The impact of the Age Discrimination in Employment Act Amendments of 1978 (ADEA) and possible options for adjusting to the impact were estimated for members institutions of the Consortium on Financing Higher Education (COFHE). Questionnaire information was gathered on active, departed, and retired faculty from 27 individual COFHE institutions. Modeling was used to separate out the effects of the change in retirement age and the effects of age structure. Findings include the following: the aggregate faculties of the 27 institutions increased 3.1 percent during 1973-1979; institutions became more heavily tenured over the period; the mean age of the aggregate faculties increased 1.5 years or 3.6 percent over the period; and schools are continuing to hire new junior faculty but in reduced numbers. Estimates of voluntary early retirement suggest that approximately half of all faculties will have retired voluntarily before age 70. The predicted mean age at retirement is calculated to be about 68.5 years, including 52 percent retiring at age 70. General considerations regarding early retirement incentive plans are covered, along with part-time employment options. It is concluded that a mandatory retirement age no lower than 70 will diminish employment opportunities for prospective junior faculty members, and will continue to do so until the 1990s. (SW)