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The Gladys W. and David H. Patton
College of Education
The Many Faces of
Retirement:
Retirement Re-Defined for
the 21st Century
Valerie Martin Conley, Ph.D.
Professor and Chair
Department of Counseling and
Higher Education
(740) 593-9426
Percentage of all full-time faculty departures due to retirement, by type and control
of institution: Fall 1992 and Fall 1998
31
27
32
22
44
38
27
50
35
21
12
24
20
36
3332
50
26
0
10
20
30
40
50
60
Pub lic research Private research Pub lic docto ral Private docto ral Pub lic
comprehens ive
Private
comprehens ive
Private liberal arts Pub lic 2 -year Other
1993
1999
Source: National Study of Postsecondary Faculty (NSOPF), Data Analysis System (DAS)
Percentage age distribution of full-time instructional faculty
and staff, by year: Fall 1987, 1992, 1998, and 2003
SOURCE: U.S. Department of Education, National Center for Education Statistics
National Study of Postsecondary Faculty (NSOPF)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
1987 10.2 31.6 34.1 11.7 8.7 3.3 0.5
1992 8.2 29.7 36.4 12.8 8.4 3.4 1.1
1998 7.3 25.3 36.0 16.1 9.8 4.1 1.4
2003 8.2 24.5 32.5 16.7 11.8 4.7 1.7
Under
3535-44 45-54 55-59 60-64 65-69
70 or
older
0
10
20
30
40
50
60
70
80
90
100
Under 40 25.2 20.8 18.1 19.2
55 or older 24.2 25.7 31.4 34.9
Fall 1987 Fall 1992 Fall 1998 Fall 2003
Aging of full-time instructional faculty:
Fall 1987, 1992, 1998, and 2003
SOURCE: U.S. Department of Education, National Center for Education
Statistics National Study of Postsecondary Faculty (NSOPF)
523420 524426 535623
545706 550822 568719
590937
617868 630092
675624
703463
728977
269650
299794 290629
369768 380884
421094 436893
495315
543501
614802
667927
710167
0
100000
200000
300000
400000
500000
600000
700000
800000
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
Full-Time
Part-Time
The Gladys W. and David H. Patton
College of Education
Graying of the Faculty
41.0
42.0
43.0
44.0
45.0
46.0
47.0
48.0
49.0
50.0
1988 1993 1999 2004
Full-time
Part-time
Average age of instructional faculty and staff by
employment status: 1988, 1993, 1999, and 2004.
The Gladys W. and David H. Patton
College of Education
Graying of the Faculty
41
42
43
44
45
46
47
48
49
50
51
1988 1993 1999 2004
Full-time
Part-time
Average age of instructional faculty and staff in 2-year institutions,
by employment status: 1988, 1993, 1999, and 2004.
The Gladys W. and David H. Patton
College of Education
The Many Faces of
Retirement: Early, Phased,
and Postponed Decision-
Making
The diversity of retirement and retirees leads to different retirement planning needs.
The Gladys W. and David H. Patton
College of Education
Retirement Plans
Average age expecting to retire
— 66.2
For those 71 or older — 75.7
There were no substantive
differences across program
areas in the average age
expecting to retire.
However, age distributions within
programs do vary.
The Gladys W. and David H. Patton
College of Education
Expected Retirement Age Percentage distribution of expected timing of
retirement of full-time instructional faculty and staff:
2003–04.
7.9%
28.6%
37.3%
25.0%
1.3%
Very Early
Early
On-time
Late
Very Late
Source: National Study of Postsecondary Faculty (NSOPF), Data Analysis System (DAS)
The Gladys W. and David H. Patton
College of Education
Incentives Disincentives
Earlier
retirement
Economic
independence
Incentive programs
Heavier workload
Dissatisfactions
Economic disadvantage
Productivity/career
success
Comparatively light
workload
Later
retirement
Economic need (to
keep working)
Productivity/career
success
Social/psychological
rewards
Economic independence
Lack of career
success/availability of
alternatives
Heavy work load
Dissatisfactions
Incentives and
Disincentives to Retire
The Gladys W. and David H. Patton
College of Education
Phased Retirement
Commitments for continued part-time employment…
• Increasing (58 institutions reported implementing programs since 2000; and 20 reported doing so in 2005 and 2006 alone).
• Viewed as Win–Win Plans
• Extends the time faculty pay into Social Security
• Shortens the time of complete dependence on retirement savings for income
Source: “Survey of Changes in Faculty Retirement Policies 2007”
The Gladys W. and David H. Patton
College of Education
More Recent Data…
Source: Derived from Yakoboski, December 2011
Source: Derived from Yakoboski, December 2011
Retirement Incentive Programs in Higher Education
Sponsor a phased retirement program for full-time, tenured faculty 39%
Phased retirement also offered to other employees 57%
Benefits provided during the phase period
Full-time employer contribution to health insurance premium 83%
Extra retirement plan contributions or credits 36
Greater than pro-rata salary payments 5
Option to receive partial retirement benefits in addition to salary 61
Offered an early retirement buyout to full-time faculty since 2007 61%
Retirement Plans, Policies, and Practices:
2011–12
The Gladys W. and David H. Patton
College of Education
Whose Responsibility Is It?
Almost all eligible full-time faculty members participate in employer sponsored retirement plans.
The majority of institutions (81%) require full-time faculty participation.
Not so for part-time faculty!
Source: “Survey of Changes in Faculty Retirement Policies 2007”
The Gladys W. and David H. Patton
College of Education
Conclusions
Informed policy and practice requires
systematically collected data
Analysis of local conditions
Comparisons across institutions
Examining the relationship between
institutional characteristics and
individual circumstances
