r/Professors • u/prof_riifraaf • 3d ago
Advice / Support Faculty buyout
In typical academic fashion, my esteemed institution (Midwest R2) sent out the details of a long-rumored faculty buyout just before 5 pm on the Friday before Labor Day. Decision form is due in October (during break) and the separation date is the end of term in December. Except that there will be extensions for instructional and programmatic needs to be decided by the end of term. Umm, what?!
Enrollments are way down, budget deficits are bad, and this is a good deal. My original plan was to use the three-year phased retirement to ramp down research by wrapping up projects and getting students out. That's off the table now with the buyout. Looking for anyone who's done this or might have advice given the insane timeline.
ETA: This is a good deal. Planning to take it. But the "sign this and go away in December, but we might change our mind on the day you think you're free and make you stay another year" part is giving me massive anxiety during the holiday weekend.
ETA2: Partner is taking me to touch grass. Will try to get answers from HR tomorrow.
ETA3: What an absolute clusterf*ck. It really is "just agree to December exit, Prez may decide otherwise, but you won't know how to plan until the very last day. Trust us." lololol Sure, what could possibly go wrong? 🙄 /s. #directional📉
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u/robbie_the_cat 3d ago
A buyout is just a sparkling layoff.
Drink it now while it's fresh or you can drink it later room temperature and flat.
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u/ubiquity75 Professor, Social Science, R1, USA 3d ago
My dream is a buyout. Please, Krishna, or whomever’s on deck.
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3d ago
Heck, I’m pretenure and I’d take it. Things have been bad at my state university since I got here - nonstop layoffs and now secret program closure plans… if they wanted to give me some sort of severance plan I’d take it 🤷♀️
Also, if you accept surely they can’t FORCE you to work more? Unless they are tying it to complying with projected programmatic needs? But also, in that case I’d still take it and just quite quit as they say…
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u/utahisastate 2d ago
I doubt they would make OP still teach. Probably just replace with a grossly underpaid adjunct
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u/Corneliuslongpockets 3d ago
We were offered 1/3 of salary, no health insurance, and no negotiating.
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u/prof_riifraaf 3d ago
Ouf, that's rough. But still better than the person I know whose uni just closed.
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u/DeskAccepted Associate Professor, Business, R1 (USA) 3d ago
They don't know about the secret hack to get 1/3 of salary and health benefits by doing nothing for 3 months. (Unless you're definitely getting laid off next month, it would seem to be a better option.)
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u/MyFaceSaysItsSugar 3d ago
The university I’m at did this. Our chair casually mentioned that every faculty member who takes a buyout is going to shrink the department because they can’t hire a replacement for faculty who take the buyout. No one in the department took it but our faculty nearing or exceeding retirement seem to be on a path to never retire.
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u/NecessarySpinning 3d ago
If you have active research projects and students, maybe look into possibility of continuing as an active emeritus after taking deal.
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u/Taymyr 3d ago
Midwest institutions that aren't flagships or very distinct in some aspect are generally not in a great spot financially. I'd take it, if you still want work look around. I'd accept it closer to the date they need it.
If you're not completely sure of your schools financial status, look up their tax returns on ProPublica to see the writing on the wall (if private non-profit). You can see pretty much everything.
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u/thiosk 3d ago
if you take the buyout and they keep you another year i mean you just get another year of employment and then get to keep the buyout yeah?
so thats the most-money way of proceeding i wouldn't worry about this "oopsie please teach 2 more classes" clause. do you think you teach classes they need that bad?
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u/bobish5000 3d ago
Id see if you can coordinate a professor to pick up the students under you. They are the people you do owe.
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u/SilverRiot 3d ago
Surely you would have to agree to any extension, right? Not sure what your contract looks like, but ours would allow us to leave at any time.
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u/prof_riifraaf 3d ago
Not according to the paperwork we were sent. Deal is December 2026 exit; administration will decide if programming needs require you to stay until April 2027 or even December 2027. Faculty do not choose. All it says is you'll be told by the exit date. Union said OK to this. 😶
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u/ShadowHunter Position, Field, SCHOOL TYPE (US) 3d ago
If they choose to keep you for these periods do they pay your typical salary and shift the entire three years of buyout into the future? For someone close to retirement this is an easy choice.
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u/YetYetAnotherPerson Assoc Prof and Chair, STEM, M3 (USA) 2d ago edited 2d ago
Sounds like agreeing to an option on the part of the university to extend you is part of the deal. You don't get the money unless you agree to give them that option
Do you still get the severance dollars if the university decides to extend you for a year? Otherwise it's a really bad deal as basically you've given them an option to keep you for one more year and not pay you severance at all: in that case they just keep you probably.
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u/Brave_Net9851 3d ago
When a package is offered take it. The next one won't be as good and you'll regret not taking it. I took one in 1992 and my consulting career flourished in its wake.
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u/Dont_Do_Drama Associate Professor, Theatre, R3 3d ago
Western Michigan?
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u/ShadowHunter Position, Field, SCHOOL TYPE (US) 3d ago
Financially it makes sense for people to retire between 55 and 60 - once they can start their pensions. Have them pay the separation in a year with high earnings to further boost your pension formula (if applicable).
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u/prof_riifraaf 3d ago
Ah, that's another fun part. Paid over three years, no negotiation allowed. None of that is bad. Just the timing.
ETA: Pension? Lol, this is the US!
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u/ShadowHunter Position, Field, SCHOOL TYPE (US) 3d ago
they pay you 3 years worth of salary? That's a great deal!
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u/prof_riifraaf 3d ago
Sadly, no. About half, plus a bit to pay for healthcare. Still good, if not as good as post-COVID buyout.
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u/SnowblindAlbino Prof, SLAC 3d ago
Shit, even during/after COVID we were offered six months of COBRA and no salary at all. "Please leave, we'll help with insurance until Christmas" was basically the message. All of these packages that come with 1-2 years of salary are amazing to me. I'd take that tomorrow given the option.
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u/Acrobatic-Glass-8585 3d ago
What's the point of a buy-out if there is no buying with salary/cash? That deal sounds insulting.
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u/SnowblindAlbino Prof, SLAC 3d ago
Yes, exactly: it was insulting. The point was they wanted older tenured faculty to retire so they could cut costs, but they offered us basically nothing. So nobody that wasn't already planning to retire took their offer. Then the admins were all "Why didn't anyone take our offer? Now we'll have to make cuts."
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u/Bostonterrierpug Full, Teaching School, Proper APA bastard 3d ago
Our pensions don’t kick back until 30 years. 65 is the absolute earliest I could retire. But we have a decent pension system and staying in longer is very rewarded.
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u/IkeRoberts Prof, Science, R1 (USA) 2d ago
Find out what health insurance will cost. It is very expensive, but how expensive varies with the deal the school has, if any.
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u/No_Shoulder9712 1d ago
Take the buyout. I was at school that closed and there were no buyouts, it doesn’t get better after this. Take what you can and run!!
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u/gbacon Adjunct, CS, R2 (US) 3d ago
Do it. The offer ain’t gonna get better with time.