The University of Toronto announced Wednesday that it is offering an early retirement package for faculty over 60. Professors and librarians who agree to retire in 2011 will be eligible for one year’s salary. The university insists that despite the fact that replacing older and more expensive professors will save money, the measure is not about cost cutting, but rather about faculty renewal. “Several of our faculties … may want to move into new or emerging areas of scholarship, or to strengthen particular areas,” a U of T vice-president told the Globe and Mail. George Luste, president of the faculty association, disagrees that cost was not a factor. “I think there has been some concern that not enough people are retiring after age 65,” he said.