Pennsylvania State Universities Offer Retirement Incentive
The 14 Pennsylvania state universities hope to reduce the size of their faculties by offering an incentive for professors eligible for retirement.
The State System of Higher Education's governing board on Thursday approved the plan to align staffing with the decrease in student enrollment, PennLive reported.
The incentive increases the maximum number of unused sick days retirees can be paid out for to 125; previously, the maximum was 50 days.
However, 200 faculty members have to sign up in order to make this plan cost-effective.
David Pidgeon, a spokesman for the system, said that 200 reflects a higher number of retirements than what is typically seen annually.
“The number often comes in at about 120 or 130, and as high as 175,” Pidgeon said.
Faculty has to decide by March 2 to take the incentive. If it does not reach 200 members, those who signed up may rescind their decision by April 10.