Tenured faculty members (or those with a continued appointment in the library or Virginia Cooperative Extension) who are at least 60 years of age and have at least 10 years full-time service at Virginia Tech are eligible for to retire through participation in the Voluntary Transitional Retirement Program (VTRP) . The program is comprised of 2 plans, one that results in the immediate retirement of the eligible participant (VTRP-1), but provides for healthcare benefits up to age 65, and another plan that allows eligible participants to reduce their full-time employment to full-time retirement over a mutually-agreed upon period of two (VTRP-2) or three (VTRP-3) years, therefore allowing faculty members an opportunity to transition to full retirement over a defined period of time.
Virginia Tech generated $513 million for academic research programs in fiscal year 2014, which ranked 39th in the nation according to the National Science Foundation .  As a result, Virginia Tech marked its 15th consecutive year of research growth, with the university's research portfolio more than doubling from $ million in fiscal year 2000. The only Virginia institution in the top 50 of the NSF's rankings for research expenditures, Virginia Tech is No. 23 among public universities. The university's research expenditures rank it in the top 5 percent of more than 900 research universities and colleges. Each year, the university receives thousands of awards to conduct research from an ever-expanding base of sponsors. Researchers pursue new discoveries in agriculture, biotechnology, information and communication technology, human health, transportation, energy management (including leadership in fuel-cell technology and power electronics), security, sustainability, and a wide range of other engineering, scientific, social science, and creative fields. This research led to 36 patents and 17 license and option agreements in fiscal year 2013.  :5