When Can You Retire?
Benefits & Privileges for Retired Faculty
- Health Insurance
- Dental Insurance
- Life Insurance
- Long Term Disability Benefit
- Tuition Grant Benefit
- College Mortgages
- Faculty Club
- Williams Club
- Credit Union
- College Facilities
- Scholarly & Professional Activities
- Support for Scholarly Work
- Information Technology
When Can You Retire?
Retiring with Benefits
Faculty may retire with full Williams College retirement benefits if they are at least 58 years of age, have an age and years of service that add up to at least 75, and their final 10 years of service are in a benefits-eligible position. Some Williams College retirement benefits details depend on when the retiree and/or the retiree’s spouse reach age 65. Potential retirees should also be aware of the age at which they can retire with no reduction in Social Security benefits, as described in the following table.
|If you were born in||You will be age 62 in||Your age for full benefits is|
|1955||2017||66 years, 2 months|
|1956||2018||66 years, 4 months|
|1957||2019||66 years, 6 months|
|1958||2020||66 years, 8 months|
|1959||2021||66 years, 10 months|
|1960 or later||2022 or later||67 years|
Faculty should be aware that it may be possible to arrange for a phased retirement with a reduced teaching load over some specified number of years on terms favorable to the faculty member. The Provost and Dean of the Faculty are willing to discuss this possibility with any interested faculty member. Because of the complications of the income tax law regarding retirement contributions by the College, those interested in phased retirement are advised to discuss their interest with the Provost several years prior to the desired retirement date.
Benefits and Privileges for Retired Faculty
Faculty who retire before age 65 may continue to participate in the College health insurance plan on the same basis as active faculty (i.e., with the College contributing toward the cost of the premiums) until they reach age 65. In that case they will be billed monthly for their premiums and can make changes to their coverage during the annual open enrollment period. The retiree’s spouse can continue to be covered only while under age 65.
If, when the early retiree reaches the age 65, his or her spouse is younger than 65, the spouse may continue coverage until he or she attains the age of 65, or for 10 years, whichever occurs first. The spouse must pay the full premium for this continued coverage. (That is, there is no College contribution toward the premium.)
Retired faculty are no longer eligible to participate in the College health insurance plan as of the first of the month in which they turn 65. They should then enroll in Medicare parts A and B. They should also consider a supplemental health plan such as the one sponsored for retirees and spouses through True North Insurance Agency. For more information about the College sponsored plan please contact True North at (413) 458 2384. It is important to make arrangements for any supplemental insurance well in advance of requiring it. College Human Resources professionals can help potential retirees navigate the details of Medicare and supplemental health insurance.
Retired faculty over age 65 are eligible for the Retiree Health Insurance benefit. A participant’s annual benefit is established each July 1. The amount is currently derived by multiplying years of service at Williams (up to a maximum of 35) by the dollar amount corresponding to the number of years retired, according to the following table:
|Number of years retired||Benefit per year of service|
|25 or more||$126|
|Less than 5||$56|
Any retiree who becomes age 65 during any plan year will receive his or her benefit on the first of the month following his or her birth date. The annual benefit will be pro-rated for the first year of participation.
Participants are reimbursed for documented payments to Medicare and supplemental health insurance for themselves and their spouses up to the amount of their accumulated benefit. After the retired faculty member’s death, the benefit ceases, and a surviving spouse may access only the benefit already accumulated. Human Resources sends an annual reminder at the beginning of each fiscal year. For details see http://wiki.williams.edu/display/handbooks/Retiree+Health+Insurance+Benefit+Plan.
Faculty who retire before age 65 may continue to participate in the College dental insurance plan on the same basis as active faculty until they reach age 65. In that case they will be billed monthly for their premiums and can make changes to their coverage during the annual open enrollment period.
Retiree group dental insurance is currently under study.
Retired faculty may continue basic and supplemental life insurance in force at the time of retirement until age 65. During that time the College will continue to pay for the basic insurance, and the retiree will continue to pay for the supplemental insurance. After age 65 supplemental insurance stops, and basic insurance coverage reduces to $5000.
Long Term Disability Benefit
The Long Term Disability Benefit ends at retirement.
Tuition Grant Benefit
The tuition grant benefit continues for retired faculty as for active faculty. These grants cover the tuition costs plus any fees normally covered under the Williams College tuition, up to an annual maximum dollar amount of one-half the prevailing tuition at Williams. The Tuition Grant Benefit is payable for a maximum of four years per dependent child, for up to four dependent children per eligible retiree family. For details, see http://wiki.williams.edu/display/handbooks/Tuition+Grant.
The mortgage benefit terminates upon retirement, and in most cases the mortgage must be paid off as of the last day of employment before retirement. For more information please contact the Mortgage Administrator in the Office of the Vice President for Operations at (413) 597-4421.
Retired faculty continue to be members of the Faculty Club. Dues continue to be waived.
College-paid membership for retired faculty at the Williams Club expired May 31, 2010.
Williams College Credit Union
Membership continues to be open to retired faculty and their families. See http://credit-union.williams.edu.
Retired faculty and their spouses retain their College ID cards and continue to enjoy library and parking privileges, access to the College’s physical education and other facilities and to cultural and other events. Retirees also retain their membership in the Faculty Club.
Retired faculty are, as always, welcome to use the faculty lounge in Hollander Hall as well as the science faculty/staff lounge in Thompson Biology.
Scholarly and Professional Activities
Retired faculty are encouraged to remain active in their departments and programs and throughout the College as a whole. They are eligible for temporary academic appointments to assist departments or programs in special circumstances. Such appointments are made upon department recommendation and require the approval of the Committee on Appointments and Promotions. Retired faculty are encouraged to participate in Convocation and Commencement ceremonies and to attend faculty meetings where they may speak but not vote. They are assigned on-campus mailboxes and continue to receive College publications. They may apply on an annual basis for office space, which will be assigned as available with priority given to faculty in the first two years of retirement. They may continue to use the Faculty Secretarial Office or their departmental or program offices, as appropriate, for assistance with professional and scholarly activities and to access office supplies for such purposes, although at lower priority than active faculty.
Support for Scholarly Work
Beginning July 1, 2011, retired faculty may apply to the Dean of the Faculty for a share of limited funds to support professional and scholarly travel.
Retired faculty may retain their williams.edu email address and access the Help Desk (597-4090 or Desktop@williams.edu). They continue to have access to their Netware account, the Student Administration System (PeopleSoft), and the courses they have maintained in Glow (note that courses are saved for three years). If they maintain an office on campus, OIT will provide them with a “trickle-down” computer (a computer used by someone else that is coming out of the normal four year cycle). For more information, please see the letter that OIT sends to faculty upon retirement.
Those who want to continue to receive Daily Messages need to sign up for them, as they are not sent automatically to emeritus faculty. Send an email to firstname.lastname@example.org and make the entire body of the message be SUBSCRIBE DM-SUBSCRIPTION-L followed by your name.
Potential retirees are also very strongly urged to begin to consult with Human Resources professionals well in advance of arranging for retirement, in order to carefully plan retirement income and health insurance. The regional TIAA-CREF representative and insurance experts are also routinely available on campus.
Human Resources maintains a web page listing a multitude of general Retirement Planning Resources, which can be accessed from the Human Resources home page by selecting Retirement Planning Resources in the left hand column. These include Retirement Planning Frequently Asked Questions, a Retirement Planning Checklist, the Retirement Planning Guide “Ready or Not,” a listing of useful on-campus workshops, ways to stay in touch with Williams activities, and links to the TIAA-CREF and various useful government websites.
Special Needs or Concerns
Retired faculty should always feel free to contact the Dean of the Faculty Office with any special needs or concerns.