The following message was sent to all faculty on Thursday, Oct. 15.
I am writing to you today with important news about Marquette’s Tenure Buyout Policy. Please read this information carefully.
- The deadline for qualifying faculty to apply for a tenure buyout is 4:30 p.m. on Monday, Nov. 16.
- The Tenure Buyout Policy stipulates the amount of money a faculty member is to receive in exchange for surrendering their tenure and is based on the option selected (immediate buyout or phased) as well as both the faculty member’s salary and age.With respect to the age, the payment is based on the faculty member’s age at the time of surrender of tenure.
– Those who are 68 or less receive 100% of their salary.
– Those who are 69-70 receive 25% of their salary.
– Those whoa re 71 or older receive 5% of their salary.See the full policy for specific details.
Given the financial challenges the university is currently experiencing, the Office of the Provost is increasing payments to faculty aged 69 or older in order to further incentivize retirement. To that end, faculty aged 69 or older will receive 75% of their salary if they apply by the Nov. 16 deadline and surrender tenure on Dec. 31, 2020.
- After the Nov. 16 application deadline has passed, I will charge a task force to review the Tenure Buyout Policy in its entirety. The task force will be asked to make a recommendation regarding the future of the policy, including specific changes, should the policy continue forward beyond this year.
With questions about the Tenure Buyout Policy, contact Gary Meyer, senior vice provost for faculty affairs.
With questions related to your individual case, including eligibility, contact Sally Doyle, assistant provost for budget and division operations.
Two virtual workshops will be offered by Sally Doyle:
- Monday, Oct. 26, from noon to 1 p.m.
- Tuesday, Oct. 27, from 5 p.m. to 6 p.m.
Contact Sally Doyle to sign up.
Dr. Kimo Ah Yun