Kent State to Offer Buyouts to Faculty Nearing Retirement

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KENT, Ohio (AP) – Kent State University wants to hire more research faculty with savings from buyouts offered to existing faculty members ready to retire.

Officials say the school plans to use projected savings of nearly $19 million from the buyout to hire tenure track, research-focused faculty over the next eight years. The university’s board of trustees approved the buyout offer Wednesday.

Officials say full-time faculty members with 15 years of experience or already retirement eligible can apply for a buyout equal to one year’s salary paid out over five years. Anyone who takes the deal would have to retire by May 31, 2018.

University officials haven’t indicated how many faculty members they hope will accept the offer.