UNC School of Medicine in Chapel Hill has received permission for faculty buyouts over the next year, according to The Herald Sun.
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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