WARWICK – The Community College of Rhode Island will be offering buyouts to 109 employees eligible for early retirement allowing the state higher education institution to what college officials say “strategically rehire” certain positions to enhance its instructional and support services for the future.
With no discussion, the R.I. Council on Postsecondary Education during its meeting Wednesday evening approved CCRI’s voluntary retirement proposal. This is the sixth time in the last eight fiscal years that CCRI has offered employees early buyouts, and the first time since the 2023 fiscal year.
In the previous five instances, a combined 364 employees were offered early retirement by CCRI, with 106 employees accepting buyouts. The 2019 fiscal year was the last time CCRI offered early retirement to more than 100 employees in a single year – 116, with 24 accepting buyouts.
Eligible employees can now seek early retirement now through May 19.
According to R.I. Office of the Postsecondary Commissioner Chief Financial Officer Zachary J. Saul, this buyout plan will also result in budget savings for CCRI over the next two fiscal years. Saul in the March 11 memo to the council said the retirement incentive will be funded with an appropriation in the revised 2025 fiscal year operating budget from CCRI’s reserve funds.
The memo notes that if 33% of eligible employees – roughly 36 employees – opt for early retirement there is 25% of backfilling of both faculty and staff, it will at first cost CCRI about $1.6 million in fiscal year 2025. However, the college will save $2.7 million in the 2026 fiscal year and $2.5 million in the 2027 fiscal year from the voluntary buyouts, the memo states.
Of the 109 CCRI employees eligible for early retirement, 75 of them are faculty. The program is offered to employees who have a combined age and service of 80 years or more, are at least 55 years old and have worked at the community college for at least 10 years.
The plan says eligible employees will receive a one-time payment of 50% of their current salary, with employees receiving at least $20,000, if they accept the buyouts on June 14. Also, those who accept such buyouts under the plan – both faculty and non-classified staff – at CCRI will not be eligible for full-time reemployment at CCRI, Rhode Island College, the University of Rhode Island or RIOPC. However, employees can be offered post-retirement employment on a part-time basis, the memo states.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on X at @James_Bessette.
