Pa. state-owned universities offer cash for retirement

HARRISBURG, Pa. (AP) — Pennsylvania’s state-owned universities are offering cash incentives to entice about 400 senior employees to retire.

A spokesman for the State System of Higher Education says payments will vary from $6,000 to $30,000 per employee, depending on their years of service and pay grade.

Spokesman Kenn Marshall says the offer is open to full-time, nonfaculty employees who are at least 60 years old or who have at least 35 years of service. Those employees already are eligible to retire with benefits that include health-care coverage.

Kenneth Jarin, chairman of the system’s board, says the goal is to hold down costs and maintain quality education.

Marshall said the money for the payments will come out of university operating funds and won’t add to the liabilities of the pension fund.