OSU to extend phased retirement program

The OSU/A&M Board of Regents approved an extension to the faculty phased retirement pilot program Friday at the board's meeting at Langston University.

The board approved the pilot program at its February 2011 meeting. The plan allows OSU faculty members to retire from the university with full benefits and return to work half-time after a 60-day waiting period.

At the time, university officials said the program would allow faculty members to continue to perform some of their duties while leaving others. For example, a professor could continue to do research while retiring from his or her teaching duties.

Joe Weaver, the university's vice president for administration and finance, said Friday the program hadn't had the level of participation that university officials had hoped to see. Only two faculty members entered into the pilot program, he said.

By extending the pilot program, Weaver said he thought the university could attract more participants, allowing university officials to get a better idea of what kind of effect it might have.

Faculty members said they hadn't had enough time to consider how the program would affect their individual situations, Weaver said. University officials plan to continue the pilot program for another one to three years, he said, which would allow those faculty members more time to weigh their options.