IOWA CITY, Iowa (AP) - University of Iowa officials are accepting almost 200 requests for early retirement this year in a program they predict will save the university about $28 million over the next five years.
University of Iowa President Sally Mason said Thursday that 362 of about 1,400 eligible employees applied for retirement. Of those who applied, 197 were approved.
According to university officials, the school will save $16 million from the university’s general education fund and $12 million from other revenue sources.
Mason said the retirements came from various departments throughout the school.
“We’ve been very careful,” Mason said. “We didn’t approve every application that was made.”
The Iowa City Press-Citizen (https://icp-c.com/1F9PIig ) reports that to be eligible for the program, employees had to be at least 57 and have at least 10 years of continuous, regular, benefit-eligible employment. Employees of University of Iowa Health Care were not eligible.
University officials said some requests were denied because their positions were critical and could not be filled without incurring more expenses. Some requests were withdrawn before a decision could be made.
Approved applicants have until April 14 to withdraw from the program.
The university has previously conducted early retirement programs in 2009 and 2010. Savings were projected to be up to $64 million over five years and $13 million over five years, respectively.
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Information from: Iowa City Press-Citizen, https://www.press-citizen.com/
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