LINCOLN, Neb. (AP) — The University of Nebraska is offering buyouts to around 400 tenured teachers nearing retirement age.
The Lincoln Journal Star reports that teachers age 62 or older with at least a decade of service to the university system are eligible to receive lump payments equal to 80% of their yearly base salaries.
Lincoln Chancellor Ronnie Green says the buyout provides teachers a retirement option and lets the university save money, some of which can be used to hire new teachers.
The system paid $9.2 million to 89 teachers in 2014, the last time the program was offered, when eligible teachers could receive 90% of their pay.
The University of Nebraska Medical Center did not participate in the previous buyouts, and it isn’t planning to participate this year. The Kearney and Lincoln campuses and the other Omaha campus will participate.