COLUMBIA, Mo. (AP) - The University of Missouri's flagship campus in Columbia is offering a buyout option for some of its tenured faculty members.
The school said in a news release Friday that qualifying faculty who retire by next fall can receive a one-time payment of 1½ times their base salary, not to exceed $200,000. To receive the buyout, faculty must be retirement eligible and turn 62 by Aug, 31, 2015.
"This program will help us recognize significant contributions made by tenured faculty members during their time with the university," MU Chancellor R. Bowen Loftin said in a written statement. "This also will allow the university the opportunity to manage a challenging financial environment by providing flexibility for funding new positions and granting appropriate salary increases."
MU spokesman Christian Basi told the Columbia Missourian that the amount of savings would depend on the number of people who accept the package and their salaries. He said about 260 university faculty members are eligible.
Basi said he does not anticipate the program causing disruptions in university operations. The university stressed that participation is voluntary and that it will offer information sessions.
A second buyout will be offered later to about 30 retirement-eligible tenured faculty members with administrative duties.