbc programs in java examples pdf

[PDF] jdk 13 download

[PDF] jdk download

[PDF] je pense que la voiture va (tourner / se déplacer / traverser) le pont.

[PDF] je peux t'apprendre in english

[PDF] je pratique exercices de grammaire a1 pdf

[PDF] je suis à court de anglais

[PDF] je suis à court definition

DOCUMENT RESUME

ED 213 281

HE 014 605

AUTHOR

_Patton, Carl V. TITLEAcademia in Transition. Mid-Career Change or Early

Retirement.

SPONS AGENCYNational Science Foundation, Washington, D.C.

REPORT NO

'ISBN-0-89011-514-1

PUB DATE

79

CONTRACT

PRM-7624576

NOTE

222p.\

AVAILABLE FROM

Abt Books, 55 Wheeler Street, Cambridge, MA 0238

($19.50).

EDRS PRICE.

MF01/PC09 Plus Postage.

DESCRIPTORS

Administrative Policy; Age Discrimination; *Career

Change; Career Counseling; *College Faculty;

Compensation (Remuneration); Faculty College

Relationship; Faculty Evaluation; Financial Needs; Higher Education; Incentives; Legal Responsibility;

Personnel Evaluation; *Personnel Policy; Policy

Formation; *Retirement; *Retirement Benefits

IDENTIFIERS

*Early Retirement

ABSTRACT

The impact of early retirement plans and career

change on the professional and personal lives of professors and on the manpower and fiscal structures of the universities they serve is

examined. The book is based on more than 50 accounts of academics whotook early retirement options and a comprehensive review of incentive

programs for early retirement, along with mid-career change programs. Chapter 1 mei:0-'1s why colleges and universities are interested in mid-career chase and early retirement programs, and outlines the

various options now available. Career options in industry,government, ano academia are,analyzed in chapter 2. Chapter 3 offers

an analysis of the experiences of 70 of the first 100 or so persons who were induced to retire early, covering such topics as motivation, satisfaction with the decision, and ways that early retirement

affected their well-being. Chapter 4 discusses the fiscalconsiderations involved in early retirement plans. Chapter 5 examines

the manpower questions, including such questions as how incentive early- retirement plans will affect the age distribution of university

and college faculties and whether early-retirement and mid-careerchange will modify age and talent distribution. Chapter 6 contains a

discussion of the funding requirements and tax implications ofincreased-benefit retirement programs and an analysis of the legal

aspects of age discrimination. The final chapter sketches the policy implications of mid-career change and early retirement, presents summary evaluation of the early-retirement schemes, andoutlines a

number of considerations for colleges, universities, and facultymembers contemplating these options. In the final chapter several

policy considerations are discussed, including: developing a mechanism for faculty review And evaluation; providing_retirement and financial counseling; dissemination information about the options; and recog_izing potential contributions from Emerkiti. Appendices include a guide to administrator interviews and a guide to early retiree interviews. (Author/LC)

NAcademia

in Transifion:

Mid-Career Changeor

Early Retirement

Carl V. Patton

University of Illinois at Urbana-Champaign

"PERMISSION TO REPRODUCE THIS

MATERIAL HAS BEEN GRANTED BY

_14A-1( CSialf

TO THE EDUCATIONAL RESOURCES

INFORMATION CEN TER (ERIC)U.E. DEPARTMENT OF EDUCATION

NATIONAL INSTITUTE OF EDUCATION

EDUCATIONAL RESOURCES INFORMATION

CENTER (ERIC)

iT`The document has been reproduced as received from the person or organuston ortgmanng It

Kama changes have been made to improve

reproduction Quality_ .

Points of wow or optnions stated in this docu

meat do not nacesaanly tepresnt ofircial NIE posmon or policy

Abt Books

Cambridge, Massachusetts

ACADEMIA IN

TRANSITION

Mid-Career Change

or Early Retirement

Carl V. Patton

When research is changing from a chal-

s lenge ,; a chore, newideas in your field don't seem particularly relevknt, or sstlii.t. interests arecompeting for your time, what options do you have?

Can you change fieldi, or is early re-

tirement for you? Does your institu- tion offer an early retirement plan or support career, retraining? Under what conditions? What has been the experi-ence of otheruniversities and aca- demics with early retirement and mid- career change?These are the basic questions ad- dressed by Carl Patton in ACADEMIA

IN TRANSITION, a timely, informa-

tive discussion of the impact of early retirement plans and career change on the professional and personal lives of professors and on the manpower and fiscal structuresoftheuniversities they serve. Recently adopted incentive programs for early retirement, along with mid-career change programs, are examined indepth by the author.

The dollar costs of change, the human

eloment, legal and administrative conse- quences, and the impact upon the age structure of university facultiesare' some aspects of the problem

Patton

deals with in his study. AcCounts 'of over fifty of the first academics who took special early retirement options provide valuable data on the financial, social, and psychological effects of early retirement.9 0 Part of this book is based upon material prepared .sith support of National Se lethe I outi- dation Contract No PRM -7624576 The findings expressed here are those of the euthor and do not necessarily reflect the views of the National Suence I oundanon l ibrary of Congress Catalog Card NuMber 78 -66694

Abt Associates Inc ,1979

All rights reserved No part of =this publication may he reproduced or transmitted in ans form or by any means, electronic or mechanical, including photocopy, recording, or am in- formation storage or retrieval sys..-tm, without specific permission in writing I rom the pub usher Abt Books, 55 Wheeler Stre-t, Cambridge, MA 02138

Printed in the Umted States of America

ISBN 0 -8901 1 -5 14 -1

4

To my best friend

5 I

Contents

LIST OF FIGURES

xiii- t LIST OF TABLES xiv

ACKNOWLEDGMENTS

xv

INTRODUCTION

PROFESSOR GREEN

THE PLAN OF THE BOOK1

1 3

1 THE RATIONALE FOR CAREER OPTIONS

5

THE STEADY-STATE

5

THE ABOLITION OF MANDATORY RETIREMENT

8

AN OVERVIEW OF CAREER OPTI,G1V

..11

Alternative 1: Full-Salary Early Annuity 11

Alter-

native 2: Severance Payment

11Alternative

3: Individual-Based Early Annuity

12Afterna-

live 4: Group-Based Early Annuity

12Alterna-

tive 5: Individual-Based Early Annuity with Partial

Employment

12Alternative 6: Group-Based Early

lnnuity with Partial Employment

12Alt 'na-

tive 7: Continued Annuity Contributions

13Alter-

native 8: Severance Payment with Continued Annuity vtl 6 lin

CONTENTS

Contributions

134lternative 9: Liberalized Bene-

fits Schedule

13Alternative 10: Continued Perqui-

sites13

THE VARIOUS PURPOSES OF EARLY

RETIREMENT

2 CAREER OPTIONS IN13

INDUSTRY, GOVERNMENT, AND ACADEMIA

21

MID-CAREER CHANGE IN INDUSTRY

22

MID-CAREER CHANGE

IN THE FEDERAL GOVERNMENT

23

MID-CAREER CHANGE IN ACADEMIA

24

Internship and Fellowship Programs

24

Retraining Programs

25

Financing

27Content of the Retraining Pro-

gram27Application and Decision Process27

Placement28

EARLY RETIREMENT IN INDUSTRY

29
firms CI-C18 31

A Minimum Age for Retirement Ehgibility

42A

Minimum Number of Years of Service

42Consent

of the Organization

42Period in Force42

Ease of Funding

43Means of Financing the

Supplement

43

EARLY RETIREMENT

IN THE FEDERAL GOVERNMENT

43

Early Retirement in the Civil Service

44

Early Retirement in the Military

EARLY RETIREMENT IN ACADEMIA

Institutions Al-AS

CONCLUSION45

4'7 49
53
3

EXPERIENCES(WINCENTIVE EARLY RETIREES57

THE INCENTIVE EARLY RETIREES

59

THE DECISION TO RETIRE EARLY

62
I

CONTENTS

ix

SATISFACTION WITII THE DECISION

64

THE EFFECTS OF EARLY RETIREMENT

69

Financial Well-Being

69

Profeksional Activity

70

General Well-Being and Activity

73

PREPARATIONS FOR EARLY RETIREMENT

76

EVALUATION OF THE ARRANGEMENTS

78

THE POTENTIAL EARLY RETIREES

81

4 FISCAL IMPLICATIONS OF EARLY RETIREMENT

87

ILLUSTRATION OF COST CALCULATIONS.

88

Option

Full Salary Early Annuity88Option 2:

Individual-Based Early Annuity

88Option 3:

Group Based .'arty Annuity

88Option 4: Individ-

ual-Based Early Annuity with Partial Employment 88

Options 5 and o: Continued Annuity Contributions

89

Results of the Calculations

91

Comparing the Alternatives

'104

Funds Released per Early Retiree

104Ability to Hire

Replacements

105Early Retirement Annuity

Income

108Ability to Select the Retirees109

OTHER POSSIBLE ALTERNATIVES

110

SELECTING THE OPTION

110

Option I: Full-Salary Early Annuity

111Option 2:-

Individual -Based Early Annuity

111Option 3:

Group-Based Early Annuity111Option 4: Indi-

vidual -Bused Early Annuity with Partial Employ- ment111Options 5 and 6: Continued Annuity

Contributions

111

5 CAREER OPTIONS AND FACULTY COMPOSITION

115

IS THERE AN AGE PROBLEM?

A FACULTY FLOW MODEL

Features of the Model

S116 116
125
x

CONTENTS

Effects of Alternative Tenure Denial Rates

126

Effects of Alternative Death and Retirement Rates

132

Effects of Alternative Outmigration Rau*

132

Effects of Alternative Mid-Career Change Rates

133
Effects of Alternative Rates on an Older Population 133

Testing the Impact of the "Proper" Rates

139

RAISING THE MANDATORY RETIREMENT AGE

139

Possible Changes in the Model

158

IMPLICATIONS

159

6LEGAL QUESTIONS

CONCERNING EARLY RETIREMENT

163

FUNDING REQUIREMENTS

AND TAX IMPLICATIONS

163

Qualified Pension Plans164Nonqualified Pension

Plans'165Annuity Plans for Tax-Exempt Institu-

tions 166

RETIREMENT PLANS NOT COVERED BY ERISA

167

Governmental Plans167Unfunded Excess-Benefit

Plans167Supplemental Plans167Gratuitous

Payments to Pre-ERISA Retirees168Severance

Pay Plans168

LEGAL ASPECTS OF AGE DISCRIMINATION168

THE AGE DISCRIMINATION

IN EMPLOYMENT ACT

169

CONSTITUTIONAL GUARANTEES

174
7

CONCLUSION181

THE PROMISE OF CAREER OPTIONS

181

MID-CAREER CHANGE OPTIONS

183

INTERNSHIP AND FELLOWSHIP PROGRAMS

183
184

RETRAINING PROGRAMS

Nature of the Retraining Program

184Level of

Support184Application and Decision Process184

CONTENTS

xi

Selection and Placement Process

185Other

Administrative Considerations

185

EARLY RETIREMENT ALTERNATIVES

185
Funds

Freedby the Alternative186The Employee-

Replacement Rate

186Retirement Income and

Annuity Level

186Administrative Feasibil-

ity,186Legal Feasibility186Political Feasibil- ity

186Market Feasibility187

Meeting the Criteria

Alternative I: Full Salary Early Annuity

187.

Alternative 2: Severance Payment

187Alterna-

tive 3: Individual-Based Early Annuity

190Alter-

native 4: Group-Based Early Annuity

190Alterna-

tive 5: individual-Based Early Annuity with Partial

Employment

191Alterrative 6: Group-Based

Early Annuity with Partial Employment

191Alter-

native 7: Continued Annuity Contribut;ons 192

Alternative 8: Severance Payment with Continued

Annuity Contributions

192Alternative 9: Liberal-

ized Benefits Schedule

192Alternative 10: Contin-

uation of Perquisites 193

POLICY CONSIDERATIONS

193

Develop a Mechanism for Faculty Review and Evalu-

ction193Provide Retirement and Financial Coun- seling

193Disseminate Information about the Op-

tions

194Assure Academic Units Some Return

from Early Retirements

194Do Not Necessarily

Hire All Young Replacements

194Recognize

Potential Contributions from Emeriti

194Continue

Certain Perquisites

194

A WORD OF CAUTION

195187

POSTLUDE

APPENDIX

GI IIDE TO ADMINISTRATOR

INTERVIEW

GUIDE TO EARLY RETIREE INTERVIEWS195

quotesdbs_dbs14.pdfusesText_20