Purdue West Lafayette changed its proposal on compensation and benefits, which differs from what was presented by President C�rdova and Vice President Diaz at IPFW, March 29, 2010. The university released
details of the new proposal to the West Lafayette
Journal and Courier Tuesday. The newspaper reported the elimination of the "compensation rebalancing" option.
The rebalancing option has been replaced with a new proposed plan that will require staff/faculty to contribute to an alternate retirement fund, eliminating the staff/faculty choice of taking the reduced TIAA-CREF contribution in either salary or a tax deferred annuity.
This plan will be presented to the Board of Trustees for a vote this week, as opposed to late May as previously planned. The timeline changed after the release of
Hewitt Associate's study comparing Purdue's total compensation to peer universities arrived.
This new plan differs from the rebalancing option shared during the
C�rdova/Diaz presentation to IPFW, which was going to reduce employee retirement benefits as a means of raising base salaries.
More information on this proposed plan will be disseminated to all faculty and staff as as it becomes available.
