200 Employees Opt for Early Retirement at ISU
July 09, 2009
The Associated Press
AMES, Iowa - Iowa State University says at least 200 workers will take early retirement as the school deals with budget shortfalls.
Officials estimate the departures will save the school about $13 million a year.
ISU President Gregory Geoffroy (JOE'-free) said Wednesday the early retirements will help the university's budget challenges. Iowa State has over 6,100 faculty and staff members, and 850 met the requirement for early retirement.
State officials have already made cuts to most government agencies and institutions, including the state's three public universities.
Iowa State's share of state revenue was cut by over $38 million in the fiscal year that began July 1. More budget shortfalls are expected in the next fiscal year.