Word: retirees
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"The universities that are going to have a problem are ones where the compensations in faculty life are so attractive that people don't really want to retire," Benjamin said.
According to a national study conducted by the Teachers Insurance and Annuity Association (TIAA), 80 percent of professors surveyed said they plan to retire before age 70. At Harvard, about 45.6 percent of the faculty will be 70 at the end of the next decade.
"If people don't retire and we go on paying their salaries and providing facilities, what will we do about recruitment? If we go on recruiting at the same rate, Harvard will have more and more professors, which would be financially burdensome," says Houghton Professor of Chemistry Jeremy R. Knowles...
"Administrators in each of the schools are trying to figure out what they should do to create the right environment so that faculty can graciously retire at the appropriate time," says Vice President for Finance Robert H. Scott, who sits on Spence's committee and also heads a University-wide...
After Escobar narrowly escaped capture in an army raid on one of his estates last year, Colombian officials suspected that he might have been tipped off by Medina. A military surveillance team subsequently was assigned to tail the general. The spying operation reportedly established ties between Medina and both Escobar...