Retired but still honored --emeritus

from wordsmith.org

emeritus (i-MER-i-tuhs) adjective, plural emeriti, feminine emerita

Retired but retaining an honorary title.

[From Latin emeritus (one who has served his time), past participle of emerere (to serve out one's term), from merere (to deserve, serve,earn).]

"[Pete] Seeger has been singing out like this since the Great Depression. The earnest troubadour who either co-wrote or popularized canonical songs like 'Where Have All the Flowers Gone,' 'If I Had a Hammer' and 'JohnHenry' has become something like America's folkie emeritus."

-- Michael Hill; Pete Seeger Still Singing at 87; Associated Press; May 17, 2006.