An early retirement package offered to more than one third of the school’s faculty may lead to a shortage of experienced professors in the next two years. More than 200 profs have been offered the deal that will give a two per cent pension increase to anyone who retires between the ages of 55 and 60.
Profs must make their decision within the next two years to be eligible for the increase.
The deal was reached by the Ryerson Faculty Association (RFA) as part of their collective bargaining agreement with the university.
RFA president Michel Doucet does not fear a mass exodus of profs because he said most teachers have not been at Ryerson long enough to accumulate a pension large enough to retire.
“We will certainly monitor it very carefully,” he said. “I will reassure you that for a variety of reasons, not that many people will take the package.”
The two-year restriction comes close to the time when Ryerson will have to deal with twice the number of applicants with the elimination of OUAC from high school.
Michael Dewson, v.p. of faculty affairs, insists the package is not to free up money to hire younger, lower-paid teachers.
He said that early retirement incentive has always been a part of the collective bargaining agreement and he two-year restriction is just the university’s way of phasing it out.
“This is a very cost-neutral proposal that gives people a chance to move on in life,” Dewson said.