Who is eligible to participate in the Voluntary Separation Incentive Program?
Participation in the Voluntary Separation Incentive Program is limited to Tenured and Tenure Track Faculty. To be eligible for the program an employee must meet all of the following requirements:
What is the Voluntary Separation Incentive Payment?
An eligible employee who executes a Voluntary Separation Agreement will receive a one-time payment equal to the employee’s annual base salary as of March 28, 2011, less all required federal and state taxes and deductions as required by law The one-time payment will be made no later than fifteen working days after separation.
The University will not count this payment as compensation for purposes of retirement contribution under the Teacher Retirement System (TRS) or the Optional Retirement Program (ORP).
When can I take advantage of the program?
An eligible employee must agree to voluntarily separate from the University on May 31, 2011. Employee understands and agrees that, if Employee has tenure with the University, by resigning Employee relinquishes tenure.
How does an eligible employee apply for the program?
An eligible employee must return their signed agreement to the Office of Human Resources between 8:00 a.m. on March 28, 2011 and 5:00 p.m. on May 11, 2011.
An eligible employee must also notify their Dean and Provost Donald Bobbitt in writing of their intention to apply for the program no later than the day that the signed agreement is returned to the Office of Human Resources.
An eligible employee is advised to consult with an attorney prior to executing the Voluntary Separation Agreement. An eligible employee is advised to consult with a financial advisor before submitting an executed Voluntary Separation Agreement.
How can an eligible employee learn more about the Voluntary Separation Incentive Program?
The Office of Human Resources will be conducting information sessions at various dates and times. Sessions will be conducted in Nedderman Hall, Room 100, the Chemistry Research Building, Room 114 and the Wetsel Building, Room 200. Schedule listed below.
You may also contact the Office of Human Resources, Benefit Services at 817-272-5554 for assistance with any questions.
Voluntary Separation and Retirement Information Sessions
Conducted by the Office of Human Resources, Employee Benefits Services. These sessions will explain the Voluntary Separation Incentive and also discuss eligibility for University retiree insurance benefits. The dates and times for these sessions are listed below.
|Thursday, March 31, 2011||12:00 pm – 1:30 pm||Nedderman Hall, Room 100|
|Tuesday, April 5, 2011||3:00 pm – 4:30 pm||Chemistry Research Bldg, CRB 114|
|Wednesday, April 20, 2011||11:00 am – 12:30 pm||Wetsel Building, Room 200|
Social Security and Medicare Informational Session
Conducted by representatives of the Social Security Administration and Medicare. These sessions will cover the eligibility and options of these programs. The date and time for this session is listed below.
|Thursday, April 14, 2011||12:00 pm – 2:00 pm||Nedderman Hall, Room 100|