On Jan. 8, the University of Missouri offered a voluntary buyout for 28 administrators who are also tenured faculty, retirement eligible and will be at least 62 years old by Aug. 31.
The terms were the same as those for the 261 faculty offered payouts last September as part of the Voluntary Separation Program, of which 110 employees participated. Payment is 1.5 times a participant’s base annual salary, not to exceed $200,000.
Participants in this year’s buyout will receive the one-time payment between May 1 and Aug. 31.
In his letter to eligible administrators, Chancellor R. Bowen Loftin said the separation program gives MU “flexibility for funding new positions and appropriate salary increases” in a challenging financial environment.