Truman State University faculty and staff will receive raises in the 2019 fiscal year, but costs to University benefits will also increase.
University President Sue Thomas said the institution has tentatively set aside $600,000 for faculty and staff raises next year after zero University employees got raises in the 2018 fiscal year. Costs to the University for health insurance will also go up, and that cost will be split between the University and employees. The cost of retirement pension plans for senior professors will also go up.
Terry Olson, Faculty Senate Faculty Compensation Committee chair, said his committee thinks more money is needed for raises.
“Whether it can be found for next year or not is an open question,” Olson said. “We think there’s significantly more than $600,000 in fixing of the faculty salary structure that needs to be done.”
Olson said health insurance rates for University employees are set every January and went up this year. He said the cost to the University for the Missouri State Employees’ Retirement System state pension program for senior faculty will rise July 1. Olson said MOSERS is underfunded at the state level.
Olson said the committee examines faculty compensation at other comparable schools, like Missouri public schools and members of the Council of Public Liberal Arts Colleges, to create benchmarks. He said the committee has benchmarked pension plans, tuition discounts for faculty, and health insurance benefits to take cues from schools which are innovating in these areas.