Miami University is currently offering a $10,000 retirement incentive to qualified classified and unclassified administrative staff across campus.
The incentive applies only to classified and unclassified administrative staff members who are either paid hourly or salaried, according to informational letters sent out to those who qualify.
Those who qualify have 25 years of service and are at least 55 years of age, have five years of service and are at least 60 years of age or have 30 or more years of service at any age.
Katherine Stoss, director of compensation, employment and technology, said participation in the incentive program is completely voluntary.
Letters have been sent from Miami's human resources department to employees who fit the qualifications, and final decisions are to be made by those individuals based on their financial standings and benefits with the Ohio Public Employees Retirement System or the State Teachers Retirement System.
The retirement incentive plan was coordinated by Miami's leadership team to minimize impacts of potential budget cuts on campus, according to Stoss, who said Miami offered the same incentive two years ago.
In 2009, approximately 350 employees were eligible for the retirement incentive, and approximately 100 of them accepted the offer.
Currently, 339 employees are eligible for the 2011 incentive and the university is hoping for similar results with the latest incentive plan, according to Stoss.
Stoss said the intent of the incentive is to minimize the amount of funding the university spends on employment.
She said while it is difficult to determine how much Miami was able to save through the 2009 incentive, the university was able to save more positions.
If possible, the positions of those who retire will be closed, according to Stoss, unless they need to be filled.
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"The first day we released the plan, we received a very positive response from interested employees," Stoss said.
Rebecca Hensley, senior personnel assistant in the human resources department, said the incentive will be beneficial to eligible faculty members.
"I think it's a good idea to take the incentive," Hensley said. "If someone is on the border of retirement, it's a good thing."
Rhonda Perucca, telephone operator at Miami, has worked at the university for nearly 25 years and said the incentive is a good idea.
"I love my job, but I think it's a good thing," Perucca said. "It gives people something to look forward to, an added bonus if you will, to help ease things over as you plan to retire."
Miami first-year Nicholette Cameron said the incentive plan could help the university with budgetary issues. Cameron said she hopes the plan will allow tuition rates to stabalize.
"I hope that it will save the university some money," she said. "I've heard that tuition might possibly increase. Hopefully this plan will help to avoid any inflation."
Those who choose to take the incentive may not be employed by the university in the future and will not qualify for any unemployment benefits.
Applications will be accepted from Jan. 18 through March 4. Those who are choosing to retire must do so by July 1.
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