Vermont State University announces faculty buyout plan
RANDOLPH, Vt. (WCAX) - Vermont State University has announced voluntary faculty buyouts as part of cost-saving efforts.
The buyouts are part of what VTSU calls its ongoing academic optimization efforts. Those efforts are aimed at keeping the cash-strapped university financially sustainable. The university, which recently merged campuses and rebranded, has faced a drop in enrollment and rising costs over the past decade. The school system ended the 2023 fiscal year with a $22 million deficit. It’s projected to reduce that by $5 million next fiscal year to $17 million.
The buyout plan would give 20-33 faculty members half their annual salary at the end of the 2023-2024 academic school year. They would also continue to receive tuition benefits for family members who are interested in attending VTSU.
In a statement, Interim Vermont State University President Mike Smith said the buyout “is a generous option for faculty members to choose their path and hopefully avoiding the need for layoffs.”
Eligible faculty members have until Oct. 27 to apply for the voluntary buyout program.
Click here for more on VTSU’s optimization plan.
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