Introducing the Voluntary Retirement Incentive Program
After careful consideration, Wright State University is offering a voluntary, enhanced retirement option for retirement-eligible employees. This program, called the Voluntary Retirement Incentive Program, is a one-time offer for eligible employees to retire.
This offer is completely voluntary. Employment status will not be affected if the offer is declined.
Keep in mind that the process for determining employees eligible for the program is very different from the process for identifying those who may receive an involuntary reduction. Eligibility for the program is open to retirement-eligible employees only.
For BUFMs, involuntary reductions are addressed in the Collective Bargaining Agreement between the University and AAUP-WSU. When involuntary reductions are necessary, the process is narrowly focused and examines factors such as employee performance, specific contractual and business obligations, and individual department budgets. These factors are not part of the Voluntary Retirement Incentive Program.
Eligible employees who take advantage of the program will have their salary and benefits coverage enhanced. The opportunity to elect the program will be available from Friday, July 1, 2016 through Monday, August 15, 2016 at 4:30 p.m. ET.
Eligible employees can take advantage of this voluntary program by completing and returning a signed election form to HR by Monday, August 15, 2016 at 4:30 p.m. ET. If you wish to take advantage of the program, your retirement will become effective by:
- September 30, 2016 for staff employees
- December 31, 2016 for faculty employees
Eligible employees are encouraged to review all the information about this program and make a decision as soon as possible after the election window opens on July 1, 2016.
Program Implementation Timeline
- Initial Program Announcement: June 2016
- VRIP Material Mailed to eligible employees and Posted to Website: July 1, 2016
- Election Period: July 1, 2016 - August 15, 2016
- Educational Sessions: July and August 2016
- Program Election Deadline: by 4:30 p.m. ET August 15, 2016
- Staff separation date: September 30, 2016
- Staff first day in retirement status: October 1, 2016
- Faculty separation date: December 31, 2016
- Faculty first day in retirement status: January 1, 2017
This information provides you with details of the Voluntary Retirement Incentive Program available from Wright State University. More complete information about the offer can be found in the official plan documents. If there are any differences between this information and the official plan documents, the official plan documents shall govern.