AKRON, Ohio - Forty-eight full-time University of Akron faculty and administrators have decided to accept a voluntary retirement incentive program.

That represents 20 percent of the 240 who were eligible. They will leave by May 31.

The university has said the measure was needed to help whittle down an expected budget deficit of $20 million by the end of the fiscal year. The deficit was caused by a decline in enrollment, high debt and other factors.

The voluntary retirement program was announced last December by Vice President of Finance Nathan Mortimer. The university expects to save $3.7 in 2019 as a result of the 48 departures.

Full-time AAUP faculty, school of law faculty and administrators with faculty rank were eligible. Their age and years of continuous UA service had to add up to a minimum of 75 as of May 31.

"As you know, we have been working on a plan called Stabilize-Invest-Grow that will help us tackle UA's financial challenges in light of enrollment declines over the past seven years," Mortimer wrote to those who were eligible. The incentive program "will reduce personnel expenses and help us align our resources to best serve our students, now and in the future."

The university in 2017 discussed offering buyouts to an undetermined number of faculty, staff and other employees but later dropped that plan and decided to offer incentives to full-time faculty.

The faculty plan includes: