Brandeis U. Suspends Payments to Staff Retirement Accounts
May 22, 2009 | Read Time: 1 minute
Brandeis University will halt payments to faculty and staff members’ retirement accounts for a year beginning July 1, a move that will cover most of the Massachusetts institution’s projected $8.9-million deficit, reports The New York Times.
Similar curbs on employee benefits have been undertaken by financially troubled corporations in response to the downturn but are rare among colleges, which have relied more on layoffs and suspension of building projects to cut spending.
“We are absolutely at a point in this economy where these sort of things have to be on the table,” said Roland King, vice president for public affairs at the National Association of Independent Colleges and Universities.
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