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Voluntary Employee Retirement Incentive

Voluntary Employee Retirement Incentive. The Basics. What is the Voluntary Employee Retirement Incentive (VERI)? Why are we providing the VERI program? Who is eligible for VERI? When will VERI begin? Where do I go for more information on how VERI will impact me?

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Voluntary Employee Retirement Incentive

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  1. Voluntary Employee Retirement Incentive

  2. The Basics • What is the Voluntary Employee Retirement Incentive (VERI)? • Why are we providing the VERI program? • Who is eligible for VERI? • When will VERI begin? • Where do I go for more information on how VERI will impact me? • How will VERI be rolled out?

  3. Whatis the VERI? • The VERI program allows eligible employees to elect retirement with enhanced benefits during a set window of time. • VERI is a one-time opportunity. The university last offered VERI program in 1998. • VERI is not mandatory.

  4. Why are we offering VERI? • This plan will allow UCA to provide eligible faculty and staff with an attractive, voluntary employee retirement incentive in recognition of their service to the university. • It will add to a broader collection of initiatives allowing leadership to plan strategically for the future and optimize our existing resources.

  5. Who is eligible for VERI? • Faculty and staff employees who meet the following criteria as of Dec. 31, 2019 are eligible: • age 60 years or older and • have 10 years of continuous, full-time service with UCA • Eligibility for individuals in grant (externally) funded positions is dependent upon agency approval and funding.

  6. Who is in the VERI pool? Average age of the pool is 65.7 59% staff & 12-month faculty Based on the set criteria, there are 178 eligible employees. 41% 9-month faculty Average salary and fringe package is $80,040 Average years of continuous service is 22

  7. When will VERI begin? • The Office of Human Resources will email eligible employees. • Information will be made available to eligible employees through the VERI website and informational sessions. • VERI Forms (Agreements and Waivers) will be accepted from Oct. 11, 2019 through 4:30 p.m. on Nov. 26, 2019. • The effective retirement date is Dec. 31, 2019 for staff and 12-month faculty. The effective retirement date is May 31, 2020, for 9-month faculty.

  8. Where can I find more information about VERI? • UCA Office of Human Resources • Extended office hours • 7:00 a.m. to 5:30 p.m. • During Oct. 14, 2019 – Nov. 26, 2019 • Located in Wingo Hall, Room # 106 • Phone: (501) 450-3181 • VERI website (uca.edu/VERI)

  9. How can I find more information about VERI? Informational Sessions Thursday, Oct. 17, 2019 COB Auditorium 1:40 p.m. – 2:30 p.m. 4:30 p.m. – 5:20 p.m. Tuesday, Oct 29, 2019 COB Auditorium 7:00 a.m. – 7:50 a.m. 1:40 p.m. – 2:30 p.m. Thursday, Oct 31, 2019 COB Auditorium 1:40 p.m. – 2:30 p.m. TIAA/APERS/ATRS TIAA Individual Sessions (by appointment)McCastlain Hall Friday, Oct 18 Monday, Oct 21 Monday, Nov 4 Thursday, Nov 14 ATRS Individual Sessions (by appointment) Monday, Oct 21 APERS Individual Sessions Student Center Ballroom Monday, Oct 28  

  10. How will VERI be applied? Payout Calculation: • The maximum payment to any employee is limited to 50% of the annual base salary. 1% of annual base salary for each year of continuous, full-time employment with UCA 25% of annual base salary ending on Dec. 31, 2019 +

  11. How will the University make the VERI total payout contribution? The University plans to distribute the total payout contribution into a 403(b) account in two equal installments. The installments may be reduced subject to the maximum amounts allowed by federal and state law. In some cases, a third and final installment may be required in the following year. Payout contribution dates: 9-month faculty: May 31, 2020 and July 1, 2020 Staff and 12-month faculty: Dec. 31, 2019 and July 1, 2020. ATRS/APERS employees who do not have a 403(b) account will each receive an email with instructions on opening the required account.

  12. How about Unused Annual and Sick Leave • Payouts of unused annual and sick leave will be handled according to State law. • Payouts will be made on January 15, 2020.

  13. How about Benefits? Medical Benefits • VERI retirees move from active to retiree status on the date of retirement. • VERI retirees may retain current health insurance until age 65. • UCA will supplement $150 per month toward the coverage. Dental Coverage • VERI retirees may retain their current dental coverage until age 65. • The cost to the retiree will be 100% of the total premium.

  14. How about Re-employment with UCA • UCA does not guarantee future re-employment. • An employee must exhaust the number of days for which he/she received annual leave pay upon separation from UCA. • APERS, ATRS, and other retirement programs may have a specified waiting period before an employee may return to work.

  15. How about Benefits - Other Library Use Tickets to Athletics Events ID Card Parking decal Tickets to Reynolds and other cultural events Flu shots for retirees still on UCA health plan Bookstore discounts Eligible for UCA part time or temporary employment (certain restrictions apply) HPER Membership Email Educational benefits Access to group medical & dental insurance until age 65

  16. Medicare https://www.medicare.gov/forms-help-resources/ Social Security Administration https://www.ssa.gov/benefits/retirement/ Employee Assistance Program www.uca.edu/bewell/employee-assistance-program How will I know if VERI is right for me financially? Additional information and resources may be found on the VERI website ATRS https://www.artrs.gov APERS https://apers.org TIAA https://www.tiaa.org/ Central Arkansas Area on Aging www.carelink.org Meet with your financial advisor

  17. In addition to the financial impact, consider the emotional impact the transition to retirement may have on you Spiritual How will I know if VERI is right for me emotionally? Social Emotional Well-Being for Life Physical Environmental Resources for emotional well-being are available through the university’s Employee Assistance Program (EAP) Occupational Financial Intellectual Information on Well-Being for Life available at uca.edu/bewell/employee-assistance-program Call 1-800-542-6021 or visit www.uams.edu/eap

  18. How do I get started? Qualification is based on age and years of service as of Dec. 31, 2019: • Must be at least age 60 or older and • Must have completed 10 years of continuous, full-time service with UCA • If you qualify, you will receive an email notification for the Office of Human Resources Do you qualify? Application The Application Forms (the Agreement & Waiver) will be accepted between Oct. 11, 2019 and Nov. 26, 2019. • Agreement and Waiver will not be accepted after 4:30 PM on Nov. 26, 2019 Eligibility Review The Office of Human Resources verifies eligibility . Final Acceptance The President signs the Agreement. • You will receive an email notification from the Office of Human Resources notifying you of the acceptance of your Agreement. • You have seven calendar days to revoke the Agreement. The revocation periods begins from the email notification. Effective and Enforceable The Agreement becomes effective and enforceable after the seven-day period with no revocation.

  19. Effective / Enforceable: Voluntary Employee Retirement Agreement • Participation in the VERI is voluntary. • The Agreement is a legally binding contract for both UCA and the employee once the 7-day revocation period has passed without revocation. • The Agreement is null and void if the employee is terminated for cause from the University.

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