TOPEKA, Kan. (AP) — Washburn University will offer early retirement incentives to help balance its budget while enrollment is declining.

The university’s Board of Regents approved the incentives Tuesday. The Topeka Capital-Journal reports  employees over 61 who retire at the end of the spring semester will receive a lump-sum payment worth 100 percent of their annual base salary, or up to $125,000, whichever is less.

Employees who retire in June 2017 will receive half that amount.

Washburn also will contribute to the health care coverage of employees who retire before they reach 65, until those employees become eligible for Medicare.

School employees have until Feb. 19 to decide if they’ll accept early retirement. The school expects to save $1.2 million annually by leaving vacancies unfilled or hiring younger employees who earn less.