Colleges and universities across the country face huge
challenges as their faculties age, their budgets stagnate, and
mandatory retirement becomes a thing of the past. In "To Retire or
Not?" the nation's foremost authorities on retirement policy and
practice provide a critical assessment of academic labor markets
and retirement patterns, explaining how to adjust pension and other
incentive programs to ensure proper replenishment of intellectual
and human capital. Case studies vividly illustrate how to predict
the need for special retirement programs, how to structure
voluntary early-out benefit plans, and how age-based retirement
incentives work in practice. Recent legal decisions are assessed
and critiqued.A recent amendment to the U.S. Age Discrimination in
Employment Act ended mandatory retirement for tenured faculty at
colleges and universities across the country. This law let
individual faculty members enjoy an economic benefit enjoyed by
almost all other American workers: they could choose to continue
working past age 70 or "sell" the benefit back to their
universities in exchange for earlier retirement. At the same time,
however, educational administrators were faced with a faculty bulge
created by the expansion of the professorate in the 1960s and early
'70s, and the so-called "surplus army" of Ph.D.s of the 1980s.
Colleges and universities everywhere are now faced with the higher
costs of retaining senior professors instead of hiring entry-level
replacements at lower salaries.
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