Alternative college retirement programs and features of a desirable retirement program are discussed. The historical, social, and economic forces that prompt institutions to consider alternative programs are identified. The present position of college faculty in terms of retirement options is also addressed. Since its inception, the Teachers Insurance and Annuity Association (TIAA) has been the principal retirement or pension program for the nation's independent colleges and universities, as well as for many public institutions. Retirement options include the variable annuity, 403(b) tax-deferred annuities, and mutual fund custodial accounts. An important issue is the choices that are available in addition to the TIAA, the College Retirement Equities Fund and the various state retirement systems. Criteria that should be addressed in beginning an evaluation of alternative retirement programs include: determining responsibility for the evaluation; specifying intended purpose/objective of the evaluation; evaluating service and counseling requirements of the organization; determining how much flexibility and choice should be available to the participant; and evaluating company characteristics, investment choices, contract features, and distribution features. (SW)