| Losing a little now, and a lot later | | Print | |
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The university proposes to eliminate its retirement contribution (10% of salary) for first-year employees. Given that lecturers represent a growing segment of the faculty, with a higher turn-over rate than for the tenured faculty, this provision would disproportionately hurt the retirement funds of the LEO bargaining unit. Under the university's proposal, a lecturer newly hired at an annual salary of $28,000 would lose $2,800 in retirement contributions. Over the years, even at a modest rate of return, compounding would magnify the loss:
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