In the one-year plan, professors would maintain research and advising obligations while on paid sabbatical during the 2010-2011 academic year and retire fully by June 30, 2011.

In the two-year plan, professors would maintain part-time teaching positions for the next two academic years, including two semesters of paid sabbatical, and retire fully by June 30, 2012.

In the four-year plan, professors would teach and fulfill service obligations halftime and retire fully on June 30, 2014.

Under all three options, faculty members will be paid their full salaries during the 2010-2011 fiscal year, so the plan will not affect the budget plan for the upcoming year to be announced this spring.

Harvard’s creation of an early retirement option for faculty places the University in the company of many of its peer institutions, including Stanford, University of Pennsylvania, Cornell, and Dartmouth.

—Staff writer Noah S. Rayman can be reached at nrayman@fas.harvard.edu.

—Staff writer Elyssa A.L. Spitzer can be reached at spitzer@fas.harvard.edu.

CORRECTION

An earlier version of the Dec. 3 news article "FAS, Four Other University Schools Offer Retirement Plan for Faculty Members" incorrectly stated that Princeton had put in place an early retirement plan for its faculty. In fact, Princeton's early retirement package applied only to staff.