Eastern Kentucky University wants to reallocate $23 Million from its operating budget to reinvest into the school.
EKU President Doug Whitlock says the only way to free up that much money is to employ fewer people.
The Board of Regents met Tuesday, and announced a three-pronged plan to reduce staff and faculty:
1) Enhanced Retirement-an option where a faculty member retires, teaches part time, and gets 50% of his/her base-salary
2) Voluntary Buyout-A one-time payment to leave
Whitlock says layoffs will only be necessary if the first two options don't save enough money.
The school is looking for a new President, and Whitlock says this cost saving measure will help his successor.
"This will empower that person working with the rest of the University community to really do some good strategic things," said EKU President Doug Whitlock.
Whitlock says more cuts will be necessary to save $23 Million.