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The Onondaga Community College Board of Trustees approved a $75,000 early-retirement incentive for senior faculty members on Tuesday in response to enrollment losses.
The two-year college in Syracuse, part of the State University of New York system, experienced a steep enrollment decline over the last decade, from about 13,000 students in 2012 to slightly over 7,300 last year, WRVO reported. Faculty members over the age of 55 are eligible for the new early-retirement package, which includes postretirement health insurance.
Warren Hilton, president of Onondaga, told WRVO that the college could save between $1.5 million and $1.7 million in the next budget year if 15 faculty members retire early. Out of 142 full-time faculty members, 51 are eligible to take the offer.
