Wordnet 3.0
NOUN (1)
1. 
 a professor or minister who is retired from assigned duties; 
ADJECTIVE (1)
1. 
 honorably retired from assigned duties and retaining your title along with the additional title `emeritus' as in `professor emeritus'; 
The Collaborative International Dictionary of English v.0.48:
Emeritus \E*mer"i*tus\, a. [L., having served out his time, p.
   p. of emerere, emereri, to obtain by service, serve out one's
   term; e out + merere, mereri, to merit, earn, serve.]
   Honorably discharged from the performance of public duty on
   account of age, infirmity, or long and faithful services; --
   said of an officer of a college or pastor of a church.
   [1913 Webster]
The Collaborative International Dictionary of English v.0.48:
Emeritus \E*mer"i*tus\, n.; pl. Emeriti. [L.]
   A veteran who has honorably completed his service. Emerods
WordNet (r) 3.0 (2006):
emeritus
    adj 1: honorably retired from assigned duties and retaining your
           title along with the additional title `emeritus' as in
           `professor emeritus'
    n 1: a professor or minister who is retired from assigned duties
Moby Thesaurus II by Grady Ward, 1.0:
18 Moby Thesaurus words for "emeritus":
   assistant, assistant professor, associate, associate professor,
   in retirement, instructor, lecturer, on pension, pensioned,
   pensioned off, professor, professor emeritus, reader, retired,
   retired professor, superannuated, tutor, visiting professor