A bill to amend the Age Discrimination in Employment Act of 1967 to allow institutions of higher education to offer faculty members who are serving under an arrangement providing for unlimited tenure, benefits on voluntary retirement that are reduced or eliminated on the basis of age, and for other purposes.

Amends the Age Discrimination in Employment Act of 1967 to declare that it is not a violation of certain age discrimination provisions solely because a plan or arrangement of a higher education institution offers employees with unlimited tenure benefits on a voluntary retirement that are reduced or eliminated on the basis of age.