Rutgers will offer buyouts to veteran professors in a bid to trim salaries and attract expertise in new fields.
Under the program, professors who are at least 65 and have logged at least 25 years on the job can receive a lump-sum payment in exchange for leaving by July 1.
School officials say about 300 of the university's 2,400 professors are eligible. They will have to make their decision by May 15.
Rutgers will then decide whether to leave vacated positions open or fill them with younger professors. That will allow "more flexibility" to meet students' educational needs by providing new instructional and research opportunities in emerging disciplines.
University officials say the program won't cost the state any money or affect tuition. Each school in the system will absorb the costs of payments made to its faculty.