Payment of Retirement Costs
If a faculty or professional member is retiring, retiree health care
costs (8% of salary) will be funded from savings realized from the
reduction of the line to the mid-point or filled average assistant
professor salary. Lines will not be reduced below the mid-point or
average assistant professor salary in the department, even if funds
recovered are insufficient to cover full retiree health care costs.
For faculty and professional retirements, funds must be made
available from the unit to cover any retirement payout. Options
available to cover this payment are: Use of funds from reduction of
the line to the mid-point or average through fiscal year-end; hold
the line vacant until sufficient funds are generated to cover the
payout; or pay the costs out of fund available to the unit.
March 19, 1995