LINCOLN, Neb. (AP) -- The University of Nebraska is offering buyouts to around 400 tenured teachers nearing retirement age.
The Lincoln Journal Star reports that teachers age 62 or older with at least a decade of service to the university system are eligible to receive lump payments equal to 80% of their yearly base salaries.
Lincoln Chancellor Ronnie Green says the buyout provides teachers a retirement option and lets the university save money, some of which can be used to hire new teachers.
The system paid $9.2 million to 89 teachers in 2014, the last time the program was offered, when eligible teachers could receive 90% of their pay.
The University of Nebraska Medical Center did not participate in the previous buyouts, and it isn't planning to participate this year. UNO, Kearney, and Lincoln campuses will participate.