157.91 Retirement

157.91 Retirement

A. Background

Furman University is concerned with the financial security and certain other benefits for those who have served on the faculty until retirement age.

B. Policy

The normal retirement date for a faculty member is the last day of July following the sixty-fifth (65th) birthday. A faculty member may qualify for retirement at an earlier age. Retirement policies are not applicable to persons with less than five (5) years of service.

C. Guidelines

1. Minimally, the retired faculty member is entitled to the following: (1) invitation to faculty and social functions; (2) insurance privileges provided by the various policies; (3) tickets to athletic events, concerts, and other campus events on the same basis as active faculty; (4) free use of the library, golf course, tennis courts, lake, Physical Activities Center, and other such facilities; (5) pertinent campus publications; (6) tuition benefits for dependents; and (7) consideration for emeritus status (see File 152.1) .

2. To qualify for early retirement, a faculty member must be at least fifty-five (55) years old and have at least ten (10) years of service immediately before retirement (See File 165.5, C.5); when the total of the age and years of service is at least seventy-five (75), the faculty member may retire at his or her own option and participate in all benefits and privileges of retired status. Other employment does not affect these benefits and privileges.

3. See File 148.4 for provisions of the retirement plan

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