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The University is offering a phased retirement option to tenured faculty whose age and years of service added together are equal to or greater than 75, and who have at least 10 years of continuous, full-time service at Pace. This option is currently available and may be exercised at any time of the faculty memberÂ鶹´«Ã½™s choosing.

Eligible faculty electing phased retirement:

• Will be assigned a 50% workload and will receive payments for performing that workload equal to 50% of their salary PLUS 1% for each year of full-time continuous service (see example calculation below).
• The arrangement is for one or two years.
• For the duration of the term of the agreement, faculty will retain their full-time tenured faculty status and, therefore, continue their eligibility for benefits in accordance with the terms of benefits plans that are in effect at the time of their election and retirement.

Example: Faculty member earns $100,000 salary and has 35 years of continuous full-time service. Annual salary for the one-year period (for performing the 50% workload) would be: ($100,000 x (50% + 35%) = 100,000 x 85% = $85,000