Retired and rues time wasted (8)
I believe the answer is:
emeritus
'retired' is the definition.
(I've seen this before)
'rues time wasted' is the wordplay.
'wasted' indicates an anagram.
'rues'+'time'='ruestime'
'ruestime' with letters rearranged gives 'EMERITUS'.
'and' is the link.
(Other definitions for emeritus that I've seen before include "Retired but retaining a courtesy title" , "Use remit for retained title of retired professional" , "Designation of retired person" , "Professor retired from regular work" , "Description of retired professor who has retained his title" .)