PORTLAND (AP) — The University of Southern Maine Faculty Senate says it has identified more than $5 million in potential academic cuts needed to counter an administrative plan that would have laid off a dozen faculty members.

The Portland Press Herald reported Thursday that the majority of the savings would come from faculty agreeing to retire. University President Theodora Kalikow previously laid off the faculty members, but rescinded the decision after protests and demonstrations. University officials announced the layoffs in March as part of an effort to trim 10 percent of school’s $140 million budget by July 1.

Thirteen faculty members have agreed to retire this year. Eight others will retire in 2015-16. The proposed cutbacks also include more than $1.6 million in pay reductions for top earners in administration position