This case study examines the impact of Early Retirement Incentive Programs (ERIP) on Ohio's two-year public colleges through a single case study analysis at Monticello Community College. Data came from interviews and an examination of college documents. This study specifically sought to address: (1) the financial impact (savings versus costs) of ERIP at the college; (2) the perceived impacts of ERIP on academic matters in the institution; (3) the impact of ERIP on the structure and composition of faculty members; and (4) the problems caused from ERIP implementation. Findings showed that: (1) early retirement has a net present value, indicating that the program is financially feasible; (2) there is no evidence that any savings generated by ERIPs were invested in classroom facilities or equipment; however, college programs have been maintained and class size has not risen significantly; (3) there has been no substantial change to the structure and composition of the faculty, primarily due to restrictions on the administration from the faculty's collective bargaining agreement; and (4) administrators experienced reduced flexibility in regards to staffing due to restrictions imposed by the State Teachers Retirement System (STRS). (Contains 17 tables, 15 appendices [including the interview questions], and 92 references.) (KP)