KU offers voluntary buyouts to staff to cut costs

KU campus
Posted at 9:18 AM, Jun 09, 2020
and last updated 2020-06-09 10:18:15-04

KANSAS CITY, Mo. — The University of Kansas is offering voluntary buyouts to staff in order to battle financial hardship.

The school has created an accelerated "voluntary separation incentive program" for eligible staff at both the Lawrence and Edwards campuses.

Those eligible must be participants in the KBOR Mandatory Retirement Plan who are older than 62 and have completed 10 years of service. They could also be part of the KPERS or KP&F retirement plans and have retirement eligibility under those plans with 10 years of service.

Employees who are already in a retirement agreement, already announced retirement, have positions funded entirely through grants, are rehired retirees, are on long-term disability or who have a 2020 sabbatical are ineligible for the program.

Those who choose voluntary separation will receive $100,000 or their 2021 salary, whichever is lower. They must retire on Dec. 31 and are not eligible for rehire until one year later and cannot be rehired into the same position they currently hold.

University officials said between 500 and 600 employees are currently eligible.

The university did not specify whether COVID-19 financial concerns are the cause for the separation program.