A buyout offer by the University of Missouri at Columbia has been accepted by 110 faculty members, who will retire between December 31 and August 31, the Columbia Missourian reports.
The payouts would cost about $17.7-million but would save a similar amount in budgeted salaries and benefits, Christian Basi, a university spokesman, told the newspaper.
The departing professors represent about 42 percent of those who were eligible for the offer, which was made in September.
The buyout offer—a one-time payment of 1.5 times annual base salary, up to $200,000—was made to tenured professors at the flagship university who will be at least 62 years old by August 31.
The College of Arts and Science accounted for 43 of those who accepted the buyout.
In all, 97 of the 110 retirees will depart in August. That leaves plenty of time to fill any crucial slots, said the arts-and-science dean, Michael J. O’Brien. “This came up early enough that we could plan for it,” he said.
A buyout program for 28 eligible administrators is to follow, Mr. Basi said.Return to Top