LAWRENCE, Kan. (AP) — The University of Kansas plans to cut $20 million from its budget by leaving many vacant faculty positions unfilled and implementing a buyout program for older faculty members.

KU Interim Provost Carl Lejuez presented budget cuts at a town hall meeting Wednesday.

He says a new voluntary retirement program that was adopted in August would work in tandem with the university’s decision not to fill many vacant positions. Lejuez says 45 faculty members have applied for the program, which offers a buyout option to tenured and tenure-track faculty who are 62 or older.

He anticipates that 50 more faculty members will sign up by the program’s Oct. 5 deadline.

Lejeuz says the program gives the university flexibility to either refill or eliminate the positions.