University System will offer buyouts to some faculty
COLUMBIA, Mo. (AP) — The University of Missouri System will offer voluntary buyouts for some tenured faculty starting this spring.
Provost Latha Ramchand said in an email to faculty and staff Friday that full-time and benefit-eligible tenured faculty who are 62 or older, with at least five years of service, can apply for the payouts.
The Columbia Missourian reports the lump sum will be 1.5 times an employee’s benefit-eligible salary, not exceeding $200,000.
Spokesman Christian Basi said the buyouts are an effort to provide more financial flexibility as departments plan budgets for next year.
Ninth-month faculty who take the buyout will retire Sept. 1, 2019. Twelve-month faculty will retire between July 1 and Sept. 1, 2019.
Basi says the system doesn’t have a goal for the number of faculty who take the buyout.
Information from: Columbia Missourian, http://www.columbiamissourian.com