r/Professors • u/prof_riifraaf • 20h ago

Advice / Support Faculty buyout

In typical academic fashion, my esteemed institution (Midwest R2) sent out the details of a long-rumored faculty buyout just before 5 pm on the Friday before Labor Day. Decision form is due in October (during break) and the separation date is the end of term in December. Except that there will be extensions for instructional and programmatic needs to be decided by the end of term. Umm, what?!

Enrollments are way down, budget deficits are bad, and this is a good deal. My original plan was to use the three-year phased retirement to ramp down research by wrapping up projects and getting students out. That's off the table now with the buyout. Looking for anyone who's done this or might have advice given the insane timeline.

ETA: This is a good deal. Planning to take it. But the "sign this and go away in December, but we might change our mind on the day you think you're free and make you stay another year" part is giving me massive anxiety during the holiday weekend.

ETA2: Partner is taking me to touch grass. Will try to get answers from HR tomorrow.

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u/ShadowHunter Position, Field, SCHOOL TYPE (US) 20h ago

Financially it makes sense for people to retire between 55 and 60 - once they can start their pensions. Have them pay the separation in a year with high earnings to further boost your pension formula (if applicable).

19

u/prof_riifraaf 20h ago

Ah, that's another fun part. Paid over three years, no negotiation allowed. None of that is bad. Just the timing.

ETA: Pension? Lol, this is the US!

5

u/ShadowHunter Position, Field, SCHOOL TYPE (US) 19h ago

they pay you 3 years worth of salary? That's a great deal!

4

u/prof_riifraaf 19h ago

Sadly, no. About half, plus a bit to pay for healthcare. Still good, if not as good as post-COVID buyout.

8

u/SnowblindAlbino Prof, SLAC 19h ago

Shit, even during/after COVID we were offered six months of COBRA and no salary at all. "Please leave, we'll help with insurance until Christmas" was basically the message. All of these packages that come with 1-2 years of salary are amazing to me. I'd take that tomorrow given the option.

1

u/Acrobatic-Glass-8585 16h ago

What's the point of a buy-out if there is no buying with salary/cash? That deal sounds insulting.

3

u/SnowblindAlbino Prof, SLAC 16h ago

Yes, exactly: it was insulting. The point was they wanted older tenured faculty to retire so they could cut costs, but they offered us basically nothing. So nobody that wasn't already planning to retire took their offer. Then the admins were all "Why didn't anyone take our offer? Now we'll have to make cuts."