Temple University introduces voluntary retirement program for faculty due to budget constraints.

Temple University has announced a voluntary retirement program for its faculty as part of efforts to address a significant budget deficit anticipated to reach million. This financial situation has been exacerbated by the university’s failure to meet its enrollment targets, translating to an estimated revenue loss of approximately million. The announcement was made by university president John Fry and interim provost David Boardman in a communication to the campus community.

The voluntary retirement program is specifically designed for faculty aged 62 and older who have accumulated a minimum of ten years of continuous service. Eligible faculty members must hold either tenured or tenure-track positions or have non-tenure track appointments that are set to expire after June 30 of this year. While Temple has not disclosed the total number of eligible faculty members, the initiative is viewed as a strategic step towards optimizing the university’s budget and initiating meaningful financial alterations moving forward.

In addition to addressing the fiscal challenges, the university aims to leverage the program as an opportunity to replenish its faculty ranks by hiring new tenure-track professors in the subsequent years. The funding for this initiative will come from federal COVID-19 stimulus funds, which were distributed as part of a one-time tax credit reimbursement to businesses that maintained employee roles during the pandemic. This marks the second occasion within a year that Temple has instituted a voluntary retirement program for its faculty.

This move aligns with recent trends observed among higher education institutions in Pennsylvania. For instance, Pennsylvania State University implemented a buyout offer last year to faculty and staff on its Commonwealth campuses, resulting in over 380 employees opting for buyouts, equating to about 21% of those eligible.

Concurrently, Temple made an announcement regarding the appointment of Rob Reddy as the interim vice provost for enrollment management. Reddy, who previously served as the vice president for enrollment management at St. Louis University, will assume his new role on January 1. He succeeds Jose Aviles, who transitioned to a new position at Rutgers University. With three decades of experience in admissions, financial aid, and veterans’ relations, Reddy is expected to help navigate the university’s enrollment challenges. Temple plans to conduct a search for a permanent enrollment leader in the spring.

As Temple University implements these changes, it aims to stabilize its financial standing while ensuring a robust and efficient academic environment for current and prospective students.