UI officials are looking to implement a second early retirement incentive program to save money if approved by the state Board of Regents on Thursday.

The first program, implemented in April 2009, is expected to save $4.7 million annually for the general education fund and $14 million universitywide. Projected additional savings from the second round are $1 million for the general education fund and $2 million overall.

The age of eligibility will be expanded by three years for the second program, lowering it to 55.

Participants in the program would receive retirement and health benefits for five years.

The window for applications is between Feb. 15 and March 31, and participants must be fully retired by July 31.

— by Emily Busse