The University of Missouri will offer voluntary separation for tenured faculty who are retirement eligible and at least 62 years old as of Aug. 31, 2015, Chancellor R. Bowen Loftin announced Sept. 26.
Two hundred sixty-one faculty are eligible for the Voluntary Separation Program, MU spokesperson Christian Basi said Monday. Those who participate will receive a one-time payout for retiring between Dec. 31, 2014, and Aug. 31, 2015. The payment is 1.5 times a participant’s base annual salary, not to exceed $200,000.
The voluntary program “will allow the university the opportunity to manage a challenging financial environment by providing flexibility for funding new positions and granting appropriate salary increases,” Loftin said in a news release.
In early October, eligible faculty will receive an information packet with program details, a timeline and resource sheet.
Program participants will be eligible to be rehired, according to information being provided to eligible employees:
“Faculty members who elect the Voluntary Separation Program may be reemployed by the university on a part-time basis (70 percent or less FTE). Any rehire opportunities are based on the needs of the university, just like other employment decisions, and are not a part of the Voluntary Separation Agreement. You may discuss potential rehire with your Dean as you consider applying for the program.
“However, IRS regulations do not allow any discussion of rehire opportunities with individuals under age 62 before retirement. Final decisions regarding potential rehire opportunities must be approved by the Provost.”
Among information to be offered to enable faculty to make an informed choice will be personalized pension benefit calculations, program informational sessions and a dedicated Web page.
The application process will be explained in the October information packet. Applications must be submitted by Nov. 21, 2014.
A separate opportunity will be offered at a later date for tenured faculty who serve in a primary academic administrator role as of Sept. 1, 2014, and who also meet the eligibility criteria. There are 28 administrators, such as the provost and deans, who are eligible, Basi said. Program participation is entirely voluntary.
For questions about the programs, contact the Office of the Provost at 882-6596. For benefit questions, contact the Human Resources Service Center at 882-2146.