ATHENS, Ohio -- Ohio University, like many institutions and businesses in Ohio, is feeling the squeeze of tough economic times.
Officials are considering employee buyout packages as a way to save money.
Officials stressed that no final decisions have been made, but the board of trustee voted Friday to authorize buyout offers for employees if financial conditions worsen or if there is a significant shortfall after the governor announces his new budget for Ohio in February.
The university's chief human resource officer said that early retirement offers to administrators and staff could save the university $1.4 million over two years.
Employees taking the offer within 90 days would get one year of service added to their pension and a lump sum payment of $5,000.
The $1.4 million in savings is based on the projection that about 25 percent of the eligible employees would take advantage of the offer.
Employees with alternative retirement plans would become eligible for early retirement and employees with more than 15 years of service could also get a buyout that includes one year's pay.
In all, the savings over the next two years could total $8 million.
Stay with NBC 4 and refresh nbc4i.com for additional information.
To submit a story idea or news tip, e-mail us at stories@nbc4i.com.
NBC 4 POLITICS: Headlines, Interactives & Video
MORE: NBC 4 Local News | Local Crime News
NBC 4 SPORTS: Sports News, Video
Email
Facebook
Google
Twitter
Favorites
More
Advertisement