Faculty Retirement FAQs

You should provide written notice to your chair/director and Human Resources at least six months prior to the anticipated retirement date or the beginning date of a phased retirement, as described in Section 9.8 of the Collective Bargaining Agreement. All retirement leave options were eliminated for faculty who did not sign their retirement agreement by July 1, 2022. Please contact Human Resources when you are ready to begin this process.

Retirement dates for faculty on an academic year appointment are May 31, August 31 or January 15. Retirement dates for faculty on a fiscal year appointment are June 30 and December 31.

Retiring Faculty shall receive at the time of retirement a one-time payment at the rate of two and one-half percent of annual base salary for each year of University service. The payment cannot exceed 100% of annual base salary. The payment be included in your final pay from the University.

If you quit working for the University before your Retirement Date you will not receive the lump-sum payment even if you have met the age and service requirements as of the date you terminate employment.

If you die after signing the Retirement Agreement but before your retirement date, your designated beneficiary or estate will get your benefit. In addition, your surviving dependents will be eligible for the other retiree benefits (such as health coverage) provided for under the CBA if, on the date of your death, you meet the age and service requirements set out in the CBA.

You designate a beneficiary by completing a Faculty Lump-Sum Benefit Beneficiary Designation Election Form ("Election") and filing the Election with Human Resources. You will be required to complete this Election at the time that you sign your Retirement Agreement. You may change your Election at any time by completing and filing a new Election with Human Resources. The Election on file with Human Resources at the time of your death will be the form that is followed.

Yes. You may defer all or a portion of your benefit under the 403(b) and/or 457(b) Plans as long as you have not already met the contribution limits for the year, as explained under the terms of each plan.

You should contact Human Resources by e-mail (hrhelp@udel.edu) or by phone (302-831-2171) when you are ready to enter into, or if you have questions about entering into, a Retirement Agreement.