Retirement

A number of factors enter into determining when to retire from your faculty career. When possible, full-time faculty members should notify their department chair and/or Dean in advance of their projected retirement date so that they might be apprised of the full range of retirement options and benefits. 

Emeritus Status 

Per the Faculty Handbook: The status of “Emeritus” faculty member is an honorific title. The honorific may be conferred upon any retiring full-time faculty member deemed to have provided dedicated service and meritorious contributions to the university and/or the broader academic community. The process for awarding emeritus status originates with a request by the retiring faculty member to be awarded emeritus status. Requests may be made up to one year following an eligible faculty member’s formal notice of retirement by submitting a letter to the home unit in which the faculty member holds their appointment. Thereafter, the unit will hold a vote to advance or not advance the request to the relevant Dean. Thereafter, the relevant Dean, after reviewing the faculty member’s file, will make a determination whether or not to advance the matter to the Provost and the President, who must concur in order to bring the recommendation to the Board of Visitors for approval. The award of emeritus status to any faculty member will be at the retiring faculty member’s current rank. The Board of Visitors has the right to revoke emeritus status for cause at any future date. 

Retirement Resources 

University Human Resources (UHR) has a number of resources identified for retirees and has professionals on staff with whom you can confer about the myriads of decisions associated with retiring. Information on Retirement Plans and retirement benefits provide a portfolio of options for faculty members. Retirement@Work provides a platform for those employees with an Optional Retirement Plan. This portal provides a number of options for managing your retirement plan. 

Each faculty member’s situation differs based on the type of medical benefit plan they have, their individual circumstances, and their participating retirement plan, thus working with the UHR professionals on staff can provide you confer about the myriad of decisions associated with retiring. You may email AskHR@wm.edu to set up an appointment to discuss your retirement options. 

Retirement Transition Plans

The Faculty Voluntary Transition Plan (FVTP) provides a phased teaching option for tenured faculty members. The transition plan offers an opportunity for a reconfigured workload for either one year or two years. Participation eligibility includes being at least 60 years of age and having completed at least 10 years of full-time service with William & Mary.  Faculty may opt for a two course reduction in teaching responsibility in a one-year timeframe or a one course reduction in teaching over a two year period. Details on the FVTP are found via the link above. 

The Faculty Early Retirement Incentive Plan (ERI) is no longer open for applications.  This plan provided eligible tenured faculty members with a monetary incentive to retire from the university. The ERI was available to eligible faculty who were 60 years of age or older who agreed to retire prior to the start of the 2026 academic year.  Eligible faculty must have had at least 10 years of service to William & Mary.  After an eligible faculty agreed to a retirement date via the ERI, their retirement incentive was equal to 3% of their salary times years of service, with a cap of $100,000.  This payment will be made to an annuity plan over in a two-year period after the year of retirement.  

Frequently Asked Questions (FAQ)

A set of frequently asked questions helps provide answers to common questions regarding the two faculty retirement transition plans. A FAQ page offers additional helpful information. If you do not find your question answered among those listed, please write facultyaffairs@wm.edu with your question.