Dear Kenyon College staff and faculty,
As we close out the final days of what for most of us has been the most demanding year of our career, we can be very proud of what we have accomplished together. We reimagined every aspect of what we do to protect the health of our community. And we did so while staying true to our mission to provide a transformative education to students, on and off campus. We have much to reflect on and much to report on, including, I am pleased to share, a stronger than expected incoming class. I hope you can join me for an online employee forum on Monday, June 7, at 10:30 a.m. to discuss these and other updates about next academic year. Watch your email for a meeting invitation.
There is one piece of news that I want to share now. Last year at this time, our financial models projected revenue shortfalls of $19 million to $55 million, and we made the very difficult decision to suspend the 9.5% employer contribution to 403(b) retirement plans for one year. That decision allowed us to weather an actual revenue loss of $31 million — without layoffs, furloughs or cuts to our academic program. Many colleges were not as fortunate, and I am deeply grateful to the Kenyon community for this shared sacrifice.
We pledged then to restore the 9.5% employer contribution on July 1, 2021, and to repay the missed 2020-21 contribution over the next three years. Today, I am pleased to announce that we will instead catch up on contributions by June 30, 2021, including to employees who retired or left the College during the 2020-21 fiscal year. Details on the repayment schedule and mechanics will follow from the Human Resources Office.
With strong projected enrollments, generous support from alumni and donors, and the prospect of a near-fully vaccinated student body next year, we are optimistic about Kenyon's future. And there is no more fitting way to express that optimism than to repay, as quickly as we can, the people who made it all possible.
Sincerely,
Sean Decatur
President