HANOVER — Dartmouth College, facing financial pressure in its budget because of the coronavirus pandemic, said on Monday it was offering a “retirement incentive option” to qualifying employees in 2020.
The one-time buyout offer includes six months of pay to employees who have worked at the college for at least 10 consecutive years and whose combined years of employment and age is at least 75.
“We estimate that approximately 550 people are eligible to take advantage of the retirement incentive offer, which represents about 18% of Dartmouth employees,” Dartmouth spokeswoman Diana Lawrence said in a statement.
The buyout proposal is at least the third buyout program Dartmouth has offered since the Great Recession more than 10 years ago.
Qualifying employees must submit their forms for the buyout offer by August 14 and, if accepted, must “retire” by September 30, the college said in an email to employees.
The offer is being extended to both college employees and unionized workers; the latter will also receive any difference between their severance as called for under the union contract and their six-months salary, for a total payment equal to six months of pay.
Dartmouth said the buyout offer is “one-time opportunity” and the college “does not anticipate offering such a program again in the foreseeable future.”
As for what happens if not enough employees elect to take the buyout, “we are not making decisions about next steps until we determine how popular this program is,” Lawrence said.