Quick Answer: Yale's Faculty Phased Retirement Plan (FPRP) allows eligible tenured faculty with ten or more years of continuous service to reduce their workload by 50% over a structured three-year period, electing between their 65th and 70th birthdays. Salary during the phased period follows a set structure: 100% in year one, 75% in year two, and 50% in year three, after which full retirement begins. Electing the plan is a final decision that cannot be revoked once made. |
A Gradual Path, Not an Abrupt Ending
For many tenured faculty, the idea of moving directly from full-time work to full retirement doesn't match how they'd actually like their career to wind down. Yale's Faculty Phased Retirement Plan exists specifically to offer a structured alternative: a gradual, multi-year transition rather than a single retirement date.
Who Is Eligible
The plan is available to faculty members holding the rank of Professor, Associate Professor with tenure, or Clinical Professor in the School of Law, with ten or more years of continuous service in an eligible position (Yale Office of the Provost, Faculty Phased Retirement Plan Summary). Eligible faculty may elect to participate between their 65th and 70th birthdays, with the program beginning as early as the January or July term following the 65th birthday, and no later than July 1 following the 70th birthday. A separate Term-Limited Faculty Phased Retirement Plan was made available to certain other appointment types (including clinical-track faculty in the School of Nursing, senior research scientists, senior research scholars, professors in the practice, and several other non-ladder ranks), but that program's window has closed: faculty needed to elect by June 30, 2026, and begin phased retirement no later than July 1, 2026. Faculty in an eligible term-limited rank interested in a similar arrangement should confirm directly with the Provost's Office whether a successor program has since been introduced, rather than assuming the original window still applies.
How the Three-Year Structure Works
Year one: 50% workload, 100% salary
Year two: 50% workload, 75% salary
Year three: 50% workload, 50% salary
Year four: full retirement
Participating faculty may choose to retire fully after year one or two if they prefer not to complete the full three-year structure, but must retire no later than the end of year three.
Why the Irrevocability Matters So Much
This is the detail that deserves the most attention before electing the plan: once you elect the Faculty Phased Retirement Plan, the decision is final and cannot be revoked. Unlike many of the other decisions covered across our TIAA and retirement content, there's no reconsidering this one partway through. This makes it worth modeling out carefully, alongside your broader retirement income plan, before making the election rather than after.
What Continues During Phased Retirement
Participating faculty generally remain eligible for the same benefits as during full-time engagement, including health, dental, vision, and flexible spending account coverage, with contributions based on full-time equivalent salary during the second and third years. Faculty can also continue contributing to YURAP and the Tax-Deferred 403(b) Savings Plan, with contributions and any match based on the actual salary earned during each phased year. Eligible faculty may also contribute to the 457(b) plan throughout the phased period, and can begin drawing on Social Security benefits at any point during phased retirement. Access to funds already contributed and their earnings is generally available at any point after age 59½, and a triennial leave may be available during one of the phased years, when eligible.
Frequently Asked Questions
Can I change my mind after electing phased retirement?
No. Electing the Faculty Phased Retirement Plan is a final decision. This is exactly why careful planning before the election matters more here than for most other retirement decisions.
Do I keep my full benefits during phased retirement?
Generally yes, for health, dental, vision, and flexible spending account coverage, with contributions during years two and three based on full-time equivalent salary rather than your reduced actual salary.
Can I still contribute to my retirement accounts during phased retirement?
Yes. YURAP, 403(b), and 457(b) contributions can continue during the phased period, based on your actual salary earned in each year rather than your prior full-time salary.
What happens if I want to retire earlier than the full three years?
Faculty may retire fully after completing year one or year two of the program rather than continuing through the full three-year structure, though retirement is required no later than the end of year three.
DISCLAIMER:
This information is for general planning purposes only. Yale faculty should contact Yale University directly to confirm current eligibility, program terms, benefits, and requirements specific to their individual circumstances before making any retirement or financial planning decisions.
References
Yale Office of the Provost, "Faculty Phased Retirement Plan Summary." provost.yale.edu/faculty/retirement/faculty-phased-retirement-plan-summary
Yale Office of the Provost, "Phased Retirement Plan for Certain Term-Limited Faculty Members" (announcement, March 8, 2023). provost.yale.edu/news/phased-retirement-plan-certain-term-limited-faculty-members
Yale Office of the Provost, "Benefits During Phased Retirement." provost.yale.edu/node/2017
Yale Office of the Provost, "Frequently Asked Questions About the Faculty Phased Retirement Plan (FPRP)." provost.yale.edu/node/2015
Have Questions About Your Own TIAA Account? Every TIAA Traditional contract is different, and the mechanics covered here can play out differently depending on your specific contract type, vintage mix, and where you are in your career. If you'd like to walk through what any of this means for your own account, I'm happy to have that conversation. Schedule a Conversation With David: https://go.oncehub.com/DavidWheatley |
About the Author David Wheatley, CLU® ChFC®, is a Senior Partner and financial advisor at Tidewater Wealth Management in New Haven, Connecticut. He specializes in retirement planning for higher education professionals and physicians, with more than 30 years of experience in tax-efficient income distribution and estate strategies. Investment advisory services provided by NewEdge Advisors, LLC doing business as Tidewater Wealth Management. |