Nearly one-third of eligible Princeton employees elected to take the retirement incentive announced in June to help meet University cost savings goals. Of the 460 eligible employees, some 145 accepted the program with many retiring by Oct. 16, 2009, and all by June 30, 2010.
"We're pleased to have been able to offer this program, which was well received and appreciated by the members of our staff who elected to take advantage of it," said Lianne Sullivan-Crowley, vice president for human resources. "While it is too early to tell the exact economic impact, the program will make a significant contribution to our cost savings targets."
The University established the limited Voluntary Incentivized Retirement Program out of the recognition that some employees planning to retire this year may have decided to remain in their jobs due to the economic downturn. The election rate is similar to that experienced at other institutions, Sullivan-Crowley said.
The next step in the process will be to analyze the new vacancies and determine which positions can be left unfilled. Earlier this year, it was projected that no more than 60 percent of the positions would be refilled. Cost savings cannot be calculated until the analysis is completed later this fall.