UM forecasts wave of retirements in next 5 years
(AP) - The University of Michigan says the aging of the baby boom generation will bring a wave of retirements in the next 5½ years, with about one in five of its employees expected to leave.
Associate vice president Laurita Thomas tells AnnArbor.com that 39 percent of faculty and 35 percent of staff will be eligible to retire by the end of 2017. She forecasts that 18 percent of staff and 20 percent of faculty will retire.
Thirty-nine percent of the university's work force was older than 50 in 2002, rising to 46 percent in 2011.
Faculty eligibility for retirement is based on a combination of age and length of University of Michigan employment. A 55-year-old needs 20 years of employment to get benefits, while a 60-year-old needs 10 years.