Faculty and staff at the University of Colorado Boulder have just a few more days to take advantage of an incentive to voluntarily retire.
“The voluntary retirement incentive program enables eligible employees to make positive life or career changes that fit their goals and needs,” said Nicole Mueksch, a CU Boulder spokesperson. She said it also supports campus Transformation and Financial Resilience efforts by enabling the university to repurpose salary savings toward campus strategic priorities.
The program is not driven by any financial crisis, according to a campus announcement.
If an employee’s application is approved for voluntary retirement, faculty and academic staff would get nine months of base pay. Classified staff, such as custodial or food workers, would get up to 18 weeks of pay. Faculty and staff are eligible based on age, length of service and an employee’s retirement plan. Applicants must choose a Jan. 1, 2025, or June 1, 2025 retirement date.
For applications to be approved, departments must “articulate a business case demonstrating that the retirement best serves the university’s interests.”
Despite more investment in higher education in recent years, Colorado ranked 47th in the nation for per-student funding in 2023 and most colleges had to raise tuition this year to keep stable.
There is the possibility that a retiring employee won’t be replaced or their job or department could be restructured or reorganized, according to the university.
“Retirement is a personal decision to be made only by the employee, and participation is strictly voluntary,” said Mueksch. “Our human resources team will work closely with any faculty and staff interested in the program to ensure they have the information and resources they need to make the decisions that best fit their personal, career and financial goals.”
Once the university determines how many people have been approved for voluntary retirement, it will decide where to put the funds. Those may include sustainability; diversity, equity and inclusion; teaching and learning; and research.
Applications must be turned in by Sept. 30, 2024.
