FARGO, N.D. (KFGO) – North Dakota State University has accepted and finalized buy-outs for thirty employees in a cost-cutting move. Seventeen are faculty or administrators. Thirteen are staff.
The early retirement incentives were offered in November at NDSU. Sixty-nine applications were accepted by the February deadline. Those selected will receive compensation based on their annual base salary and completed years of service. They must meet the so-called rule of 65, meaning the employee’s age and total years of employment has to equal or exceed 65.
It’s not the first time NDSU has offered employees early retirement benefits. In 2017, there were 55 buyouts. That resulted in an annual savings of $4.3 million. The University also left a number of vacancies unfilled. Laura McDaniel, Associate vice president for university relations at NDSU said information on savings resulting from the latest buy-out are not yet available.
The University of North Dakota also offered buyout incentives this year.