{"136701":{"#nid":"136701","#data":{"type":"news","title":"Georgia Tech Receives Award for Innovative Faculty Retirement Practices","body":[{"value":"\u003Cp\u003EThe Georgia Institute of Technology has received a $100,000 grant from the American Council on Education and the Alfred P. Sloan Foundation for its innovative work in faculty retirement.\u003C\/p\u003E\u003Cp\u003EAlong with 14 other institutions honored, Georgia Tech demonstrated a best practice in three stages in culmination of faculty careers: the development of a legacy, the transition into retirement and the continuing involvement of faculty in the academic community post-retirement.\u003C\/p\u003E\u003Cp\u003EGeorgia Tech was recognized for offering a phased retirement program that allows the Institute to expend work involvement at 49 percent after completion of a mandatory hiatus. In addition, Georgia Tech allows faculty members to opt out of the defined benefits plan and to select a defined contributions plan that is appealing to those faculty members who may not stay 10 years, the mandatory time required to vest in the traditional plan. Optional contributions to retirement accounts and the choice to use a high deductible health plan also allow faculty to boost their savings.\u003C\/p\u003E\u003Cp\u003EFuture plans include surveying faculty to determine their level of knowledge and satisfaction regarding their retirement options. There are also proposals to more formally incorporate retirees as mentors for younger faculty members.\u003C\/p\u003E\u003Cp\u003E\u0026nbsp;\u201cAs part of the Georgia Tech Strategic Plan, the Institute is in relentless pursuit of institutional effectiveness,\u201d said Vice President for Institute Diversity Archie Ervin.\u0026nbsp; \u201cThis award is one example of how Georgia Tech strives to ensure that we are implementing the best practices and ensuring faculty have options as they retire.\u201d Rosario Gerhardt, executive director for Research and Institute Collaboration in the Office of Institute Diversity, who was responsible for submitting the winning application, also \u0026nbsp;acknowledged \u201cthe invaluable assistance of the Institutional Research and Planning and Human Resources offices at Georgia Tech and the work by the benefits committee of the Academic Senate as instrumental in allowing us to submit a competitive application.\u201d\u003C\/p\u003E\u003Cp\u003E\u201cWith the generous support of the Sloan Foundation, ACE is pleased to recognize institutions like Georgia Tech for creating win-win solutions that involve faculty in meaningful ways before, during and after retirement,\u201d said Gretchen Bataille, senior vice president for Leadership and Lifelong Learning at ACE.\u003C\/p\u003E\u003Cp\u003E\u201cOur intent in funding these awards is to broaden the national conversation and the agenda within higher education to take into account the full scope of the culminating stage of faculty careers,\u201d said Kathleen Christensen, Working Longer program director, Alfred P. Sloan Foundation. \u201cWe are hopeful these award-winning institutions can provide examples for our community of thoughtful approaches that can be modeled.\u201d\u003C\/p\u003E\u003Cp\u003EThe names of the other institutions honored, along with summaries of their award-winning activities, can be found on the ACE \u003Ca href=\u0022http:\/\/www.acenet.edu\/Content\/NavigationMenu\/ProgramsServices\/oii\/fcf\/retirement.htm\u0022\u003Ewebsite\u003C\/a\u003E. In addition, each of the winners will draft a chapter about their campus practices that will be included in an upcoming ACE monograph. They will also have the opportunity to disseminate their best practices at conferences and in other venues.\u003C\/p\u003E\u003Cp\u003E\u201cTransitioning into retirement marks an important phase in a faculty career,\u201d Senior Advisor and Project Director Claire Van Ummersen said. \u201cThese 15 colleges and universities are to be commended for their recognition of and positive actions in addressing this major milestone.\u201d\u003C\/p\u003E\u003Cp\u003E\u003Cem\u003EThe Georgia Institute of Technology is one of the world\u0027s premier research universities. Ranked seventh among U.S. News \u0026amp; World Report\u0027s top public universities, the Institute enrolls 21,000 students within its six colleges. Georgia Tech is the nation\u0027s leading producer of engineers as well as a leading producer of female and minority engineering Ph.D. graduates. Holding more than 780 patents and receiving approximately $570 million in sponsored awards, Georgia Tech ranks among the nation\u0027s top ten universities (without a medical school) in research expenditures. Visit \u003Ca href=\u0022http:\/\/www.gatech.edu\u0022\u003Ewww.gatech.edu\u003C\/a\u003E for more information.\u003C\/em\u003E\u003C\/p\u003E\u003Cp\u003E\u003Cem\u003EFounded in 1918, ACE is the major coordinating body for all the nation\u0027s higher education institutions, representing more than 1,600 college and university presidents, and more than 200 related associations, nationwide. It provides leadership on key higher education issues and influences public policy through advocacy. For more information, please visit \u003Ca href=\u0022http:\/\/click.bsftransmit1.com\/ClickThru.aspx?pubids=6776%7c22060%7c68724%7c4\u0026amp;digest=qoONNt6rACxQ5%2bbbT3iVbQ\u0026amp;sysid=1\u0022\u003Ewww.acenet.edu\u003C\/a\u003E or follow ACE on Twitter \u003Ca href=\u0022http:\/\/click.bsftransmit1.com\/ClickThru.aspx?pubids=6776%7c22061%7c68724%7c4\u0026amp;digest=ehiYj0m6tiivHZQRkMemiw\u0026amp;sysid=1\u0022\u003E@ACEducation\u003C\/a\u003E. \u003C\/em\u003E\u003C\/p\u003E\u003Cp\u003E\u003Cem\u003E\u003Ca href=\u0022http:\/\/www.sloan.org\/\u0022\u003EThe Alfred P. Sloan Foundation\u003C\/a\u003E\u003C\/em\u003E\u003Cem\u003E is a philanthropic, not-for-profit grant making institution based in New York City. Established in 1934 by Alfred Pritchard Sloan Jr., then-president and chief executive officer of the General Motors Corporation, its \u003C\/em\u003E\u003Cem\u003EWorking Longer program is expanding understanding of aging Americans\u2019 work patterns.\u003C\/em\u003E\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EThe Georgia Institute of Technology has received a $100,000 grant from the American Council on Education and the Alfred P. Sloan Foundation for its innovative work in faculty retirement.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"Georgia Tech received a $100,000 grant from the American Council on Education and the Alfred P. Sloan Foundation for its innovative work in faculty retirement."}],"uid":"27304","created_gmt":"2012-06-20 10:10:46","changed_gmt":"2016-10-08 03:12:26","author":"Matthew Nagel","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2012-06-20T00:00:00-04:00","iso_date":"2012-06-20T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"groups":[{"id":"1183","name":"Home"}],"categories":[{"id":"129","name":"Institute and Campus"}],"keywords":[{"id":"101","name":"Award"},{"id":"1506","name":"faculty"},{"id":"109","name":"Georgia Tech"},{"id":"2198","name":"Retirement"}],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003E\u003Cstrong\u003EGeorgia Tech Media Relations\u003C\/strong\u003E\u003Cbr \/\u003ELaura Diamond\u003Cbr \/\u003E\u003Ca href=\u0022mailto:laura.diamond@comm.gatech.edu\u0022\u003Elaura.diamond@comm.gatech.edu\u003C\/a\u003E\u003Cbr \/\u003E404-894-6016\u003Cbr \/\u003EJason Maderer\u003Cbr \/\u003E\u003Ca href=\u0022mailto:maderer@gatech.edu\u0022\u003Emaderer@gatech.edu\u003C\/a\u003E\u003Cbr \/\u003E404-660-2926\u003C\/p\u003E","format":"limited_html"}],"email":["mattnagel@gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}