The Board of Trustees, during their meeting Friday, approved a modest increase in room and board rates as well as a phased retirement model for tenure line faculty.
The new room and board rate, $8,622, represents an average 1.6 percent increase from last year. The new rate includes a $50 increase for students at Dehority, Noyer (Baker and Klipple) and the Studebaker complexes. It includes an extra $25 increase for students in the double rooms at Kinghorn and Park halls.
It's below the average room and board rate among Mid-American Conference schools and just above the average for other Indiana public schools, according to information provided by Randy Howard, vice president for Business Affairs and treasurer.
"That's the lowest rate increase in percentage since 1978, which is good news for our students," he said during a presentation.
There would be no increase for students on the premium plan. About 1,250 students participate in the plan, which includes perks such as early move-in, priority room sign-up, a free stadium parking for two years and a fixed two-year room and board rate.
President Jo Ann Gora said during the meeting that she's proud of the residence halls and their staffs.
"I'm the recipient of emails from parents who are not happy, and the ones who are," she said. "I certainly think the eye candy counts ... attractive residence halls. What keeps the students there is the quality of staff that Housing and Residence Life puts together."
After several years in the works, a phased retirement model was approved by the board. This applies to tenure line faculty, and Howard said about 275 professors are eligible. But only 10 or 15 will be allowed to participate each semester.
Faculty who participate can choose from two retirement funds: the Teachers Retirement Fund, which is operated by the state, and the Alternative Pension Plan, which is operated by the university.
The draw is that faculty members would receive a salary that is higher than if it was just cut in half, Howard said. They would also receive similar benefits to a full-time employee. One difference is that life insurance is based on the employee's salary.
Howard offered an example: "If a faculty member was making $60,000 full time, and they enter this program and they work half time, then your salary would just be $30,000," he said. "Instead, we're going to increase their salary as an additional benefit."
The board also approved a policy that will provide the possibility of athletic sponsorships that might include companies that produce or sell alcohol related products. Sponsorships will require Ball State review and appropriate messaging. This brings the policy in line with national standards.
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