The University of Toledo is offering full-time faculty a voluntary separation incentive program as part of efforts to address budget deficits exacerbated by the global COVID-19 pandemic.
Faculty members who meet the criteria for the plan will receive a one-time incentive payment equal to half their current base salary in exchange for their voluntary separation from the University by the end of the fiscal year June 30, 2020.
Qualified faculty members also will maintain tuition waiver benefits for themselves and their dependents for four years, have the option to continue University healthcare coverage through the end of the calendar year, and may receive unused vacation and sick leave in accordance with University policies.
To be eligible for the program, faculty members need to have a least three years of service at UToledo or be eligible to retire.
Those interested in voluntarily separating from UToledo need to complete the application by 5 p.m. on June 22. The application and additional information about the voluntary separation incentive plan are available on the Office of the Provost website.
UToledo announced earlier this week salary reduction initiatives that include furloughs, salary reductions and temporary layoffs. The University has already taken a number of cost-saving measures, including implementing a hiring freeze; releasing intermittent call-ins and student workers; canceling most capital projects; and reducing expenditures.
These measures and additional budget cuts being developed are needed because while the full financial impact of the COVID-19 pandemic is not yet known, to date UToledo has experienced at least a $20.93 million loss due to a reduction of state support, credits for housing and dining fees, lost revenue in auxiliaries without campus events, and decline in revenue from tuition and fees due to expected declines in summer enrollment.
The University is working to address the deficit for the current year as well as the ongoing financial challenges heading into the next budget year with a projected deficit of $36 million.