In an open meeting of the university’s faculty Senate, executive vice president for finance and administration Eric Monday announced that UK will restore its retirement contributions for employees beginning July 1, 2021.

Retirement contributions were slashed from 10 percent to 5 percent in April of 2020 as part of a set of measures aimed at mitigating an expected $70 million shortfall due to the COVID-19 pandemic.

Monday met with the Senate to discuss the budget for fiscal years 2021 and 2022. Fiscal year 2021 ends on June 30; as of this month, Monday said he “feels good” about where the university is on the 2021 budget. 

“The good news to take away is a firm commitment related to our retirement and going back to that two to one match effective July 1, which was our intention all along,” Monday said.

Monday said an announcement on the retirement fund is expected from Capilouto within the hour that will include information on lower fees and expansion of fund families.

Monday said he did not expect the reduced 5 percent retirement contribution to be restored to faculty moving forward.

In other business, the faculty Senate approved recommendations from an ad hoc committee to include reading days in dead week and move fall break back a week to mirror where spring break typically falls in a semester, effective in fall of 2021. Committee members said that would make semesters more symmetrical and enable easier planning for professors.

Dr. Jennifer Osterhage, who presented the proposal, said the registrar’s office has already built a calendar with the recommended changes and that the reading days in particular received strong support from student government.