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MSU seeking to cut budget costs

MSU seeking to cut budget costs

December 19th, 2010 in News

SPRINGFIELD, Mo. (AP) - Missouri State University will once again offer retirement incentives in a bid to cut payroll costs.

University board president Elizabeth Bradbury said a retirement incentive program that would provide either a cash payment or extend health coverage beyond retirement would encourage longtime employees to leave the university and save the school money.

Last year's incentive program targeted senior professors in Springfield. This year, the school is extending the offer to all faculty and staff at all campuses.

The Springfield News-Leader reports that last school year, 41 faculty members took incentives to retire, helping shave $1.5 million in annual payroll costs.

This year, President James Cofer said he expects about 25 faculty members and 55 staff members to participate in the program, resulting in similar annual savings of $1.5 million.