These figures indicate that the number of tenured faculty members retiring annually has decreased in the five years since Stanford ended its mandatory retirement policy. The number of tenured and tenure-track hires has decreased to match, with small variations possibly due to budget issues. Early retirement measures Despite a slowing turnover, the University has taken steps to decrease effects of the elimination of the mandatory retirement age. The average age of retirement now is 66, according to Vice Provost for Faculty Affairs Kathy Gillam. She added that Stanford's annual turnover rate is at approximately 2 percent, similar to the figure at other comparable universities.
Faculty can stay and teach and do their research as long as they wish.
Though there is no mandatory retirement age, faculty members can opt for early retirement. A task force to study retirement incentives and related issues in the early 1990s designed Stanford's current early retirement program. According to Gillam, faculty who choose to retire early, depending on their years of service and their age, are eligible for a lump sum payment. Many retired faculty are recalled to active duty as professors emeriti, according to Gillam. Gillam said statistics on how often faculty make use of this early retirement program are not available.