Successful phased retirement plans enable senior faculty to ease into retirement, relieve financial pressures on participating institutions, and permit upward mobility for junior faculty. Responses from 62 of the 72 land-grant institutions in the United States and Puerto Rico reveal that 11 had implemented plans that enable individuals between a certain age and the mandatory retirement age to retire gradually by reducing their full-time employment commitments over a period of years, without incurring serious financial penalty. The phased retirement plans are analyzed by characteristics, eligibility, contributions to retirement, startup of retirement benefits, reduction in time, salary, insurance coverage, miscellaneous benefits, and other incentives. Information is also provided on the rationales used by the institutions, the number of participants in the plans, the implementation dates, the savings generated or costs incurred by the plans, and the characteristics of the three plans judged to be most successful based on the number of participants and the savings to the institutions. The applicability of phased retirement plans for elementary and secondary schools is briefly considered. (MLF)