COLUMBIA (AP) – The University of Missouri’s flagship campus in Columbia is offering a buyout option for some of its tenured faculty members.

The school said in a news release Friday that qualifying faculty who retire by next fall can receive a one-time payment of 1 ½ times their base salary, not to exceed $200,000. To receive the buyout, faculty must be retirement eligible and turn 62 by August 31st, 2015.

MU Chancellor R. Bowen Loftin says the program will allow the university to “manage a challenging financial environment.”

The university says participation is voluntary and that it will offer information sessions. A second buyout will be offered later for tenured faculty who primarily serve as academic administrators.