Faculty Retirement Benefits Resume

The+university+announced+its+plans+to+resume+payments+to+eligble+faculty%27s+retirement+funds.+%28Courtsey+of+Rachel+Gow+for+The+Fordham+Ram%29

Courtesy of The Ram Archives

The university announced its plans to resume payments to eligble faculty’s retirement funds. (Courtsey of Rachel Gow for The Fordham Ram)

Rachel Gow and Abbey Delk

The university announced that it will resume its contributions to eligible employees’ retirement plans starting April 9, 2021, in an email from Rev. Joseph M. McShane, S.J., president of the university, and Robert D. Daleo, chair of the board of trustees. 

The university first announced the temporary retirement benefits freeze in October and had originally planned to resume matching contributions at the end of June. 

McShane and Daleo said that the university was able to resume the contribution three months early because of the completion of its triannual count of students enrolled in various programs, which gave a clearer indication of the university’s financial standings. 

They also thanked the dedication of staff, faculty and administration in continuing to deliver a “superb” education to students. “Their efforts in keeping our students engaged and enrolled made the difference between a challenging year and an impossible one,” wrote McShane and Daleo. 

The announcement comes at a time when many are struggling financially due to the COVID-19 pandemic. 

“Though the pandemic is not over yet, and the University is still feeling its effects, we believe that this step was a necessary one for our faculty and staff,” wrote McShane and Daleo. 

The announcement comes after the Faculty Senate began collecting funds to sue the university over the benefits freeze before the start of the spring semester. 

The email announcement did not include any plans to retroactively pay employee retirement benefits lost between November 2020 and April 2021.