Chancellor Syverud Provides Update to University Senate, Campus Community Regarding Retirement Changes

On Monday, Dec. 20, Chancellor Kent Syverud sent the below message to the University Senate. This message serves as a follow up to a robust conversation that occurred during the Dec. 15 University Senate meeting regarding planned retirement changes for newly hired faculty and staff beginning on January 1, 2022.

Below is the full message as transmitted to the University Senate from Chancellor Syverud.

Dear University Senate Colleagues:

I write to follow up on our University Senate discussion at our meeting on December 15th. I have spent much time since the meeting reflecting on that discussion and reading communications concerning the proposed changes in our retirement benefits for newly hired faculty and staff.  Those changes have been planned to go into effect for newly hired faculty and staff after January 1, 2022. There is, I understand, no proposal to have these changes affect the benefits of current faculty and staff.

I have today directed that the changes to the retirement benefits be deferred at least until the end of the fiscal year, June 30, 2022. In the interim, I will be working to get more detailed information about the likely effect of the proposed changes on new, less-highly compensated, faculty and staff.  Until I have a clearer picture on that issue, I agree that it is premature to change the retirement benefits.

I thank the Senate and those who have written to me for your feedback.

Sincerely,

Kent Syverud
Chancellor