Summary of the Voluntary Retirement Incentive Programs

Voluntary Retirement Incentive Program for Part-Time Benefits Eligible Staff

Participating in the University of St. Thomas Voluntary Retirement Incentive Program is an individual decision. Participation is also voluntary.  Eligible part-time staff interested in participating must meet the following criteria on the date of application to the program:

• Be age 55 or older
• Have a combined age and years of part-time, benefits eligible service with the University of St. Thomas equal to or greater than 70 (e.g., age 55 and 15 years of service or age 60 and 10 years of service)
• Have completed at least 10 years of continuous part-time benefits eligible service with the University

Retirement must occur on or before June 30, 2010.

Faculty, including adjuncts, full-time, term, and temporary staff, and staff covered by a labor contract are not eligible to participate in the program. Also ineligible are employees who submitted their resignation or written intent to retire before the University announced its decision to sponsor the retirement incentive program. 

Participation in the retirement incentive program is not an entitlement or a right automatically available to all persons who meet the eligibility criteria. The University reserves the right to limit the total number of participants in the program in order to preserve the viability of a department's basic programs, services, and the integrity of its financial resources.

The monetary incentive is in the form of salary continuation prorated to the employee’s FTE. Payments will be made for one year on a biweekly basis beginning the first pay period after the retirement date. All University employee benefits cease at the time of retirement, except for the retiree optional health care coverage and any retirement benefits mandated by statute. Retirement contributions will not be paid during the salary continuation period.

For more information about the program for Part-Time Benefits Eligible Staff, please review the following resources:      

2010 Retirement Incentive Program for Part-Time Benefits Eligible Staff Plan Document
2010 Retirement Incentive Program for Part-Time Benefits Eligible Staff Summary Plan Description 
Separation Agreement
Release of Claims  
Application for Participation
Resignation from Employment      

Full-Time Staff Voluntary Retirement Incentive Program

Full-Time Staff Separation Agreement
Full-Time Staff Release of Claims
Full-Time Staff Resignation from Employment

See the Archived Documents page for information about the Voluntary Retirement Incentive Program for Full-Time Staff and Tenured Faculty.