University System To Implement Early Retirement Program
Pennsylvania's state-owned university system will implement a plan to reduce the size of their faculties by creating an early retirement incentive program.
At least 200 members of the faculty at the Pennsylvania State System of Higher Education have indicated they will opt for the one-time incentive program, the system said in a statement Monday. The system's governing board approved the plan in January to align staffing with the decrease in student enrollment.
The incentive increases the maximum number of unused sick days retirees can be paid out for. At least 200 full-time faculty members had to sign up in order to make the plan cost-effective.
Faculty members who opted into the program will receive an additional payout of sick leave if they retire on or before Aug. 14, according to the statement.
The state system is confirming final numbers and eligibility, which it will report to the Association of Pennsylvania State College & University Faculties by March 16.