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Voluntary Retirement Incentive Program

Voluntary Retirement Incentive Program. Voluntary Retirement Incentive Program . Goals : Optimize workforce alignment with student needs and university strategic plans Minimize disruption of classroom and learning environment, student services and career preparation

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Voluntary Retirement Incentive Program

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  1. Voluntary Retirement Incentive Program Modified: 3/26/10 - Final

  2. Voluntary Retirement Incentive Program Goals: • Optimize workforce alignment with student needs and university strategic plans • Minimize disruption of classroom and learning environment, student services and career preparation • Improve university cost structure • Implement a system approach reflecting the uniqueness of the PASSHE universities Modified: 3/26/10 - Final

  3. Voluntary Retirement Incentive Program General Program Guidelines • The Board of Governors approved a Voluntary Retirement Incentive Program at its March 19, 2010 meeting • The monetary incentives are based upon years of service and retirement eligibility for all employee groups • Participants will be required to sign a release and settlement agreement prepared by the PASSHE Office of Legal Counsel Modified: 3/26/10 - Final

  4. Voluntary Retirement Incentive Program General Guidelines (continued) • Collective bargaining agreement and management leave payout provisions must be adhered to, including: • Annual Leave • Holiday • Personal Leave • Sick Leave • Compensatory Leave • Employees are encouraged to participate in pre-retirement counseling • Payouts will be made based on current payroll practices Modified: 3/26/10 - Final

  5. Voluntary RetirementIncentive Program Eligible Employee Groups Include • Employees Represented by: • American Federation of State, County, and Municipal Employees (AFSCME) • State College and University Professional Association (SCUPA) • Security, Police, and Fire Professionals of America (SPFPA) • Office of Professional Employees International Union Healthcare Pennsylvania (OPEIU) • Pennsylvania Social Services Union (PSSU) • Management Modified: 3/26/10 - Final

  6. Voluntary Retirement Incentive Program Monetary Incentive 13 to 15 years of service*: 10% of annual base salary with a minimum of $6,000 and a maximum of $10,000 More than 15 years to 20 years of service*: 20% of annual base salary with a minimum of $10,000 and a maximum of $20,000 More than 20 years of service*: 30% of annual base salary with a minimum of $14,000 and a maximum of $30,000 • Years of Service, including purchased service, as of date of retirement. • Annual base salary is rate of pay for staff and does not include supplemental pay such as overtime, compensatory time, etc. • Employees will be paid in a lump sum minus appropriate deductions. • Employees must sign a release and settlement agreement. • Not all bargaining units are eligible for each tier * Refer to the specific voluntary separation program agreement for each respective union. Modified: 3/26/10 - Final

  7. Voluntary Retirement Incentive Program Eligibility as of Date of Retirement* • Active full-time permanent employee, and; • Age 60 or above, or if under age 60 , a minimum of 35 years of credited service and • Eligible for majority paid annuitant health care coverage. *Date of Retirement must be between June 18th and August 27th. Annuitant health care benefits are determined by the applicable collective bargaining agreement for represented employees and PASSHE policies for non-represented employees. Modified: 3/26/10 - Final

  8. Voluntary Retirement Incentive Program Timing Acceptance Period: March 31, 2010 through May 28, 2010 Separation Date: June 18, 2010 through August 27, 2010 Employees are encouraged to participate in the Pre-Retirement Counseling sessions to be offered at their university. Modified: 3/26/10 - Final

  9. Voluntary Retirement Incentive Program Key Resources • Chief Human Resource Officer • Benefits Coordinator • Union Officials Modified: 3/26/10 - Final

  10. Next Steps • Attend pre-retirement counseling sessions • Contact SERS, PSERS, or your ARP provider • Meet with your university Chief Human Resource Officer or Benefit Coordinator • Purchase prior service, if applicable • Attend outplacement service counseling, if desired Modified: 3/26/10 - Final

  11. Voluntary Retirement Incentive Program Questions? Modified: 3/26/10 - Final

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