19.C Retirement Eligibility

There is no compulsory retirement age. However, faculty who meet the requirements for age and continuous years of service listed below can retire from the University with benefits, with two exceptions: faculty with a benefit eligibility date prior to October 1, 1983, require only five years of service at age 60 or older, or 10 years of service at age 59, to retire; faculty with a date of service on or after July 1, 1988, who choose to retire before age 62 must pay the full cost of benefits up to the month they reach age 62.

Age at Retirement Years of Service

It is usually wise to develop an individual plan for retirement in advance of formal negotiations for retirement. Faculty members may arrange for a confidential individual dialogue with a retired faculty member regarding retirement prospects through the University of Michigan Retirees Association <www.umich.edu/~hraa/umra/>, which can be contacted through the office of the Senate Advisory Committee on University Affairs (764-0303, <www.umich.edu/~sacua>). The federal Social Security Office, TIAA-CREF and Fidelity Investment representatives, the University’s Benefits Office, Human Resource Development Office, and/or UM Health System Training and Development Office, and the faculty member’s dean and departmental office should be consulted, can help in planning, and should be kept informed of retirement plans or changes in plans prior to and during retirement. Once a retirement plan and date have been agreed upon and signed, the plan is usually not subject to renegotiation.

Faculty Handbook: Retirement, Emeritus/Emerita Status: