[Plantsci] FW: Decision Regarding an Additional Incentive Plan for Voluntary Retirement

[Donna-Rae Marquez]

From: All Appointed Personnel
[mailto:ALL-EMPLOYEES-APPOINT at LISTSERV.ARIZONA.EDU] On Behalf Of Eugene G.
Sander, President
Sent: Tuesday, August 30, 2011 2:36 PM
To: ALL-EMPLOYEES-APPOINT at LISTSERV.ARIZONA.EDU
Subject: Decision Regarding an Additional Incentive Plan for Voluntary
Retirement

 

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.

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