About 250 Workers Expected to Leave PHEAA

June 30, 2008 6:32:27 AM PDT
Officials with Pennsylvania's student-loan agency say they will have a better idea Monday how many workers will take voluntary buyouts as part of the agency's cost-cutting efforts. A spokesman for the Pennsylvania Higher Education Assistance Agency said last week that about 250 nonunion employees were expected to take the voluntary buyouts. PHEAA (FEE'-ah) spokesman Mike Reiber (REYE'-buhr) says workers have until Monday to make a final decision.

Sen. Sean Logan, vice chairman of PHEAA's board, says the buyouts could save the agency about $15 million a year in personnel costs.

About 1,100 of PHEAA's 2,500 employees were eligible for the buyouts. They were announced in April as a way to help ease financial problems PHEAA has blamed on strained credit markets.