RICHMOND, Ky (WKYT) - Tuesday morning the Eastern Kentucky University Board of Regents approved a budget reallocation plan that could lead to layoffs.

The plan would target about 10% of the university's budget, or 23 million dollars.

"The only way we can free up that much money within our budget is to have some reduction in our workforce," said EKU President Doug Whitlock.

The plan would first offer a boosted retirement package for faculty members who retire and continue to work part-time.

The second part of the plan is a voluntary buyout based on years of service at the university.

"Hopefully those two things will get most, if not all, of the employment savings that we need to realize," Whitlock said.

But if it doesn't the third part of that plan is a involuntary reduction in force. Whitlock says 70 percent of the university's current budget is spent on salaries and benefits.

"We have a significant number of staff who are eligible to retire without penalty," he said.

Whitlock says the retirement and buyout plans have a 45 day window. They should know by the end of that time if layoffs will be needed.
Details of the plan can be found at http://hr.eku.edu/strategic-reallocation-programs.