Here are five things to know about the buyout program.
1. The program was approved by the UNC system’s board of governors for fiscal year 2015-16, although it could be extended in the future.
2. Though taking a buyout is optional, the program is meant to encourage some retirement-eligible faculty to step down, according to the report.
3. To be eligible, professors must have been on staff for a minimum of five years. The program applies to retirement-eligible faculty who are at least 62 years old and members of the state pension system, and to those who are at least 59 and a half years old and members of an optional retirement-benefits program similar to a 401(k).
4. Bill Roper, the school’s dean, said in the report that the school is trying to “manage our large organization in a thoughtful, careful way.” “We now have 1,650 tenured faculty at the medical school. We anticipate that among the tenured faculty, those eligible for this, that we may have 50 [to] 60 that may take advantage of the program, in one year,” Mr. Roper added.
5. Those who take the buyout will receive a lump-sum payment equivalent to 100 percent of their total annual salary, as long as they apply between July 1 and Sept. 30, according to the report. If they wait to between Oct. 1 and Nov. 30, the offer drops to 80 percent of their total salary. Retirements under the program will be effective by April 30.
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