Budget cuts lead to proposed University employee buyout
Applicants who are eligible could receive benefits such as health insurance payments, cash payments and college course options
By: Megan Harris
Issue date: 9/3/08 Section: Other Stories
Details of a proposed employee buyout plan were announced last month, following significant cuts from the state budget. Available to 115 faculty, staff and administrators, the plan would reallocate positions and resources across the campus.
The program features three key incentives. Under the current proposal, accepted applicants will receive health insurance payments equivalent to the current cost of health care for six months. They'll receive college tuition portions that would allow applicants to take college courses for up to two years. Applicants will also get a cash payment, consisting of three months base pay, a service payment equal to $500 per year of service and a longevity payment based on number of years at the university.?
If approved by the Tennessee Board of Regents later this month, the offer will be available to 50 staff members, 25 academic professionals and 40 faculty members with a minimum of six months service or more.?
Charles Lee, vice president of business and finance, said there are a few limitations. Because only 115 positions are available, The University won't leave the opportunity open for an extended period of time.
"This is about taking care of those who were considering leaving anyway and making swift changes to foster university growth," Lee said. "We can carry out our work with fewer positions in the short term, and this will give us the opportunity to refresh the faculty in strategic areas."
The University also recommended to TBR that any program recipient would be barred from employment at any other TBR school for up to five years.
Assistant vice president of human resources, Harriet Montgomery, said this is the first program of its kind to be offered exclusively to university employees.
"This is a for those who are ready to make a change," she said. "It gives them a perfect opportunity to get off the fence."
Montgomery said she looks forward to seeing how employees respond. Lee added that provisions have been made in the likely event more than 115 people apply.
The program features three key incentives. Under the current proposal, accepted applicants will receive health insurance payments equivalent to the current cost of health care for six months. They'll receive college tuition portions that would allow applicants to take college courses for up to two years. Applicants will also get a cash payment, consisting of three months base pay, a service payment equal to $500 per year of service and a longevity payment based on number of years at the university.?
If approved by the Tennessee Board of Regents later this month, the offer will be available to 50 staff members, 25 academic professionals and 40 faculty members with a minimum of six months service or more.?
Charles Lee, vice president of business and finance, said there are a few limitations. Because only 115 positions are available, The University won't leave the opportunity open for an extended period of time.
"This is about taking care of those who were considering leaving anyway and making swift changes to foster university growth," Lee said. "We can carry out our work with fewer positions in the short term, and this will give us the opportunity to refresh the faculty in strategic areas."
The University also recommended to TBR that any program recipient would be barred from employment at any other TBR school for up to five years.
Assistant vice president of human resources, Harriet Montgomery, said this is the first program of its kind to be offered exclusively to university employees.
"This is a for those who are ready to make a change," she said. "It gives them a perfect opportunity to get off the fence."
Montgomery said she looks forward to seeing how employees respond. Lee added that provisions have been made in the likely event more than 115 people apply.