Early-retirement program at YSU

YOUNGSTOWN — The numbers have been revised, but Youngstown State University officials say savings realized from an employee early-retirement incentive program will still pay for a bond issue to finance the centennial master improvement plan.

The university is looking to borrow $40 million, primarily through a bond issue, to help pay for some $80 million in campus improvements over the next four or five years.

The plan is to use base salary savings created by the early-retirement plan to cover the annual debt service on the bond issue.

The program was expected to save the university about $2.6 million in annual salary costs, according to a report issued in February. An update on the program reported to the YSU Board of Trustees this month showed a slight downward revision in that projection to $2,526,777 in annual base savings.

Read the full story in Monday’s Vindicator and on vindy.com