Earlier this year, Temple University offered more than 260 eligible tenured faculty members a voluntary retirement option, and 71 faculty members enrolled by the March 30 deadline.

Faculty members could elect to retire in June or December of this year. Twenty-two opted for June, while 49 will end their teaching in December.

"The idea for a retirement option arose from the faculty as we discussed the declining state support for Temple. The response from faculty shows this was the right option to make available at the right time," said Senior Vice President and Provost Richard Englert.

To be eligible, a faculty member must have been tenured, 65 years old or older and have 10 years of continuous service at Temple.

Those who elected to be in the program will receive a lump sum payment of 50 percent of their base salary, plus $1,000 for each year of service at Temple.