The University of Maine is offering voluntary buyouts to 158 faculty members as it works to slash its budget, senior leaders said Thursday.
Earlier this week, the public institution notified the eligible faculty members, who work at both its flagship campus in Orono as well as its Machias regional campus. Those eligible are over 55 and have worked at UMaine full time or its equivalent for 10 years.
Faculty who opt in will receive a one-time payment equal to their base annual salary once they retire on Sept. 1 of next year.
The university leaders noted that faculty unions at both campuses voted to move the buyout proposal forward. Both union and nonunion faculty are eligible for the early retirement packages.
“We are exploring every responsible option to close the projected $19 million structural gap while minimizing impacts to our dedicated faculty and staff and maintaining the affordable, high-quality education they provide our students to the fullest extent possible,” UMaine leaders said in a public message.
Just how many faculty agree to the buyout could affect layoff numbers, as university officials have already signaled job cuts are likely ahead as part of budget-cutting efforts.
So far, leadership has released loosely outlined plans to reduce UMaine’s academic budget by $10 million and its nonacademic budget by $6 million.
