MU rolls out voluntary buyout for academic administrators

COLUMBIA, Mo. -- The University of Missouri's flagship campus in Columbia is offering a buyout option for some of its academic administrators.

The Columbia Daily Tribune reported that 28 administrators are eligible out of 48 total academic administrators, including deans and the provost. To receive the buyout, the administrators must be retirement eligible and turn 62 by Aug. 31. Participants will receive a one-time payment of 1 1/2 times their base salary, not to exceed $200,000.

MU spokeswoman Mary Jo Banken said eligible employees received letters Thursday about the program. Applications are due March 2.

The university previously offered a buyout option for some of its tenured faculty members, and 110 people were approved. The earlier buyout was credited with freeing up about $17 million in budgeted salaries and benefits.