Retirement

Governor Glenn Youngkin approved this George Mason University Faculty Incentive Retirement Plan (IRP) on February 22, 2024. This offering is an exception and subsequent plans may not offer the same benefit. The IRP is a voluntary, early retirement offering for eligible tenured faculty members.

The IRP will be available to eligible tenured faculty members intending to retire effective June 1, 2024, February 1, 2025, or June 1, 2025.

The IRP is available to eligible tenured faculty members who:

• are participants in Mason’s Optional Retirement Plan (ORP); or
• are participants in the Virginia Retirement System (VRS) defined benefit plan; *and
• have attained at least age 60 and have completed at least ten years of continuous benefits eligible service with the University.

Eligibility is based on age, service, and full-time status as of October 1, 2023.

*Eligible tenured faculty members will receive notification of their eligibility for the Faculty Incentive Retirement Plan along with a link to the Faculty Incentive Retirement Plan application dynamic form.

• The Incentive Retirement Plan Document includes details about the IRP, including application deadlines.
• The Road to Retirement is a roadmap with the timeline a retiree will follow for the Incentive Retirement Plan process.

February 29, 2024, at 11:59 pm is the deadline to apply for all three retirement dates: June 1, 2024, February 1, 2025, or June 1, 2025.

You may apply by completing the electronic Faculty Incentive Retirement Plan Application.

Deans and department heads review the IRP applications and evaluate the impact on the department. Recommendations will be approved or denied centrally by the Provost and the Executive Vice President for Finance and Administration based on state law restrictions and university strategic needs. If there are more IRP applications than funding can support, IRP applications will be approved in order of seniority within the college, department or schools, as applicable.

No employee has a right to participate in the Plan. The university may deny an IRP application for any reason in its sole and absolute discretion if deemed in the best interest of the university.

Information Sessions will be held on February 23 and two sessions will be offered on February 26 for eligible tenure faculty members interested in applying for the IRP. Eligible tenured faculty members should check the announcement email for login details.

• The Faculty Incentive Retirement Plan FAQs includes common questions and answers.

If you have questions about the Faculty Incentive Retirement Plan after reviewing the FAQ linked above, the information and documents on this page, and after attending an information session, please email us at firpinfo@gmu.edu.