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Friday morning, the Board of Governors of Missouri State University passed a new retirement incentive program for university faculty members. This program was designed to reduce personnel costs by voluntary means in response to the expected reduction in funding from the State of Missouri. KSMU’s Adam Murphy reports.
Missouri State President Michael Nietzel brought a resolution to the Board for a new incentive program for all faculty who will be eligible to retire by next July. Faculty members will be eligible to receive one of two retirement incentives if they agree to retire at the end of this year’s contract period. President Nietzel explains why the University established the program.“We were trying to create additional flexibility for our deans as we manage a reduction in the state appropriation for Missouri State next year. And [we] realize that we can probably save some money through a replacement program of faculty who elect to retire as a result of this incentivized opportunity,” said Nietzel.The two incentive options include one lump sum payment equal to 25% of the faculty member’s yearly base salary, or payment of the faculty’s health insurance premiums for individual coverage through the University’s Plan until the age of 65. This one-time-only program will be available to 193 faculty members. For KSMU News, I’m Adam Murphy