UMaineSaturday, November 7
UMaine offers 158 faculty a year's pay to retire as it works to close a $19 million gap
The Today in Bangor team
If you teach at the University of Maine, here's the offer: the school notified 158 faculty members in Orono and Machias that they can take a one-time payment equal to 100% of their base annual salary under its Special Retirement Incentive if they retire Sept. 1, 2027. That's roughly 20% of faculty.
- Eligible: age 55 by Nov. 1, with 10 years of full-time service
- Decision deadline: Jan. 2, 2027
- FY28 projection: $303 million in expenses, $284 million in revenue
Key dates for UMaine's retirement offer
- Nov. 3UMaine notified 158 faculty that they are eligible for the incentive
- Jan. 2027Eligible faculty's deadline to decide whether to take the offer
- Jan. 2027In late January, UMaine's FY28 budget proposal is due to system leadership
- Sept. 2027Faculty who accept would retire and receive one year of base pay
Sources: WMTW, The Portland Press Herald
The offer targets a projected $19 million structural gap for fiscal year 2028. UMaine plans $10 million in academic cuts and $6 million more in other cuts, which would leave about $3 million still to close.
Planned cuts leave about $3 million of UMaine's $19 million gap
UMaine's projected FY28 budget gap
- Takes away
Sources: Bangor Daily News, WABI
View as table
| Change | Total | |
|---|---|---|
| FY28 gap | $19M | |
| Academic cuts | −$10M | $9M |
| Non-academic cuts | −$6M | $3M |
| Still to close | $3M |
Administrators won't know how many accept until Jan. 2. The faculty union approved the offer, and the system's $6 million also helps fund a separate incentive at Farmington.
Sources: WMTW, Bangor Daily News, WABI, Maine Public, The Portland Press Herald