2013 Voluntary Retirement Incentive Program for Faculty & Coaches

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2013 Voluntary Retirement Incentive Program for Faculty & Coaches

A Voluntary Retirement Incentive Program (VRIP) is being offered to faculty and non-faculty athletic coaches. Eligibility for participation in the program will be based on age and years of service. The Voluntary Retirement Incentive Program acceptance period begins March 1, 2013, and continues through March 29, 2013, for faculty and through April 26, 2013, for non-faculty coaches. Participating faculty must retire May 31, 2013. Participating non-faculty athletic coaches must retire June 28, 2013.

This is not an early retirement incentive program. To be eligible, you must be at least 60 years of age or have 35 years of service, and be eligible for majority paid annuitant health care coverage as of May 31, 2013, for faculty, or as of June 28, 2013, for non-faculty athletic coaches.

To be considered for this program, faculty members must hand-deliver an Intent to Retire Notice to Jessica Kornhausl in the Office of Human Resources, Reibman Administration Building, no later than 4:30 p.m. on Friday, March 29, 2013. Coaches must hand-deliver an Intent to Retire Notice by April 5, 2013. The Intent to Retirement Notice is not an official notice of retirement and, therefore, is not final and binding.

VRIP Important Dates and Deadlines

Acceptance Period

  • Faculty: March 1 through March 29, 2013
  • Non-Faculty Athletic Coaches: March 1 through April 26, 2013

Last Day to Provide Release and Settlement Agreement

  • Faculty: April 5, 2013
  • Non-Faculty Athletic Coaches: May 3, 2013

Retirement Date

  • Faculty: Mary 31, 2013
  • Non-Faculty Athletic Coaches: June 28, 2013
VRIP Informational Briefings
Date Time Location
Wednesday, March 13, 2013 3 p.m. to 4 p.m. Student Chamber University Center
Thursday, March 14, 2013 2 p.m. to 3 p.m. Stroud Room 117
Retirement Fair
Tuesday, March 26, 2013 12 p.m. to 4 p.m. Science & Technology Auditorium

 

VRIP FAQ's
Intent to Retire Notice- Faculty
Intent to Retire Notice- Non-Faculty Athletic Coaches
Eligibility as of Date of Retirement
Eligibility Requirements for Majority Paid AHCP Coverage
VRIP Incentive Amounts
Tax Deferral of Incentive Payout: Tax-Sheltered Annuity Plans- 403(b)
Tax Deferral of Leave Payout: Deferred Compensation Program 457
Retirement Plan Representatives' Contact Information