NORMAN – A special voluntary retirement incentive program and a collaborative learning space in the College of Law are among topics to be discussed by the University of Oklahoma Board of Regents at its regular meeting Thursday, Jan. 28, in Norman.
The meeting will begin at 9 a.m. in the Scholars Room of Oklahoma Memorial Union with items submitted by Cameron University, followed by Rogers State University and OU.
The board will consider a recommendation for a $20 million budget reduction plan. If approved, the plan would include a special voluntary retirement incentive, the elimination of vacant faculty and staff lines, and decreasing department budgets through purchasing and travel reductions. The special voluntary retirement incentive is expected to yield $10 million in annual savings, with the additional $10 million in savings to be realized through the other two identified budget-cutting measures.
Those who qualify for the retirement incentive program are full-time benefits eligible faculty and staff on the Norman payroll who are age 62 or greater and meet normal University retirement age and service requirements as of the effective date of Dec. 31, 2015. Depending on the department or unit of the eligible employee, effective retirement dates are expected to occur between June 30, 2016, and Dec. 23, 2016, although institutional objectives and organizational priorities may require certain participating employees to extend their retirement date beyond Dec. 23, 2016. Approval must be obtained from the President or his designee to extend a participant’s retirement date beyond Dec. 23, 2016.
Participants will be paid in a single lump sum, less all deductions for local, state and federal taxes legally required to be withheld, no later than one month following their date of retirement. Full-time benefits eligible faculty and benefits eligible salaried staff will be paid an amount equal to 75 percent of their annual base salary in effect on their retirement date not to exceed $100,000.
Full-time benefits eligible support and service staff who are not exempt from overtime rules will receive their current hourly rate in effect on their retirement date times 1,560 hours not to exceed $100,000.
The board also will discuss a proposal to renovate an area in the Donald E. Pray Law Library of Andrew M. Coats Hall to create a collaborative learning space. Made possible through a gift, the state-of-the-art center would enhance the educational experience and interaction of the students enrolled in the OU College of Law.
The next meeting of the OU Board of Regents is currently scheduled for March 8 and 9 in Oklahoma City.