Human Resources announced May 18 that a second voluntary retirement incentive plan is available to faculty, academic professional and classified staff. The second offering is being made available to help to address ongoing University budgetary and workforce challenges.
The second voluntary retirement incentive plan will provide a substantial and well-deserved financial incentive to those who meet the program’s criteria. As with the first offering, this second opportunity to participate in the incentive program is available to employees who:
• Have not previously initiated retirement with their department or Human Resources
• Are eligible to retire based on the university’s definition
• Are employees who are eligible for university benefits
The opportunity is only being offered for a short time. Applications will be accepted June 1 through June 30 and are available through the Human Resources website.
“The voluntary retirement incentive plans are being offered again as an opportunity to align salary costs with revenues to help preserve the jobs of permanent employees in light of the budget shortfall,” said Robyn Fergus, executive director of Human Resources. “The plans allow the University to be proactive in addressing ongoing budgetary and workforce challenges by offering retirement incentives so the career life cycle of colleagues who are not yet retirement-eligible may continue.”
The university’s budget will be finalized in June by the Board of Governors.
Retirement plan details
• Employees must choose one of two retirement date options on the application: Aug. 31 or Dec. 31
• Applications are reviewed by a committee made up of the applicant’s dean or vice president, provost (for academic units) and the University’s Chief Financial Officer and President McConnell
• The retirement must provide savings to the University
Voluntary retirement incentive plan programs may not be offered again.