Ohio University leaders predict they’ll save $8.7 million yearly through an early retirement and voluntary separation program, if it’s approved for use.
Details of the program for faculty and staff were announced yesterday as the school explores several options for balancing the budget. The plan for faculty involves an $80,000 lump sum - paid out over two years. Human Resources Chief Linda Lonsinger says this is the first time a program like this has been offered to faculty. Vice President and Provost Pam Benoit says they will ask the University Board of Trustees to approve the program later this week.
The plan for administrators and classified employees offers a one year buyout and a $5,000 incentive.
Lonsinger says the plans are different for faculty because administrators and staff have been offered early retirements before. Benoit says the quarters to semesters transition may be a reason why faculty would take the buyout. There are about 875 employees eligible for the program and university leaders are projecting about 20% will take it. The up front cost to the university would be about $9.7 million.