Iowa regents approve buy-out incentives for UNI faculty

State regents Monday approved a faculty buy-out incentive program for the University of Northern Iowa.

The board met via telephone and approved the UNI plan by an 8-0 vote, with Regent Ruth Harkin absent, and directed UNI officials to submit a report on the early separation incentive program at the August meeting.

It will be used as a tool to "shape, redirect and focus the faculty work force," and mitigate the need for layoffs as academic programs are reduced, officials said.

UNI officials said because they have planned meetings with faculty leaders Monday and Tuesday regarding academic cuts, it's premature to say how many faculty might be eligible for the buy-out program or how much in total savings the university may see from the incentive.

An estimate that 30 faculty jobs would be cut is "the outside estimate" for the impact on tenured faculty that UNI officials gave to United Faculty, officials said, but that doesn't necessarily reflect the reduction of jobs.

Average salary for an associate professor is $64,000 annually, and full professors earn on average $78,000 annually, UNI officials said. Annual benefits savings would be between $5,800 and $15,000 on top of that, which means annual savings per employee could range from about $70,000 to 93,000.

Tenured faculty members in a program identified for closure or restructuring are eligible for the buy-out program. Those employees must apply by April 23, and all applications are subject to approval by UNI officials. Employees who take part must fully resign or retire no later than June 29.

Participating employees will receive one-year of salary and a cash payment equal to the value of 18 months of COBRA premium for health and dental insurance.

The plan is part of budget cuts at the UNI. University officials said they expect this week to announce a number of smaller academic programs slated for closure or restructuring, after meetings with faculty leaders about the plans and possible job reductions.

How nontenured faculty are impacted depends on the final determination of which programs are affected by the cuts and by how many tenured faculty take part in the buy-out, UNI officials said. If layoffs are needed, the university will follow the terms of the master agreement with United Faculty that directs the order of layoffs.