EEO/EEOC – Dismissal Procedures (Elderly)

Assume you are the department chair and several faculty members in your organization are at retirement age but show no signs of retiring. Unfortunately, their performance has fallen, though not severely enough for disciplinary action, and they are highly paid. You would like them to retire but legally (according to AA/EEO guidelines). What options are available to you in terms of discussing the possibility of retirement with your faculty? Given the legal constraints, how would you proceed?