FLAGSTAFF, AZ -- For the first time, Northern Arizona University will offer an early retirement incentive of one year's salary to tenured faculty who are 62 and older and have been teaching for 10 or more years at the school.
The move could cost $10 million if every eligible faculty member accepts. School officials say 125 employees are eligible.
After that, the annual savings could be allocated to other programs or even replace tenured teaching positions with non-tenured professors at a lower cost.
The early retirement offer is voluntary.
In a news release and letter sent to faculty on Wednesday, NAU President John Haeger says the program will provide "one-time funding for long-term budget flexibility."
