Rhode Island College is planning voluntary retirement buyouts for up to 101 current employees, according to a memo from President Jack Warner.

The state Council on Postsecondary Education is expected to consider the proposal at a 5:30 p.m. meeting. 

Under the proposal, eligible employees would receive a one-time payment of 60 percent of their current salary, with a minimum payout of $20,000.

In order to be eligible for the buyout, employees must have a combined age and years of service at the college of at least 80 and must have been employed at RIC for at least 10 years.

“The RIC Retirement Incentive Program is intended to allow the college to recognize the long-term service of our employees and provide them the financial flexibility to retire,” Warner wrote in an Oct. 6 memo. “The program is designed to give the college flexibility to achieve savings, reallocate resources, or rehire at competitive salaries in a manner that supports strategic initiatives and program development.”

The bigger picture: The proposed buyout comes as the state’s public colleges are planning their proposed budgets for next fiscal year. Warner wrote that the buyouts would generate savings beginning in the 2027 fiscal year, but would come with upfront costs of between $2.2 million and $3 million, depending on the number of employees who choose to retire.

Meanwhile, the council is also expected to consider proposed tuition increases at both RIC and the Community College of Rhode Island as part of their budget requests. RIC is seeking a 3.5 percent tuition increase, bringing in-state tuition and fees to $12,123 next year. CCRI wants in-state tuition to rise 3.8 percent to $6,082.