Faced with financial uncertainty brought by the coronavirus pandemic, the University hurriedly drafted a faculty buyout retirement plan, which a faculty working group has now responded to with a list of concerns — the most notable being that the plan was developed without faculty consultation.
In August, University Provost Scott Strobel announced the retirement plan, which offers tenured faculty age 70 or older payment equal to $200,000 if their yearly salary is equal to or greater than $200,000. If their salary is less than $200,000, faculty members can receive a payment of 125 percent of this year’s salary up to $200,000. To receive the compensation, faculty have to retire by the end of June 2021. 177 faculty members are eligible for the compensation, provided they sign on by Feb. 28, 2021.
But in creating the plan, the administration did not consult any faculty members. The Inter-school Faculty Working Group’s response to the plan cited financial complications for the faculty that choose to retire under the plan as well as the implications of asking faculty to quickly make a clean break with their longtime place of work.