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An estimated 20% of eligible Penn State employees take early retirement buyout at campuses
WPSU public media link: https://radio.wpsu.org/2024-06-04/questions-penn-state-employee-buyout-campuses-20-percent-vsip
Approximately 20% of Penn State employees who qualified for the university's voluntary buyout plan took the offer, according to preliminary information reports, and faculty leaders are concerned about how that decrease in faculty and staff will be managed with fall classes starting in less than three months.
Faculty Senate Chair Shelli Stine said she’s concerned about the impact the buyout will have on fall classes. And, she said, there are other areas that will be affected such as new student orientation and staff who work with new students, especially first-generation college students.... (snip)
Stine said that, according to preliminary numbers presented at a Faculty Senate planning meeting, approximately 20% of eligible employees at the Commonwealth Campuses took the offer. That’s about 10% of all employees at the Commonwealth Campuses.
The university had offered a voluntary buyout to full-time, non-unionized staff and tenured and tenure-line faculty at its Commonwealth Campuses. It comes with 12 months’ salary and subsidized health benefits for six months. The deadline for opting into the Voluntary Separation Incentive Program was May 31. The last work day for most employees who opted in will be June 28, 2024. The plan gives the university the option of keeping an employee until Dec. 31, 2024.
- more at link -
Faculty Senate Chair Shelli Stine said she’s concerned about the impact the buyout will have on fall classes. And, she said, there are other areas that will be affected such as new student orientation and staff who work with new students, especially first-generation college students.... (snip)
Stine said that, according to preliminary numbers presented at a Faculty Senate planning meeting, approximately 20% of eligible employees at the Commonwealth Campuses took the offer. That’s about 10% of all employees at the Commonwealth Campuses.
The university had offered a voluntary buyout to full-time, non-unionized staff and tenured and tenure-line faculty at its Commonwealth Campuses. It comes with 12 months’ salary and subsidized health benefits for six months. The deadline for opting into the Voluntary Separation Incentive Program was May 31. The last work day for most employees who opted in will be June 28, 2024. The plan gives the university the option of keeping an employee until Dec. 31, 2024.
As with anything else, the ones who are left behind will need to pick up the slack and work harder. But it will also mean advancement opportunities and promotions for some PSU employees.
3 replies
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I'm not sure the age cutoff ... does anyone know?
Reaching a certain age and being within a couple years of retiring, it could be a good incentive for some folks. Especially those who have a 2nd career planned, or a hobby that generates a 2nd income.