Kansas State University is offering buyouts to faculty nearing retirement.
In a letter penned in Monday’s edition of K-State Today, President Richard Myers announced the one-time voluntary separation incentive program which allows eligible, tenured faculty an option to leave a year early. The pay out is a lump-sum cash payment equal to that employee’s 2022 budgeted base salary, or a combination of a cash-payout and health care bridge. The latter would require a reduced salary payout to cover the cost.
Myers says the funds made available from any faculty retirements will be shared with their colleges and strategically reinvested into salary merit pools.
Eligible faculty members must be at least 62 years old at the time of separation and have been at K-State for at least 10 years. Tenured faculty are also eligible if they meet those requirements. Non-tenured faculty, unclassified professionals and university support staff are not eligible.
The application period opened Monday and will continue through Oct. 29.