K-State is offering faculty members who are close to retirement a buyout to leave a year early, according to an announcement Monday.

University President Richard Myers said in a letter in K-State Today that the university is offering a “one-time voluntary separation incentive program” for tenured faculty.

The program offers a lump-sum cash payment equal to the person’s fiscal year 2022 budgeted base salary, or a combination of cash payout and health-care bridge.

According to the announcement, “Funds made available from any faculty retirements will be shared with their colleges and strategically reinvested into salary merit pools by the university.”

To be considered for the program, a tenured faculty member must be at least 62 years old at the time of separation and have been at K-State for at least 10 years, according to the announcement. Administrators who have tenured faculty status are also eligible if they meet the above requirements. Non-tenured faculty, unclassified professionals and university support staff are not eligible for this program.

Myers said the program is made possible by one-time funding.

The application period for the program began Monday and ends on Oct. 29.

It was unclear how many employees are eligible.

Because of the one-time nature of the funding, K-State said it is unlikely the university will offer a similar program in the near future.