Word: bonus
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Dates: during 1990-1999
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...Business School, a retiring faculty member is encouraged to retire before age 68 with a bonus of up to twice a faculty member's salary--also in the six-figure range--depending...
...bonus] seems sort of an under-handed way to do it," he says...
...bonus is paid over two years, however, so no faculty member could receive more than his or her salary as a bonus in one year, Hayes says...
...Fineberg said an objective formula was avoided because of the different financial situations of each professor. He said that "fairness" to the faculty member is "fundamentally the perspective," and for this reason it was necessary to consider a professor's benefit plan and other factors before calculating a retirement bonus...
Ware said the bonus paid to Salhanick "did not reflect an established school policy on [retirement]. That was an individual case and should not be viewed as a solution or a resolution at the school...