Welcome to the Bentley University Faculty Retirement Website. Here, you will find an abundance of resources to help you think about and plan for retirement, regardless of how far or close you are to that stage of your career.
While everyone needs to anticipate post-career decisions and lifestyles, those in academia often find it uniquely challenging, since a faculty member’s work tends to be so closely linked with self-identity. The information on this site addresses finances, lifestyle considerations, and psycho-social concerns from a faculty perspective wherever possible. You’ll find tools and resources ranging from a retirement planning checklist and savings calculator to topical articles, a Bentley Faculty Retirement Handbook, and FAQs.
Bentley Flexible Phased Retirement for Faculty
In 2004, Bentley adopted a Flexible Phased Retirement Plan for tenured faculty aged 60 and older who have at least ten years of full-time, tenure-track or tenured service. The program's goal is to offer the optimum balance between personal and professional needs as faculty transition to retirement. Its flexibility allows retiring faculty members, in conjunction with department chairs and the academic administration, to craft a phased retirement plan beneficial to all parties. Our program has been recognized as a best practice among higher education institutions by the American Council on Education through a program sponsored by the Alfred P. Sloan Foundation.
How Flexible Phased Retirement Works - The faculty phase-out period can extend over one, two, or three years.
- One Year: The faculty member engages in activity equivalent to teaching one course per semester, in one of the three faculty manual categories (teaching, scholarship, service); examples include mentoring, serving on a committee, assessing a program, conducting research, organizing a workshop, teaching a course, etc.
- Two years: The faculty member works half-time, and is paid full-time, for two years.
- Three years: The faculty member works one-third time, and is paid two-thirds time, for three years; or, two-thirds time for full pay for three years.
Pay and Eligibility - A faculty member's pay for the program is equivalent to one full year of salary, plus annual merit increases, assuming Bentley grants merit increases in any given year. The faculty member must be at least 60 years of age and have at least ten years of full-time, tenure-track and/or tenured service at Bentley. Ordinarily, the last full year sabbatical must have been at least six years prior to the first year of phase-out and the last one semester sabbatical must have been at least three years prior to the first year of phase-out. Faculty members who have 20 or more years of full time, tenure-track and tenured service are eligible four years following their last full year sabbatical. Faculty members who have 20 or more years of full time, tenure-track and tenured service are eligible two years following their last one semester sabbatical.
Planning the Phasing Period - Faculty must apply to their dean by February 1st each year for a start date of September of the same year. The faculty member and dean negotiate the specific terms of the agreement, consistent with the policy guidelines; each agreement must be reviewed by HR and approved by the Provost.
Teaching After Retirement - At the discretion of the Dean, faculty members may teach at Bentley after they retire. The assignment will be negotiated at the time retirement is discussed. While teaching, faculty members may continue to use their pre-retirement title, and their pay for teaching each course will be 33% above the Bentley average pay for adjunct professors.
Prioritizing Phased Retirement Requests - If more faculty members apply for retirement phase-out than their department can accommodate in a given year, priority will be given on the basis of
- Length of service, including both tenure track and tenured service
- Length of time since the last sabbatical
Bentley Faculty Phased Retirement Overview
To review a one-page overview of the Phased Retirement program, download the PDF.
Bentley Faculty Retirement FAQ
To read our Bentley Faculty Retirement most Frequently Asked Questions, download our PDF.
Bentley Flexible Phased Retirement Policy
Bentley's Flexible Phased Retirement Policy can be found in the Faculty Manual, Section 8.2.2.
Faculty and Staff Retirement Benefits
Fidelity Investments and TIAA/CREF - Both of Bentley's retirement investment vendors offer tools, resources, and counseling to help you meet your financial goals for retirement. Some of these resources are listed below.
Employees may direct Bentley and/or voluntary contributions to the complete line up of investment options included in the TIAA-CREF Enrollment Guide or the Fidelity Enrollment Guide. For more information on your investment options in the plan and to obtain a free prospectus, call:
TIAA-CREF at 1-800-842-2776 or visit the website.
Fidelity Investments at 1-800-343-0860 or visit the website.
Pre-retirement Planning Tools and Calculators – These tools provide users with the ability to analyze savings and spending patterns to project future income based on current financial behaviors.
- Fidelity Retirement Savings Worksheet – Offers a variety of resources and online calculators for retirement planning and investing. You can obtain an in-depth analysis of your current portfolio, establish a plan to save, learn basic investing concepts, obtain term life insurance quotes, or research stocks. Check this site for a wide array of financial tools.
- Fidelity Living on Retirement Income Tools and Calculators - Helps users better prepare to make investment income last through the retirement years. It provides advice on how to shift from retirement savings to retirement income, how to make sure you have enough money to last throughout retirement, and related matters.
- TIAA-CREF Tools and Calculators – You can use this budget sheet to get a better idea about essential and discretionary expenses, since retirees sometimes find that their essential spending is consuming more of their income than they had hoped, leaving less “room” for discretionary spending.
Consider listening to a retirement planning webcast:
- TIAA-CREF Retirement Countdown, provided by TIAA-CREF (running time: 15 minutes)
- Preparing your Savings for Retirement, provided by Fidelity (running time: 24 minutes)
- Shifting from Saving to Spending, provided by Fidelity (running time: 30 minutes)
- Preserving Your Savings for Future Generations, provided by Fidelity (running time: 24 minutes)
Consider schedule a one-on-one appointment with a Fidelty Investments or TIAA-CREF representative:
Explore this site - to learn more about Bentley’s retiree medical program, medical insurance and rates, dental plan, life insurance, disability, and related issues. Please note that employees hired after 1/1/2000 are not eligible to participate in Bentley Retiree Medical program.
Bentley Contact Information
- Benefits – For Benefits information, contact Sandy Smith, Senior Benefits Specialist at Ext. 2817 or firstname.lastname@example.org
- Academic Affairs - To discuss retirement, contact Dean of Business Chip Wiggins at Ext. 3166 or email@example.com, Dean of Arts & Sciences Daniel Everett at Ext. 2118 or firstname.lastname@example.org, or Associate Dean of Business Vicki Lafarge at Ext. 2089 or email@example.com
Government Resources for Financial Planning
Whether you plan to retire in a year or ten years, you are probably considering financial questions. How long might your retirement years last? Will the money you have saved last long enough? What kind of lifestyle do you expect and will the money you've saved meet your needs? To answer these and other questions, explore some of the pre-retirement financial resources below.
The Employee Benefits Security Administration (EBSA) is part of the U.S. Department of Labor. EBSA’s site provides a wealth of consumer information about health and retirement plans, including laws and regulations, technical guidance, FAQs, and the ability to sign up for a bi-weekly consumer update.
Check these EBSA links to learn more about specific topics:
- Consumer Information on Retirement Saving – This site is arranged by career stage, from new entrants, to mid-career, and for those nearing retirement. It includes links to many of the documents listed below, and to other pages within the EBSA site.
- Retirement Toolkit – This resource is jointly produced by the Department of Labor’s Employee Benefits Security Administration, the Social Security Administration, and the Centers for Medicare and Medicaid Services. This is an indispensable guide to navigating the retirement process. The toolkit includes four pages of links to additional information, and covers a variety of topics such as Women and Retirement Savings and A Look at 401K Plan Fees.
- Taking the Mystery Out of Retirement Planning – You can read this colorful 62-page booklet on-line, download it, or order it through the mail. It includes multiple links to calculators, money magazines, and federal agencies.
- Top Ten Ways to Prepare for Retirement – An online publication that offers simple steps to encourage saving for retirement.
- Saving Fitness: A Guide to Your Money and Your Financial Future – According to this 47-page booklet from EBSA and the Certified Financial Planner Board of Standards, retirement is the biggest purchase you will ever make. As the title suggests, being in good financial shape is like being physically fit. Since this booklet can be alarmist in tone, it is perhaps worth reading if you are approaching your “retirement purchase” with any degree of complacency.
Health and Well-being Throughout Your Retirement Years
When planning for retirement, it is easy to place financial concerns at the forefront of the process and overlook the importance of your future health and wellbeing. Whether you are thinking about retirement or you have already made the transition, you might want to consider and explore questions about mental and physical health, lifestyle, and emotional adjustments. Retirement might change the way you approach your emotional and physical wellbeing.
Explore this site for information about and reflections upon retirement's impact on lifestyle, intellectual pursuits, psycho-social concerns, and overall health.
Articles and Manuscripts
- Life after Retirement: Behavioral and Psychological Aspects of the Retirement Decision Explores a number of behavioral factors that influence the retirement decision. This online article was published in 2011 by a Research Analyst in the Office of Retirement and Disability Policy, Social Security Administration.
- In Search of a Professor's Legacy Read this poignant article about his late father, professor emeritus at Wharton, David Perlmutter notes, “I do know that all of us making decisions about retirement need to be encouraged, enabled, and supported to think through our intellectual transition as much as our physical and fiscal ones.” Chronicle of Higher Ed – In Search of a Professor’s Legacy – by Perlmutter, David D., The Chronicle of Higher Education (Mar 18, 2012)
- Prepare your Retirement Psychological Portfolio along with your financial portfolio.
- Reflections upon University Retirement examines the end of mandatory retirement in American higher education, research related to faculty retirement deicsions, and the author's thoughts before and during retirement from academic life. Reflections upon University Retirement: With Thanks and Apologies to James Joyce, Euster, Gerald L.Educational Gerontology, v30 n2 p119-128 2004
- Leisure and the Retired Professor: Occupation Matters reports on a small study of the leisure activities of retired academics. Educational Gerontology, 31: 343–361, 2005 Copyright # Taylor & Francis Inc. ISSN: 0360-1277 print=1521-0472 online, DOI: 10.1080/03601270590921645
- The University of Michigan Health and Retirement Study investigates the health transitions people face toward the end of their working years.
Bentley Faculty Retirement Handbook
The Bentley Faculty Retirement Handbook will be available soon.
Faculty Retirement Planning Timeline
Ten years might seem far away, but if you plan to retire in that timeframe there are steps you should take. This checklist begins at 10+ years from planned retirement and identifies different actions to consider taking along the way, up to and beyond retirement.
Additional Retirement Resources
The amount of web-based information about retirement is staggering, but it can be difficult to find the right resources for your needs. Some of the most pertinent sites providing information pertinent to retirement are listed below.
- American Association of Retired Persons – AARP is a nonprofit, nonpartisan organization that helps people 50 and older improve the quality of their lives.
- Certified Financial Planner Board of Standards, Inc. – This site does not even pretend to be neutral—it is all about why one needs a financial planner, how to find one and work with one.
- Eldercarelocator – This website, provided by the U.S. Health and Human Services Administration on Aging, locates services for older adults and their families. It allows users to search by zip-code or by topic. The homepage also includes helpful links to Federal Websites, Long-term Care Insurance information, Factsheets, Brochures, Benefits and Caregiver resources.
- Long-term Care Insurance – Published by the U.S. Department of Health and Human Services, this site provides general information about Long-term Care insurance—why it is important, how it works with Medicare/Medicaid, how to decide, how it differs by state, and most importantly, the typical cost of LTC insurance, although some of this information is dated.
- Medicare – You can find reliable information about Medicare through the Social Security Administration website, but www.medicare.gov is the official website.
- Senior Corps – Senior Corps is a key program of the Corporation for National and Community Service (CNCS), a federal agency that engages more than 5 million Americans in service, including the AmeriCorps program. Those interested in volunteering through many different agencies can search their website by area of interest or by zip-code to learn about local opportunities.
- SOAR 55 – is part of the national network of volunteer agencies that help meet the critical community needs through the volunteer service of older adults. The program provides direct service as well as management consultant volunteers to more than 80 non-profits in the Boston Metro West area.
- Social Security Administration – The Social Security website is filled with valuable information including benefits, application procedures, and Medicare. Earnings statements are no longer mailed to your address, and this information is now available once you register under "My Social Security." Also located at 115 Freeport St, Boston, MA 02122, (800) 772-1213.
Retirement Resources – For Further Reading
For more retirement resources, please visit our additional reading.