Committee: Governance and Finance Presentation Title: Paid Parental Leave Presented by: M. David Rudd, President Synop: During the June 2017 Board of Trustees meeting, the Board endorsed the implementation of a Paid Parental Leave policy contingent upon completion of a financial model. In developing the recommendation, policies of peer institutions were benchmarked, and a cost analysis was performed. The average weeks of paid parental (maternity and paternity) leave offered to faculty and staff at peer institutions is 4.6. The University has evaluated and will implement a six (6) week paid parental leave as a faculty and staff recruitment and retention initiative. Once implemented, the total cost including salary, benefits and faculty/statf replacement is projected to be approximately $715,000 annually. The replacement cost component is estimated at $195,000. This figure could increase or decrease depending on the number of employees hired and the rate of faculty/staff attrition. Pearce icc Bere Recerca Comes ees) iooeeeuene 29 Six (6) weeks $715,000 $525,000 $195,000