The State System of Higher Education yesterday announced that at least 200 faculty members have opted in for a one-time retirement incentive program that was created in January by agreement with APSCUF, the faculty union.
The incentive involves an enhanced sick leave payout. In order for the program to be implemented, at least 200 union members had to announce their intention by yesterday. The final number of those who will take part in the program will be reported to APSCUF by March 16th.
Under the agreement, faculty who opted in will receive an additional payout of sick leave if they retire on or before August 14th. The maximum payout for someone with at least 25 years of service who had saved up to 300 days of paid sick leave would be 125 days.
State System Chancellor Dan Greenstein says the agreement with APSCUF creates both a meaningful retirement incentive and a practical solution to helping keep college affordable for students.
