Winona State University has announced that a special retirement incentive will be given to eligible employees 55 years or older with five years of continuous service to the Minnesota State Colleges and Universities system.
The incentive is called a Board Early Separation Incentive, or BEST.
WSU enrollment remains at historically high levels, but demographic forecasts show that the number of students graduating from Minnesota high schools will continue to decline. In addition, budget estimates for fiscal year 2015 reflect a potential deficit of approximately $1.5 million dollars.
WSU vice president for finance and administration Scott Ellinghuysen said, in a press release, prudent fiscal management compels WSU to be wise stewards of its resources., Factors such as inflation, tuition revenue, and the level of state support after this biennium could impact the university's's future budgets. Because of these uncertainties, offering the BEST will allow WSU more flexibility in budget planning.
MnSCU policy allows the special incentive to be used to reduce salary and benefit obligations in anticipation of reduced state funding; reallocate resources to departments and programs in response to changing need or strategic objectives; and achieve other cost savings or efficiencies.