Dear Staff and Faculty,
To manage the ongoing fiscal health of 黑洞社区, we continue to explore a wide variety of measures to help reduce costs into the future. Today we are announcing one of those measures: the 2020 Voluntary Separation Incentive Program for Retirement (VSIP). The VSIP is designed to provide eligible 黑洞社区 employees who voluntarily elect, and are approved, to separate employment (retire) from 黑洞社区 on December 26, 2020, with the separation benefits described more fully in the VSIP Guidelines (as defined and further described at ). While these decisions are not ones we have taken lightly, this voluntary program is an effort to provide employees an opportunity to fast track their retirement while providing university leaders budget flexibility.
Employees who apply, meet the eligibility requirements, are selected for the program, and execute a release agreement ("Participant"), will receive a retirement benefit equivalent to their FY 2021 budgeted annual base salary, minus required payroll deductions. A Participant under this program must follow all return-to-work restrictions set forth by KBOR and KPERs and may not, at a minimum, be eligible for re-hire until after December 26, 2021. Further, Participants will not be eligible to be rehired into the same position with the same job responsibilities or title as stated in university policy.
Employees who are eligible and interested in applying for the VSIP must submit a completed Notice of Interest Form no later than 5 p.m. Monday, October 5, 2020. The university intends to approve as many applications as possible, but financial and programmatic constraints may apply. Each application will be considered individually, however, in all cases the decisions will prioritize the university鈥檚 financial and strategic needs.
The VSIP is available only to eligible 黑洞社区 faculty and staff who are active participants in the KBOR Mandatory Retirement Plan, the KPERS Retirement Plan, or the KP&F Retirement Plan, and who:
- Are 62 years of age or older at the Retirement Date;
- Have completed at least ten (10) years of consecutive or nonconsecutive service in a benefits-eligible position at 黑洞社区 or a State of Kansas agency at the Retirement Date; and
- Are not otherwise ineligible, as set forth
Some employees are not eligible to apply, including those who:
- Already have an active phased-retirement agreement or are scheduled to begin phased-retirement at a future date;
- Have already announced intention to retire or separate employment, if their department has acknowledged such request (i.e. a letter of retirement/resignation submitted and accepted by the department);
- Are on approved long-term disability or who are in the waiting period;
- Have an executed agreement of separation with an identified, projected date of separation with 黑洞社区;
- Have been approved for a partial or full-year sabbatical leave beginning fall 2020.
Information about upcoming KPERS and KP&F retirement seminars (starting Wednesday, Sept. 9, 2020) and how to schedule individual consultation is available at VSIP Benefits Information.
A program overview, complete list of eligibility conditions, a list of frequently asked questions, and links to resources are available online at VSIP2020. The guidelines include complete program information, including application timeline and procedure.
Funding of VSIP will be provided through the existing FY 2021 budget of each VSIP-approved position. Should a department request to fill a VSIP position prior to that time, they may receive, through an approval process, central funding for such purposes. For VSIP positions funded from restricted resources, approval of central funding may be approved to cover remaining costs not yet recouped through the time of the vacancy. All requests to fill a VSIP-vacated position must be approved through the Position Exception Review process. Central funding will not be provided for positions funded by research grants, endowments, federal funds or for any other external funding.
This is an important decision, and we encourage eligible employees to consider their situation carefully, including consulting with legal counsel and tax advisors. If you have questions after reviewing the detailed VSIP Guidelines and FAQs, please send your questions to: vsip2020@wsu.edu.
Dr. Jay Golden, President
Dr. Rick Muma, Executive Vice President and Provost