Last Friday, MU Chancellor R. Bowen Loftin announced a new voluntary separation program that will serve as an incentive for retirement for MU's tenured faculty members.
Faculty members who decide to participate in the program will receive a one-time payment of one and a half times their base salary. This payment cannot exceed $200,000.
The new voluntary separation program was made to help manage MU's financial situation. Christian Basi, Associate Director of the MU News Bureau, said the university also wants to recognize the contributions MU's tenured faculty members have made to the university throughout their careers.
"We know that as faculty members do take advantage of the program, it will provide colleges and schools flexibility to give remaining faculty members raises as well as potentially hire new faculty members," he said.
To participate in the program, tenured faculty members must be eligible for retirement and at least 62-years-old by August 31, 2015. They also must notify the university that they are going to take part in the program by November 21.
"One thing to note is that of the 923 faculty members that are tenured, approximately 261 of them are eligible for this program," Basi said.
Faculty members who choose to participate will receive their payment from the university between December 31, 2014 and August 31, 2015. Members who are eligible for the program will receive information packets with more details early next month.