University of Arizona leaders have decided not to offer a second round of early retirement packages. Here's the memo:
To: The University of Arizona Community
From: Eugene G. Sander, President
Last January we offered a one-time Incentive Plan for Voluntary Retirement to tenured faculty and continuing status professionals who had reached the age of 65 and had completed 10 years of service. Fifty individuals applied for this program, which translated to 20% of those eligible to participate. Savings from this program were used to reduce the impact of budget reductions on academic units. Given the need to further reduce costs, some have inquired whether the University will offer a similar program again this year. While our original intent was to offer this program as a one-time opportunity, we carefully considered the merits of a second offering. After significant analysis we have decided not to pursue another retirement incentive program this year. We share this information now to support individuals and departments as they make plans for their futures.
This is a good time to remember that there are other flexible employment options for tenured faculty and continuing status professionals. Optional Retirement Plan participants may be interested in the Phased Retirement Plan, which combines a reduction in workload/FTE with immediate access to retirement account funds. Others may be interested in a reduced appointment to focus on certain aspects of the teaching, research, and service mission. Individuals interested in exploring these options are encouraged to speak with their department head and dean.
Campus Correspondent is a higher education news blog at the Arizona Daily Star. Follow reporter and blogger Becky Pallack on Twitter.