Were reductions in the salaries of existing faculty and staff members considered as an alternative to reductions in employee benefits pools?
Yes. Reductions in existing salaries were considered but not chosen since many faculty and staff members, especially those in lower salary grades, may not be able to sustain a decrease in their pay. Also, faculty and staff members that may be able to sustain a reduction in pay can do so in a tax efficient manner in order to supplement the College’s contributions to the retirement and health insurance programs. A mandatory reduction in higher-level salaries ($120,000 plus) was also considered and not chosen. There are very few positions at these salary levels so a 10 percent salary decrease would not yield much in savings. These positions also tend to be paid at or below market levels for comparable positions at peer institutions. Cabinet members and academic deans have pledged to donate 5 percent of their current salary levels in FY 2009-2010 to the College to support the operating budget.
Related Questions
- What can benefits-eligible faculty and staff members do to limit the impact of flat or decreased levels of employer contributions to employee benefits?
- Can individual faculty and staff members elect a reduction in salary rather than a decrease in employee benefits?
- How and when will the College implement the reductions in the faculty and staff salary pools for FY 2009-2010?
