Excerpt from the Dayton Daily News
Wright State University trustees on Wednesday approved two voluntary exit plan options for faculty members facing retrenchment.
University president Sue Edwards asked the trustees to consider a voluntary option when they approved to cut up to 113 faculty positions in February to right-size the faculty to align with the school’s student enrollment.
Wright State has seen enrollment decreases over the last few years that has led to large revenue losses.
The two options faculty are being offered are:
- Option A is the voluntary separation program open to faculty members with at least one year of service. As a bonus payout, to be paid in two installments in school year 2021 and school year, 2022, for faculty who have worked continuously at Wright State for between one and 19 years, the university would pay 2.5% of base salary for each year of continuous service.
For faculty who have worked 20 years or more, the university would pay 100% of their base salary. The maximum amount per person the university would pay is $200,000.
- Option B is for faculty who are eligible for retirement. The university said it would pay up to 100% of the faculty member’s base salary in an incentive if they retired by Dec. 31, 2021; 50% of base salary if the member retired by May 30, 2022; and 25% of their base salary if they retired by May 30, 2023. The maximum bonus incentive payout would be $200,000.
More benefits would be available if the faculty member retired by May 24.
