MSU proposes salary and retirement funding cuts to deal with lost revenue
Michigan State University is proposing cutting campus-wide salaries and retirement plan contributions to deal with lost revenue during the COVID-19 pandemic.
In a statement, MSU President Samuel Stanely said the school anticipates an additional $150 million to $300 million in lost revenue to the university's general fund budget and auxiliary units for the 2021 fiscal year.
In response, President Stanely said the school is tightening hiring, limiting travel, and reducing pay for executive management among other steps.
The school is also proposing "campus-wide salary reductions in a scaled manner for all other employees" and "reducing MSU’s above-the-match retirement plan contributions."
The proposed cuts and reductions would be for the 2021 fiscal year, which begins July 1.