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University of Oklahoma eyes early retirement offer amid budget cuts

University of Oklahoma. Photo by Robert H. Taylor

NORMAN, Okla. – The University of Oklahoma is considering another round of voluntary early retirement offers to faculty and staff as a cost-saving move amid further expected budget cuts.

An agenda item for Wednesday’s OU Board of Regents meeting includes a recommendation from President David Boren that members approve the Special Voluntary Retirement Incentive.

If approved, university officials hope to save an estimated $9.4 million in annual budget costs of the Norman campus.

The buyout would apply to faculty and staff ages 60 and older and would include a one-time payment of 75 percent of the employee’s annual base salary, not to exceed $100,000. The university would also subsidize the employee’s medical insurance premiums.

A similar early retirement program offered last year resulted in about $13.7 million in savings.