September 19th, 2014
COLUMBIA, Mo. — University of Missouri Chancellor R. Bowen Loftin announced Friday that MU will offer a Voluntary Separation Program for tenured faculty who are retirement eligible and at least 62 by Aug. 31, 2015. Eligible faculty who participate in the program will receive a one-time payout for retiring from the university between Dec. 31, 2014 and Aug. 31, 2015. A separate opportunity will be offered at a later date for tenured faculty who serve in a primary academic administrator role as of Sept. 1, 2014 and who also meet the eligibility criteria.
“This program will help us recognize significant contributions made by tenured faculty members during their time with the university,” Loftin said. “This also will allow the university the opportunity to manage a challenging financial environment by providing flexibility for funding new positions and granting appropriate salary increases.”
Participation is entirely voluntary. Faculty members who participate will receive a one-time payment of 1.5 times their base salary, not to exceed $200,000. Eligible faculty members will receive an information packet in early October with program details. The University also will provide resources, including program information sessions, retirement seminars and one-on-one opportunities to ask any questions.