Benefits and Programs for Current Faculty Skip Navigation

Benefits for Current Faculty

We offer several benefits and perks programs to faculty members as incentives to contribute to our intellectual community by living nearby.
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Housing Incentives

Mortgage Interest Reimbursement
During its June 2011 meeting, the Board of Trustees of Colgate University (“Colgate” or “university”) approved a Faculty Mortgage Interest Reimbursement Program (the “program”) to assist eligible faculty members who wish to purchase homes within a three mile radius of campus or within the Hamilton Central School District. The program is designed to incentivize newly hired faculty members to live in close proximity to campus thereby contributing to the residential nature of the university while simultaneously invigorating the Hamilton community.

The program is subject to availability of funds and can be changed or discontinued at any time at the discretion of the Board of Trustees. The effectiveness of the program will be evaluated periodically with an initial comprehensive review to occur in August 2016.

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Faculty Housing Loan Program
Aerial view of Hamilton and Colgate The university maintains a limited fund, which is used to provide housing loans to tenure stream or category 1 academic faculty and full-time faculty in the library and athletics. The loan program is designated to assist individuals in the initial purchase of their primary residence. The program provides loans up to a maximum of $20,000 for the purchase of a home within commuting distance to Colgate University. Commuting distance is defined as the 50 mile radius surrounding the university.
 
The unsecured loans are made at the long-term, semiannual Applicable Federal Rate prescribed by the Internal Revenue Service for the month in which the loan is made. Repayment is made over a ten-year period, with monthly payments made through payroll deductions. If the faculty member’s employment with the university ends prior to repayment, the loan must be paid in full.

Faculty members are eligible to receive this loan only once. The program is restricted to one loan per property/primary residence. Colgate University couples may only utilize one loan, with a $20,000 maximum. In order to be eligible, a faculty member must complete a Faculty Housing Loan Promissory Note prior to closing on the purchase of his or her primary residence.

If you would like more information about this program, please contact Andrew W. Fagon, Assistant Controller & Risk Manager, in the Office of Accounting & Control, at extension 7765.

Revised May 2016

Voluntary Phased Retirement Program

Colgate University’s Voluntary Phased Retirement Program provides a means for eligible faculty members (tenure-stream teaching faculty—full-time and Category I) to move by one intermediate step into normal retirement through the reduction of teaching obligations and salary for a fixed period of time.

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Specification of program

  • Teaching expectations and salary reduction
    The faculty member teaches two courses each year and performs a minimum of 102 hours of other scholarly and non-teaching obligations, e.g., advising, scholarship, and committee service to the department or university, for which he or she receives 50% of his or her annual salary. During the phased-retirement period a faculty member’s salary continues to be adjusted through the normal process of setting faculty salaries. The person entering phased retirement may continue to fully participate in department activities if he or she wishes, with the exception that he/she does not participate in the position definition, hiring or any reviews of his/her replacement. A new tenure stream replacement will have first priority for teaching elective or other courses when teaching interests overlap.
  • Duration
    Maximum of three years (shorter periods may be elected with the approval of the Dean of the Faculty)
  • Required ending
    In entering this program a faculty member commits to retire at the end of the three-year period; continuous tenure is relinquished and emeritus/a status conferred at the time of retirement; elections to enter the program are irrevocable.
  • Hire overlap—with a 50% salary savings, replacement junior faculty may be hired prior to completion of the phased retirement period; as in all cases of replacement hires, these positions are allocated by DAC and are not guaranteed to the department or program of the phased retiree.
  • Minimum age
    Faculty are eligible to enter phased retirement at age 60.
  • Minimum length of service
    None is required. However, Colgate does have minimum-service-length requirements for retirement with benefits1 which needs to be satisfied in order to receive normal retirement benefits following the phased retirement period. Retirement with benefits can occur at age 65 with 10 years of service or at 62 with 15 years. Time in service accrues at the rate of ½ year per year served in the phased retirement program.
  • Provision of office and/or lab space
    Retiring faculty will have access to office and/or lab space depending on availability; space may not necessarily be in the home department and may be shared; junior faculty will receive preference for office space in the departmental area.
  • Sabbatical accumulation—because the faculty member is teaching less than half time for half-time salary, there is no accumulation of SLA credits in phased retirement.
  • SLA use
    Accumulated SLA credits may be used to decrease teaching load during phased retirement, scheduled via negotiation with the department chair and Dean of Faculty; they cannot be employed to increase salary beyond 50%.
  • Institutional support for research and travel
    Support continues in full according to the usual policies.
  • One or both semesters
    The faculty member may choose to teach the two required course in either one semester or two; the salary payment schedule will reflect this choice.
  • Option to take on other (external) commitments
    allowed, with approval of the Dean of Faculty for the semester(s) the faculty member is on campus and teaching; approval is not needed for non-teaching semesters.
  • Endowed chair-holders
    if there are no provisions to allow naming of a second chair holder during the phased retirement period a faculty member will need to relinquish their chair; in the event of a chair being relinquished, emeritus/a status in the chair can be conferred immediately if the individual desires and research stipends attached to the chair will continue in full through the phased retirement period; any course releases associated with distinguished chairs do not apply during a period of phased retirement.
  • Dean of Faculty approval is required
    Approval is required for a faculty member to enter the phased requirement program; while all applications from eligible faculty members will be approved, Colgate reserves the right to require an employee to defer his/her requested entry to the phased retirement program if there are multiple requests within the same department or if other operating situations within a department or program so require.

Other Information

  • Benefits continue throughout the phased retirement period: health, dental and tuition benefit2 are fully covered; pension contributions, disability coverage and life insurance continue based on base salary paid3.
  • It is possible for retirement savings withdrawals to commence during the phased retirement period; it is recommended that the advice of a financial planner be obtained. 
  • Information concerning this program will be available on the Dean of Faculty web page.
  • Teaching faculty members interested in the program should proceed by contacting the Dean of the Faculty, preferably at least one year prior to the requested start date of phased retirement. The Dean will notify the relevant division director and department chair and/or program directors of the request; formal application is by way of the form appended at the end of this document.
  • Colgate reserves the right to amend or terminate this program at any time, but such changes will not affect the agreements with faculty members then enrolled in the phased retirement program.

Application

Entry to the program is requested via submission of the form on the following page to the Office of the Dean of the Faculty, preferably at least one year prior to the requested start date of phased retirement.

Footnotes

1 Retirement with benefits can occur at age 65 with 10 years of service or at 62 with 15 years. Time in service accrues at the rate of one half (1/2) year per year served in the phased retirement program.

2 Eligibility for the higher education tuition benefit (7 years of full-time service) must be established prior to initiation of phased retirement.

3 Coverage and benefits will be subject to the terms and conditions of these separate plans, which also may be amended or terminated at any time.

Benefit Information from HR

Information about employment benefits for Colgate faculty and staff, including health insurance, etc. HR BENEFITS

Faculty and Staff Discounts

A variety of discounts and deals are available to Colgate faculty and staff members via the Purchasing Office. DISCOUNTS

Colgate Higher Education Grant Program (CHEG)

The university will grant an amount up to one-half of Colgate’s tuition for the eligible son or daughter of an eligible employee. The dependent must be matriculated at an accredited college or university in pursuit of an initial undergraduate degree. Colgate Higher Education Grant

Dual Career Assistance: Spousal/Partner Employment

Mindful of the fact that top candidates frequently have a spouse or partner who may also be seeking employment, the Office of Equity and Diversity offers informational assistance for couples who face the dual-career challenge. SPOUSAL-PARTNER EMPLOYMENT