Retirement incentive options still being considered in addressing budget issues
July 12, 2010During the past several months, the University and its Sustaining New Synergies Task Force have evaluated several alternatives to address the expected budget situation for the coming years. Many alternatives and ideas have been shared during public forums on all campuses.
One initiative under consideration is a retirement incentive program. The incentive would serve as a means to reduce the University's workforce in an onerous budget climate. A reduction in workforce could assist department heads, deans, and others in leadership positions in managing budget reductions. Over the past few months, discussions about the design of a retirement incentive program have been held with APSAC, CSSAC, the Faculty Compensation and Benefits Committee, regional campuses and many deans and vice presidents.
The evaluation of options for an incentive program will continue through the summer with a goal of reviewing a proposal with the Board of Trustees at the end of August.
More information regarding a potential retirement incentive program will be made available as soon as possible after the Board of Trustees meeting in late August.
In the meantime, Human Resources will hold its usual semiannual Road to Retirement program in late July. As in the past, faculty and staff ages 55 and older will receive individual invitations to these sessions. In addition to group sessions, representatives from PERF, TIAA-CREF, and Social Security will be present this year to provide one-on-one assistance and personalized information for participants. Those who are interested in learning about retirement income options and the benefits of being an official retiree are strongly encouraged to enroll in this valuable and informative program.