Around 300 At U of L Will Accept Buyouts

Jun 14, 2013

LOUISVILLE, Ky.-- University of Louisville President James Ramsey says around 300 people have indicated they will accept a buyout plan offered in February.

Ramsey told The Courier-Journal on Thursday he expects savings from the buyouts to be more than the goal of $2.75 million. The buyouts were offered as a way to reduce salary costs amid state budget cuts and tuition and fee increases, and U of L said it hoped at least 200 employees would accept the offer.

The buyouts offer faculty one year of pay, while administrators and staff would receive six months.

Interim Dean John Ferre of the College of Arts and Sciences said the buyouts will mean the loss of many experienced faculty members but should provide money to hire new faculty and give pay raises.