NMU Approves Additional Funding for The Faculty Early Retirement Incentive Program
The Northern Michigan University Board of Trustees has approved additional funding for a new voluntary early retirement plan for university faculty. The Faculty Early Retirement Incentive Program was approved by the board on May 1st and was offered to faculty members age 62 and older with at least 10 years of service to the university. Sixty-five individuals were eligible for the program, and thirty-six faculty members signed on to participate. The University says that was greater than the number anticipated and exceeds the $3 million in funding previously approved by the board. In a unanimous vote at a special meeting yesterday, the board added another $500,000 in funding for the plan. The effective severance and retirement date for most participants is June 30th. Arrangements with a few faculty members will keep them working through the fall semester or June of 2015.