Faculty of Arts and Science
Planning for Retirement – FAQ
The following is a list of frequently asked questions and important sources of information for full time faculty considering retirement. If you have questions not addressed in this document, or wish to discuss planning for your retirement, please contact Associate Dean Melinda Starmer (email@example.com, 212 998-8018), or contact PeopleLink via firstname.lastname@example.org or 212 992-5465.
Retirement Eligibility – “The rule of 70” is used to determine a faculty member’s eligibility for retirement. Eligibility for retiree medical and life insurance coverage from NYU depends on your age plus years of continuous, full-time service equaling 70 or more, and your being at least age 55 with at least ten years of service; or if you have 10 or more years of continuous, full-time service and you are found eligible for Long-Term Disability.
Planning for Retirement – The NYU Benefits Office provides this comprehensive Planning for Retirement Guide that summarizes the benefits, services, and facilities available to retirees of NYU. The guide is intended as a tool to help you as you plan for your retirement.
Retiree Benefits - Detailed information on benefits and privileges available to retired faculty can be found in the NYU Retiree Benefits Guide.
TIAA – It is strongly recommended that you make an appointment with a TIAA advisor to discuss the timing of when you may begin to draw on your retirement funds, the type of payments available to you (lump sum and/or annuity), and a review of your beneficiaries. To be connected to TIAA financial advisors please contact TIAA at 844-NYU-TIAA (844-698-8422).
Emeritus Status – Retiring faculty may be conferred the honorific title of professor Emeritus by the Provost of NYU. Recommendations are first made by the faculty member’s department to the Dean of FAS, who will review the request. Should the Dean endorse emeritus status, the recommendation will be forwarded to the Provost for review. For more information, please see this description of the Emeritus process.
Using Accrued Leave Time – A faculty member who has accrued at least six semesters of sabbatical eligibility may apply to take a sabbatical in their final year of service according to the regular sabbatical terms as outlined in the Faculty Handbook. While sabbatical leaves are typically not approved for faculty who are not returning to full time service, in the context of a formal retirement agreement, a “terminal sabbatical” may be possible as adjudicated on an individual basis.
Research Funds – Faculty research funds do not carry over beyond the date of retirement. Any unused funds return to the Faculty of Arts and Science upon retirement.
Half Time/Phased Retirement Plans – Depending on the preference of the faculty member and the needs of their department, it may be possible to arrange for half-time faculty service for prorated pay for an agreed period of time prior to the retirement date. The advantage of this is that it allows the faculty member time to transition into retirement. However, such an arrangement must also take into consideration that the faculty member is still occupying a full-time line and space, thus limiting the ability of the department to request a replacement line.
Tax Implications – When considering retirement, we strongly advise that faculty contact an accountant to discuss the tax implications of their planned date of retirement.
Housing – Retirees who do not own or rent any other real estate may be eligible for a post-retirement studio apartment in NYU Faculty Housing subject to University policies. If qualified, the studio apartment will remain available for as long as the faculty member and their spouse or legally recognized domestic partner reside in the apartment and continue to meet the eligibility criteria. Please contact FAS Associate Dean Melinda Starmer (email@example.com, 212 998-8018) with questions regarding post-retirement housing.
Medicare – Filing for Medicare, in particular for Medicare Part B, is time sensitive. All faculty who are approaching age 65 and considering retirement should refer to the Planning for Retirement document referred to above.
Social Security – It is recommended that by age 65, or sooner, that you contact the Social Security Administration to be sure you are accessing all the benefits you may be eligible to receive, even if still working full time. Note that it is mandatory that you begin to receive Social Security payments at age 70, even if you are still working full-time.
Financial Advising - While NYU cannot recommend a specific financial advisor, it is recommended that all faculty consult with a knowledgeable financial advisor when considering retirement. This can help assure a retirement strategy that meets your long-term financial needs.
Adjunct Teaching – Retired Faculty may be eligible to serve as adjunct faculty for up to two courses per year at the standard adjunct rate of compensation. Adjunct appointments are contingent on department needs.
Employment at NYU – Retired faculty may be hired on a part-time basis for select positions (e.g. adjunct professor) upon authorization of the Dean of the appropriate school.
Outside Employment – There are no restrictions on accepting outside employment following retirement.
Office Space – Subject to availability, the faculty member’s home department may provide a shared space for retired faculty to work. These arrangements should be worked out by the faculty member and their department Chair prior to retirement.
Administrative/Clerical Support – Limited clerical or administrative support may be offered by the faculty member’s home department, subject to availability.
Tuition Remission – You may be eligible to continue receiving tuition benefits for yourself, your spouse or registered domestic partner, and your dependent children under certain circumstances. Please refer to the Retiree Tuition Remission Benefits for more information.
NYU Office of Work Life & Wellness – The newly established Office of Work Life is also working to provide retirees with post-retirement connections to NYU as well as access to services that will help them plan for retirement. Please visit the link above or feel free to reach out to them directly at 212 998-2434.
Note: The information provided above is not intended to take the place of official University policies that change from time to time. As with all NYU and FAS policies, this document is subject to change, and the policies in effect at the time of an action will apply to that action.
April 15, 2019