Ohio University Human Resources will postpone the deadline for employees to accept a buyout option by about three weeks.
Employees will now have until May 23 to declare their intention to accept an early retirement or voluntary separation option if they want to receive a cash bonus, according to a letter yesterday from Chief Human Resources Officer Linda Lonsinger to employees.
“The decision was made to change the timeline in response to employees’ requests for more time to consider their option,” Lonsinger said in the letter.
Previously, employees had until May 1 to declare their intentions if they wished to receive a cash bonus. The amount of the bonuses varies from $5,000 to $80,000.
The final deadlines for accepting a buyout plan, which range from June 30 of this year to June 30, 2012, have not changed.
OU President Roderick McDavis said employees’ responses to the buyout options is mixed.
“Some feel good about this, and others want it more,” McDavis said. “I do believe this is the right program for us to have chosen given the economic challenges we face.”
Human Resources employees have held informational meetings with individuals about their options since March 7 and will continue to meet with eligible employees from 1 to 4 p.m. on Mondays, Wednesdays and Fridays.
Nearly 200 OU employees had met with Human Resources as of this week.
“It’s too early to tell how many are going to pursue the buyout option, but the number of inquiries indicates there will be a good number who will pursue the buyout option,” McDavis said.
About 1,197 employees are eligible for the buyouts, and OU expects 22 percent of eligible employees, or 263 faculty and staff members, to accept a buyout option, according to previous Post article.
OU announced that it would offer employees early retirement and voluntary separation options to help offset an expected decline in state funding. OU currently projects it will lose a total of $16.2 million in state support next fiscal year.
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