Missouri State University will offer voluntary retirement incentives in early 2011 to eligible full-time employees at all three of its campuses - Springfield, West Plains and Mountain Grove.
"We anticipate having a significant reduction in our state appropriations for fiscal year 2012," MSU President James Cofer said in a news release. "With about 70 percent of Missouri State’s budget in salaries and benefits, there is little doubt that personnel will be affected by the reduction in appropriations."
The incentives ultimately would allow the university a more flexible budget and the opportunity to "reallocate salary dollars to better compensate a smaller work force that will continue to provide a high-quality educational environment," Cofer said.
The incentives will target faculty and staff that are retirement eligible for the Missouri State Employee's Retirement System or the College and University Retirement Plan, with agreements subject to rules and restrictions of the specific plan. MOSERS and CURP have indicated that MSU has 213 faculty and 248 staff eligible for the program.
The incentive program, however, will be limited to the first 50 faculty and the first 100 staff who submit paperwork beginning Feb. 1. The application process will end March 17.
Eligible faculty and staff will have two incentive options:
- 25 percent of base salary with a minimum payment of $10,000 and a maximum payment of $25,0000
- University-paid health insurance for the employee until they are 65 years old
“Our hope is that this voluntary plan provides a win-win opportunity with good options for faculty and staff, and reduced costs and reallocation opportunities for the university,” Cofer said in the release.
In a closed session Dec. 17, the MSU Board of Governors was briefed on the legalities of the incentive program and then approved it unanimously, according to the release.[[In-content Ad]]