Duke University to offer retirement incentive
Posted April 21, 2009 6:24 p.m. EDT
Updated April 21, 2009 10:45 p.m. EDT
DURHAM, N.C. — Duke University administrators have told about 200 workers that they plan to offer a retirement incentive plan to 600 to 700 staff members.
The plan affects hourly workers aged 50 or over with at least 10 years of service to Duke. It would include retirement health insurance and increased pensions for mostly staff assistants, clerical workers and program coordinators.
Officials are not yet sure how many will accept the retirement offers, which will be distributed in May.
The moves are all part of an effort to reduce the Duke University budget by $125 million over the next three years.
“The fact that they are struggling does come as a bit of a surprise to me," Duke student Arjun Srinivas said.
Kyle Cavanaugh, vice president for human resources at Duke, said the school would rely on layoffs as a last resort.
"We are not anticipating any impact on the quality of the education,” Cavanaugh said.
Duke spends about $2 billion annually, exclusive of the Duke University Health System.