MSUM is looking at whether it will need to make even more cuts after only 19 faculty and two staff members accepted early retirement offers.
Spokesman David Wahlberg says the university was hoping around 34 employees would accept early retirement.
Wahlberg says if nothing is done, the university faces an $8 million projected deficit by 2016 because of a drop in enrollment.
So far, Wahlberg says top ranking staff has not taken any cuts in pay.
Later this week, officials will meet with the faculty association where they hope to come up a plan that may include reducing part-time or non tenure-tracked faculty.