UI received 260 applications for an incentivized early retirement program by last weekend's deadline to apply, and UI has approved 34 applications, so far, said Richard Saunders, UI assistant vice president for human resources and director of university benefits and payroll.
"The rest are basically sitting in limbo at this point in time," Saunders
Approval is based on savings for the university, Saunders
The potential for savings is greatest for positions that do not have to be replaced, Saunders
is projecting to save at least $1.4 million annually from the early retirement program, Saunders
Members of the Iowa state Board of Regents criticized UI's
program as too generous compared to others in the state, prompting the 10 years of service clause.
The clause caused the eligibility pool to shrink by 800 employees to 2,900, Saunders
Despite potentially fewer employees in the program, Saunders
still calls the program a success.
"Any saving we could achieve would make this successful," Saunders
This is the second time in as many years UI has offered an incentive-based early retirement program.
Both times it was intended as a tool to help deal with budget cuts.
The last time UI offered incentives to retire early was 2004, Saunders
is not anticipating another round of early retirement incentives in the near future, he