Senate


Senate-Early Retirement Program

To: Members of the Faculty Senate

From: David K. Hildebrand, Chair
Gerald J. Porter, Chair-elect
Louise P. Shoemaker, Past Chair

Subject: Faculty Voluntary Early Retirement Program

Dear Colleagues:

Deputy Provost Walter Wales has recently sent a letter to those faculty who are eligible for Penn's Faculty Voluntary Early Retirement (FVER) program stating that the last date to enter this program will be June 30, 1996. That letter indicated that faculty would be unable to sign up for this program after June 30, 1993; however, those faculty signing up for retirement in 1996 could reverse their decision at any time prior to June 30, 1995. The Provost has assured us that all such faculty will be reminded of their decision in ample time to change their mind prior to June 30, 1995. We strongly urge all eligible faculty to preserve their option to retire by signing up for the program at this time. There will be no penalty for cancellation prior to June 30, 1995.

We believe that some form of retirement incentive is valuable to the faculty and to the University. A subcommittee of the Senate Committee on the Faculty, chaired by Jean Crockett, will continue to explore possible options for reinstatement of a program like FVER. She would welcome suggestions and advice from faculty members. In the meantime, we recommend that you maintain your options by filing for the current program prior to the end of June 1993.

Please communicate your comments to Jean Crockett either by telephone (at Penn 898-7628 or at home 566-3687) or by mail to Finance, 2256 SH-DH/6367.


Almanac

January 12, 1993
Volume 39 Number 17


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