Retirement

President of Valencia College to Retire

The president of Valencia College, which won the Aspen Prize for Community College Excellence in 2011, announced his plans to retire in June 2021.

Sandy Shugart has been president of the community college located in Orlando, Fla., since 2000, according to a news release. He was the fourth president of the institution.

He made his retirement announcement at the college's annual Academic Assembly.

Shugart began his career in North Carolina, where he's from. He served as vice president and chief academic officer of the North Carolina Community College system, then as president of North Harris College in Houston before coming to Florida.

“I know that I speak for the entire board of trustees when I express our deep appreciation to Dr. Shugart for his positive impact on the students and community during his 20-plus years of service at Valencia College,” Tracey Stockwell, chair of Valencia College’s board of trustees, said in the release. “There is much to celebrate as we reflect on Dr. Shugart’s tenure at the college. This includes unparalleled graduation rates, the creation of DirectConnect to UCF, the most successful transfer program in America, and providing exceptional leadership to the college, which was awarded the first Aspen Prize for Community College Excellence.”

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Duke Settles 403(b) Lawsuit

Duke University and a group of employees and retirees that were suing it over complaints about its 403(b) retirement plan have reached a settlement worth $10.65 million.

The plaintiffs filed suits in 2016 and 2018 in U.S. District Court in the Middle District of North Carolina alleging breach of fiduciary duty. They argued Duke did not fulfill its duties under the Employee Retirement Income Security Act, forcing retirement plan participants to pay excessive fees for record keeping, administrative services and investment services. Duke denied breaching its fiduciary duty.

In addition to the creation of a $10.65 million settlement fund, Duke agreed to take several actions for a three-year period, according to the St. Louis-based law firm representing the plaintiffs, Schlichter Bogard & Denton. Those actions are to hire an independent consultant regarding bids for record-keeping services, make it easier for participants to transfer investments from frozen annuity accounts, analyze costs of different mutual fund share classes being considered for the plan and avoid using plan assets to pay salaries of employees working on the plan.

The suits were part of a spate of closely watched 403(b) lawsuits filed by the same law firm, which had filed cases over excessive fees in 401(k) plans.

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Professors worry about retirement; staff save to pay off debt

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The State of Personal Finance, <br>Faculty-Staff Edition

Survey of campus employees finds professors focus on saving for retirement and doubt their financial literacy; administrative staff worry more about the near term.

How to handle employee farewells least awkwardly (essay)

Employee departures can range from awesome to awkward. Sam Minner discusses how best to handle them, and who should decide how the departing are feted.

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College employees better prepared for retirement than general population

Higher ed employees plan to retire later than other Americans, but a survey suggests they do more financial planning for that eventuality.

Carleton offers retiring professors opportunity to teach 'dream course'

At one small liberal arts college, retiring professors get one last chance to teach that course they've always wanted to.

Colleges must work to retain and document institutional knowledge (essay)

The transitory nature of Gen X and millennial employees puts colleges at risk of losing significant amounts of business and operational knowledge, unless they do something to document it, writes Andrew M. Peña.

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A class of thousands of professors suing retirement provider

Suit charges retirement giant with holding on to gains made as professors were shutting down accounts.

How senior professors can finish their careers vibrantly (essay)

Whether senior professors have a vibrant end to the later stages of their academic careers is largely in their own hands. Roger Baldwin and Michael Zeig offer guidance for how they can do so.

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Essay on the responsibility of academics to think about retirement

Faculty members and administrators have a responsibility to move toward retirement, and to make sure new talent can find its place in academe, writes Thomas R. Kepple.

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