Eighty-four of the 1,642 e-mail invitations sent were undeliverable (e-mail not working or rejected by the server). Twenty-seven recipients replied that they were not eligible to participate. Of the remaining 1,531 members in the sample, 488 (32%) participated in the survey. To assess nonresponse bias, we used a methodological procedure recommended by Churchill.15
The procedure examines the distinctiveness of early and late respondents on variables of interest. By keeping track of those who responded to the initial mailing and subsequent reminders, the means of the variables of interest can be calculated and then compared among the different subgroups to determine whether the subgroups are significantly different, based on the degree of difficulty in securing a response.15
If significant differences are not evident, one may conclude that nonresponders are not systematically different from responders. Based on our results, nonresponse bias was not evident in this sample.
Demographics of the sample respondents are given in . The mean respondent age was 60 years, and the mean anticipated retirement age was 66.6 years. The majority of respondents had achieved the rank of professor, while most of the respondents had a PhD degree rather than a PharmD degree. The majority of respondents had over 25 years of service at their institution, earned in the $100,000 to $125,000 range, and had a household income in the $125,000 to $150,000 range. Respondents from public colleges and schools of pharmacy outnumbered those from private ones by an almost 2-to-1 margin, and approximately 43% held administrative appointments. In addition, most of the respondents were tenured, and 63% expected to receive an inheritance during the next 10 years of $5,000 or less, while 12% expected to receive greater than $100,000.
Demographics of Sample Respondents to a Pharmacy Education Survey Regarding Retirement Planning
Respondents 55 years and older worked approximately 50 hours per week in the areas of teaching, scholarship, and service (). In a typical work week, respondents dedicated approximately 14 hours to teaching-related activities, 13 hours to scholarship activities, 9 hours to service, 12 hours to administration, and the remainder to consulting and other activities. The only significant differences between the work activities of those in private vs. public colleges and schools of pharmacy was the number of hours dedicated to scholarship, where the respondents from public colleges and schools spent an average of 15 hours per week on scholarship compared to 10 hours per week spent by faculty members of private colleges and schools.
Work-Related Activities of Sample Respondents to a Pharmacy Faculty Survey Regarding Retirement Planning
During the 36 months prior to completing the survey instrument, respondents produced on average: 1 scholarly article in an edited book; 5 scholarly refereed articles; 1.7 scholarly non-refereed articles; 3.5 paper presentations at conferences; 3.8 refereed abstracts or posters; and 1.9 grants. Faculty members at public colleges and schools produced more in each of the above categories than their colleagues at private colleges and schools. However, the difference was significant at the 0.05 alpha level in only 2 categories: scholarly articles in edited books, and scholarly non-refereed articles.
The majority of respondents (64%) stated that their institutions offered defined benefit plans, while the balance offered only defined contribution plans. Approximately 6% stated that their institutions offered additional retirement plans, such as a 457b plan, which is a nonqualified plan that allows state workers to defer part of their income. Almost 30% of respondents stated that their institution did not contribute to social security on their behalf. The majority of respondents stated they need 51% to 70% of their final year's salary in retirement to maintain their living standard. Approximately 60% of the respondents stated that they would consider retiring earlier than their target retirement date if conditions were right. Almost 70% of those that would consider earlier retirement than their stated target listed increased financial security as the major condition, followed by health status, health insurance accessibility, job satisfaction, and family considerations.
Respondents were asked to rank in order from most to least important the factors that influence their retirement plans. These factors were based on a review of the literature pertaining to faculty retirement.3-6,10,11
The mean rank order of the relative importance of retirement factor influences were as follows: obtaining the income replacement deemed necessary to maintain one's standard of living, the opportunity to participate in meaningful activities, reduced job satisfaction, becoming less effective at work, declining health, support from significant other, and loss of status at work.
Student t tests and one-way ANOVAs revealed that tenure status, type of institution (public or private), gender, academic rank, terminal degree, household income, and institutional income were not significantly related to respondents’ target retirement age. However, using multiple regression analysis, we found that there was a significant positive relationship between target retirement age and number of scholarly refereed articles written (p< 0.001). This suggests that the more scholarly activity late in a faculty member's career, the more likely the faculty member is to postpone retirement.