In an effort to alleviate financial pressure, the University of Missouri System will offer lump-sum buyouts to certain tenured faculty who are approaching retirement.
The statewide system hasn’t specified a target for the number of faculty members who will accept the buyout, MU spokesman Christian Basi said. He declined to say whether more layoffs were likely if too few employees take buyouts.
To be eligible for buyout, faculty members must be full-time, benefit-eligible and have worked for the system for at least five years. They must be at least 62, and not under investigation.
If they meet those conditions, they can receive a one-time payout of 1.5 times their salary, capped at $200,000.