51社区

51社区 is re-opening the Voluntary Separation or Retirement Program (VSRP) window period for eligible tenured professors, tenured associate professors, and administrative staff with the academic rank of tenured professor or tenured associate professor.  (Please see official plan documents for full eligibility rules).

This web page contains summary information regarding the plan. If there is any discrepancy between summary information and the official plan, the official plan documents will govern.

Information is available as follows:

• Memo  [PDF]
• Online Open Forum Meeting Dates
• Frequently Asked Questions [PDF]
• Summary of the 51社区 2020 Voluntary Separation or Retirement Program including required enrollment forms [PDF]

General Information

Eligibility
The program is being offered to:

• Tenured professors
• Tenured associate professors
• Administrative staff with the academic rank of tenured professor or tenured associate professor
• Please note faculty and staff of the Heritage College of Osteopathic Medicine are not eligible for the program. See plan details for full eligibility rules.

There are two ways participants can separate employment with the university under the program.

• Individuals eligible to retire can separate employment via a retirement separation. 
• Individuals not eligible to retire can separate employment through a voluntary separation.

To participate in the program as a retiree, the employee must have 5 years of service with the university and reach one of the following parameters:

• Age >= 55 and years service >= 25
• Age >= 60 with years service >=5
• Any age with years of service >=30

Faculty VSRP Incentive Benefit

• Faculty and staff electing to participate in the program as a retiree or voluntary separation will receive a payment of 100% of the eligible employee鈥檚 base rate of pay.
• For an eligible employee enrolled in the university鈥檚 health insurance plan as of February 1, 2020 an additional payment of $20,000 will be provided to help defray the cost of purchasing external health insurance.

Please see the official plan documents for details regarding the incentive benefit payment schedule, information regarding educational benefits, sick leave payouts, limits  regarding re-employment including waiving rights to the faculty early retirement program, and other important plan details.

Important Dates

• For Eligible Employees to elect an Exit Date of August 15, 2020, the Election Form (Exhibit B) and Release and Waiver of Claims Agreement (Exhibit C) must be postmarked by July 31, 2020 or delivered in person to HR Benefits by 5:00 p.m. on July 31, 2020.
• For Eligible Employees to an elect an Exit Date of December 31, 2020, the Election Form (Exhibit B) and Release and Waiver of Claims Agreement (Exhibit C) must be postmarked by September 14, 2020 or delivered in person to HR Benefits by 5:00 p.m. on September 14, 2020.
• Faculty who are eligible to retire and have 10 or more years of service will also receive the retirement sick leave pay out in the month following your exit date or as soon as feasible thereafter.

Online Open Forum Meeting Dates

Meetings will be held online using Microsoft Teams. Visit OIT's website for assistance accessing Teams on your desktop or mobile device.