Tennessee Tech University could save as much as $3.3 million annually in salary expenses as a result of its voluntary buyout program offered to employees this spring.

All 58 applicants who met eligibility requirements were accepted and will leave the university June 30.

Campus officials originally set a goal of 40 positions for the program, including 14 faculty, 10 administrative, and 16 clerical and support positions. Response from the campus proved greater than expected with 14 eligible faculty, 12 administrative, and 32 clerical and support staff members submitting applications.

The university’s cost to accept all 58 applicants will be approximately $1.9 million, according to Mike Cowan, TTU’s director of human resources. Annual savings are expected to total about $2.9 million the first two years and $3.3 million thereafter.

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