May 24, 2021, 1:15 PM
(From Inside Higher Ed) With some exceptions, colleges and universities are planning to restore or have already restored the faculty retirement benefits they cut during COVID-19, according to a new report on faculty compensation from the American Association of University Professors (AAUP). The report shows that, during the 2020-21 academic year, more than a quarter of institutions eliminated or reduced fringe benefits for full-time faculty members. Private institutions were much more likely to do so than public institutions.
While the AAUP does not have current data on how many institutions plan to resume their stalled benefits, the Teachers Insurance and Annuity Association of America, or TIAA, said that nearly all of its top 200 client institutions that are still suspending retirement matching contributions plan a full reinstatement by July 1.
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