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ERIC Number: ED494997
Record Type: Non-Journal
Publication Date: 2005-Jul-21
Pages: 6
Abstractor: ERIC
ISBN: N/A
ISSN: N/A
EISSN: N/A
Available Date: N/A
Impact of Projected State University System Retirements. Information Brief. Volume 2, Issue 3
Florida Board of Governors, State University System
The likely retirement age of "baby boomers" among the tenured faculty in the State University System (SUS) will coincide with a steep increase in the population of traditional college-age students over the next ten years. The majority (53.5%) of SUS faculty were born in the baby boom years between 1943 and 1959. This group is already beginning to reach age 62, after which many faculty begin to retire. Predictions of a mass exodus of baby boomer faculty have been common for the last fifteen or twenty years, but a variety of factors have mitigated or at least delayed the "crisis." The elimination of mandatory retirement, and incentives--such as Florida's Deferred Retirement Option Program (DROP) to remain in the workforce beyond the minimum retirement age--mean that many faculty are remaining well into their 60s. There are significant spikes in the number of faculty leaving the university system just before age 63 and again just before age 68. The first table in this information brief illustrates the number of SUS faculty by birth year (tenured, tenure-earning, and multi-year contract). The second table shows the number of SUS faculty leaving the system between 2003-04 and 2004-05 by age in 2005 (tenured, tenure-earning, and multi-year contract). The third table shows the number of SUS faculty leaving the system between 2003-04 and 2004-05 by years of state service in 2004 (tenured, tenure-earning, and multi-year contract). The subsequent two tables show the percentages of faculty who will pass the age 65 milestone over the next ten years. A graph shows the projected 18-24 year-old population in Florida, 2005-15. Demand for qualified postsecondary faculty in Florida will likely increase significantly over the next ten years, but as budgetary limitations are also a significant issue, funds freed up by faculty retirement may be used to maintain competitive salaries for remaining faculty. [This information brief was prepared by Planning and Institutional Research, Division of Colleges and Universities, Florida Department of Education.]
Florida Board of Governors, State University System. 325 West Gaines Street Suite 1614, Tallahassee, FL 32399. Tel: 850-245-4545; Fax: 850-245-9667; Web site: http://www.flbog.org/
Publication Type: Numerical/Quantitative Data; Reports - Evaluative
Education Level: Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Florida State Dept. of Education, Tallahassee.
Identifiers - Location: Florida
Grant or Contract Numbers: N/A
Author Affiliations: N/A