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Poll
Question: Is your school going to offer early retirements during the current downturn to save $$$?  (Voting closed: January 18, 2010, 9:09:17 PM)
Yes - 7 (53.8%)
Likely - 0 (0%)
undecided - 0 (0%)
probably not - 3 (23.1%)
No - 3 (23.1%)
Total Voters: 13

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Author Topic: Is your school going to offer early retirements during the current downturn?  (Read 43721 times)
what_else_can_i_do
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« on: January 08, 2010, 9:09:17 PM »

I heard that the U of IL is going to do this, it made me wonder how many more will.
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msparticularity
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« Reply #1 on: January 09, 2010, 2:44:01 AM »

We're seeing conflicting information coming out of U of I, actually, but the general agreement statewide seems to be that it's just way too expensive right now. While early retirement does save money in the longer term by replacing expensive senior faculty with cheaper new hires (and/or adjuncts), it's the very near term (the next 6-24 months) that's the crisis now, and that's exactly when the cost of early retirements hits.
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kedves
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« Reply #2 on: January 09, 2010, 1:10:39 PM »

Yes, we are doing it now.  It looks as if it is going to change some departments dramatically.  There are no plans to replace retiring faculty, at least in the next few years.  I don't know what the plan is for replacing staff who take the offer.
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onion
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« Reply #3 on: January 09, 2010, 2:21:02 PM »

My former university is offering some nice incentives for early retirement, and moving the rest of the faculty to 4/4 and 5/5 loads to make up for the people who will retire.  This is going to be devastating to the faculty who stay, as it will essentially bring their research (what little of it there was) to a halt.  I'll be curious to see if they relax tenure standards. 
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onion
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« Reply #4 on: January 09, 2010, 2:23:38 PM »

I meant to say in my previous post that the state in which my former uni is located hasn't been hit too hard by the current recession, so projections for the next 2 years are okay, but it's in the medium term (4-6 years) that they are projecting more serious budget shortfalls, and the public universities will be the hardest hit.
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amlithist
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« Reply #5 on: January 23, 2010, 2:40:55 AM »

Gawd,  I wish we were.  We have in each of the past three contract negotiation years; the contract is up this year, too.  There are 4 or 5 in my dept. who need to go.  Now.  It'd be worth taking on yet another class.
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larryc
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« Reply #6 on: January 23, 2010, 4:40:09 AM »

No. My understanding is that early retirement programs cost a lot of money to implement and only save money a few years down the line.
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science_expat
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« Reply #7 on: January 23, 2010, 7:46:09 AM »

No. My understanding is that early retirement programs cost a lot of money to implement and only save money a few years down the line.

Yes.

In the UK system, a 4 year enhancement to a pension has a one year payback time. Hence, I think that pretty much anyone 61 or over who wants to go early will be facilitated to do so.
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the_walrus
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« Reply #8 on: January 23, 2010, 8:46:34 AM »

No. My understanding is that early retirement programs cost a lot of money to implement and only save money a few years down the line.

Yes.

In the UK system, a 4 year enhancement to a pension has a one year payback time. Hence, I think that pretty much anyone 61 or over who wants to go early will be facilitated to do so.

This really annoys me.  The universities use the pension system to entice more senior faculty off the payrolls, which no doubt puts lots of strain on the pension system.  Then, when they negotiate our new contracts, they complain about how much the pension system is costing them.  
« Last Edit: January 23, 2010, 8:47:04 AM by the_walrus » Logged
maybe
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« Reply #9 on: January 23, 2010, 4:50:02 PM »

We've been doing it for several years. 

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daniel_von_flanagan
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« Reply #10 on: January 23, 2010, 5:36:41 PM »

I can understand offering retirement incentives, but not early retirement.  Most universities are chock-a-block with faculty in their late 60s, 70s, and beyond (the ones that were predicted to retire when I got my degree, and I'm a graying senior professor), there's nothing "early" in offering them incentives to retire. - DvF
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science_expat
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« Reply #11 on: January 23, 2010, 5:39:12 PM »

It's a very different situation in the UK as we still have mandatory retirement at 65. Folks can request to stay on but this is rarely granted.
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arty_
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« Reply #12 on: March 03, 2010, 9:39:57 PM »

Here at large rural u, most of the colleges within my university are NOT, but one of the colleges is.
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nebo113
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« Reply #13 on: March 08, 2010, 9:23:14 PM »

Here at large rural u, most of the colleges within my university are NOT, but one of the colleges is.

How can it not be uni-wide, rather than college specific?
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aandsdean
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« Reply #14 on: March 08, 2010, 9:47:44 PM »

Here at large rural u, most of the colleges within my university are NOT, but one of the colleges is.

How can it not be uni-wide, rather than college specific?

You're allowed to do it that way if there are specific conditions in an individual unit to make it reasonable there.  There are some other restrictions, though.

How do I know this?  We considered offering early retirement incentives last year.  The only problem is that we knew that we'd lose the good faculty members (those engaged with the world and still vital, who therefore have other things to do) and keep the ones we would prefer to have retire.

Voila--no early retirement incentives.
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