Dear Pitzer Faculty and Staff,
I hope that you all enjoyed watching our Pitzer commencement ceremony this past weekend. It was an uplifting and inspiring way to bring this year like no other to a close.
As we all now begin to exhale after the academic year, I write to share some important and good news. Back in September, and after receiving recommendations from BIC, the Board of Trustees approved a revised budget which included several reductions aimed at limiting our expected budget deficit for the year. Although we are still anticipating a loss of over $5 mil for this budget year, I am happy to report that our financial picture is better than expected. The year has included a lot of hard work and sacrifice by many community members, and I am especially proud that we were able to stick to our core values and did not have to implement a furlough or pandemic layoff of any employees.
With a better-than-expected budget picture, and after consultation with BIC, we recommended to the Board that the 12% retirement contribution be reinstated and pay cuts reversed as of June 1, 2021. Last Friday, the Trustees approved this resolution reflecting their appreciation for the work of the campus community this year.
Therefore, beginning June 1, 2021, for all eligible employees, retirement contributions will revert to the usual 12% and all salary cuts that were implemented due to pandemic savings efforts will be reversed. These changes are not retroactive, but will go into effect as of June 1, 2021. The salary and retirement savings that were realized between October 1 – May 31 were critical to limiting our budget losses for the year.
I thank the Trustees for supporting this change, and above all, I thank Pitzer faculty and staff for your incredible work and dedication this past year. We are not out of the woods yet, but I am optimistic about the improvements in public health that we are seeing. I look forward to our return to campus in the fall, and to once again being a whole and in-person community. In the meantime, please stay safe and healthy, and enjoy the summer.
Provida Futuri,
Melvin L. Oliver
President
