University of Toledo (Ohio) will lose 121 employees as part of a $4 million buyout plan, reports The Blade.
Here are five things to know.
1. University of Toledo initially offered buyouts to about 480 eligible employees. The buyout was a payment equal to half an employee's annual base salary.
2. Employees taking buyouts, who will also receive payment for unused vacation days and sick leave, will leave their jobs by the end of this month, according to the report.
3. The buyouts affect 121 employees, including 41 staff and 45 faculty. They also affect 35 employees of the University of Toledo Medical Center, such as housekeepers and nurses, according to the report.
4. The buyout program is a university effort to reduce costs. Overall, the university expects to cut about $4.8 million from its operating budget in the fiscal year that begins July 1 and about $8.4 million the next year as a result of the buyouts, CFO Larry Kelley told The Blade.
5. The university has no immediate plans to fill most of the positions affected by the buyouts, according to the report.
Read the report here.
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