The move comes as even the Ivy League school is hit hard by the recession.
The university says it expects its endowment at the end of the month to be down by about 30 percent - or $5 billion - from one year ago.
Princeton is trying to trim $170 million in spending during the next two fiscal years.
The early retirement packages are available to employees who are over 55, have at least 10 years experience at the university and whose age plus tenure is 80 or more years.
Princeton is also trying to cut energy consumption, printing costs and other expenses.
Information from: The Times, http://www.nj.com/times
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