MIT Provost Rafael Reif announced on May 19, 2008, that the Executive Committee of the Corporation had approved the establishment of a Faculty Renewal Program at MIT. Participation in the program is completely voluntary and enables eligible senior faculty members to retire with a choice of retirement incentives.
The program will be in effect for a defined period of three years, with the earliest retirements beginning July 1, 2009, although faculty eligible to retire in the first year of the program may begin on July 1, 2008, to make an election to retire. Tenured faculty who are age 68 and above by June 30, 2008, and have accumulated at least 10 years of MIT service at the time that they retire will be eligible to participate in the program.
The program details were outlined at the Faculty Meeting on May 21, 2008. Visit http://web.mit.edu/facultyrenewal for more information.