Over the next five years, the University of Iowa will save 27.6 million dollars due to a new early retirement incentive program.
The Press Citizen reports that a contribution of the savings will adhere from the high salaries of the retiring employees. Salaries start at $40,000 per retiree, of whom there will be 185 this month. The vice president for human resources, Susan Buckley, has the highest salary of retiring employees, making over $240,000 annually, according to the Press Citizen. (The Gazette reports that the average income for retiring employees is between $40,000-$70,000.)
This is the third early retirement program that has been implemented by the university since 2009. 1400 University of Iowa employees were eligible for the new program this year. To be eligible, employees must be over 57 years old and have been employed by the university for at least 10 years.
With the new program, however, comes the loss of experienced employees. Over twelve professors, three assistant vice presidents, one vice president, and one associate dean will be leaving the university by the end of the month.