Benefits changes announced for Michigan Medicine faculty, staff
For many at Michigan Medicine, 2020 has been one of the most challenging years ever experienced, both personally and professionally. Through all of this, faculty and staff have still carried out the organization’s tri-partite mission each and every day.
“Your dedication has been the reason our patients continue to receive outstanding care, our labs continue to make discoveries, and our learners receive a high quality education,” said Marschall S. Runge, M.D., Ph.D., executive vice president for medical affairs, dean of the U-M Medical School and CEO of Michigan Medicine.
On Tuesday, Runge announced that Michigan Medicine’s comeback from the daily financial losses experienced at the start of the pandemic is allowing the organization to reinvest in its people and roll back targeted Economic Recovery Plan reductions. It is important to note that, as a unified Michigan Medicine organization that includes both the U-M Health System and U-M Medical School, these changes are being implemented for faculty and staff across the entire enterprise.
As a result of our healthier performance in the first four months of the fiscal year, Michigan Medicine is moving forward with the following changes:
- Retirement match: The organization will be restoring the retirement match beginning Jan. 1, 2021, six months earlier than anticipated. “We heard from many of you that this benefit was of primary importance, and we are very happy to be able to reinstate our two-for-one match, which is one of the highest matches in our region,” Runge said.
- $500 recognition bonus: Faculty and non-bargained for staff at Michigan Medicine will receive $500 in their December paycheck.
- Restoration of professional development discretionary expense: “We know that professional development is not only critical to advance learning, it is important for career growth and satisfaction,” Runge noted. With that in mind, Michigan Medicine departments may begin using up to 50% of prior discretionary fund expenditures for professional development (excluding travel), based on departmental spend in FY19 and FY20, beginning Jan. 1, 2021.
More details can be found in FAQs by clicking here.
“We would not have been able to turn around our performance without the remarkable efforts of all of you — whether working evenings and weekends, juggling home-schooling with administrative work, or closing and re-opening facilities in record time,” Runge said. “Thank you so much for everything you have done and continue to do in support of our mission to help our patients, students, families and community.”