One-Time Voluntary Retirement Incentive Opportunity for Faculty and Staff in 2013-2014

The University is offering a one-time voluntary retirement incentive opportunity for regular full-time and regular part-time faculty and staff members who meet certain criteria and choose to retire on May 31, 2014 in accordance with the 2013-14 Voluntary Retirement Incentive Plan for Faculty or the 2013-14 Voluntary Retirement Incentive Plan for Staff.

Eligible faculty and staff can voluntarily elect to participate in the plans during an election period beginning on Monday, Nov. 18, and ending on Monday, Feb. 3, 2014.  Retirement must occur on May 31, 2014.  Participants who meet all plan requirements will receive an incentive payment, payable in a lump sum or in equal bi-weekly installments, equal to one year of the participant’s annual base pay.  Participants who met the university’s eligibility criteria for its full benefits package (those who are a minimum 0.625 FTE) on November 1, 2013, also will receive a benefits subsidy in the amount of $7,250, which is the equivalent of one year’s continuation of employee-only health insurance coverage under COBRA.

The voluntary plans are intended to help make retirement feasible for faculty and staff who are ready to retire but have had financial or other concerns about moving forward.  The plans also benefit the university community, by enabling the redeployment of resources in ways that best meet the changing needs of students and the institution, and that best facilitate the achievement of the strategic objectives that will be identified during the university’s upcoming strategic planning process.

To be eligible to participate in the respective faculty or staff voluntary retirement incentive plan, individuals must meet the following criteria as of Feb. 3, 2014:

  • Be age 55 or older;
  • Have completed at least 10 years of continuous service with the University of St. Thomas; and
  • Have a combined age and years of continuous service with the University of St. Thomas equal to or greater than 70 (for example, age 55 plus 15 years of continuous service, or age 60 and 10 years of continuous service).

Staff covered by a collective bargaining agreement and temporary employees (including adjunct faculty) are not eligible to participate in the plans.

All eligible faculty and staff who elect to participate and meet all applicable eligibility requirements will be participants in the plans. There is no manager approval required.

Plan participants may choose to receive their incentive payments in a lump sum or in bi-weekly installments for a 12-month period following their fulfillment of all plan requirements.  Regardless whether payments are paid in a lump sum or bi-weekly, university benefits will cease at the time of retirement except as provided by law, university policy or the plan documents.

Faculty and staff who wish to participate in the plans must submit their election form to Human Resources no later than Monday, Feb. 3, 2014. 

Managers who wish to maintain and fill positions that are vacated as a result of faculty or staff participation in the plans, or who wish to restructure and fill vacated positions, must apply and receive approval to do so from the president’s senior staff.

For more information contact Deb Sagstetter, rewards and recognition manager, (651) 962-6521.

2013-14 Voluntary Retirement Incentive Plan for Staff

2013-14 Voluntary Retirement Incentive Plan for Staff Summary Plan Description
2013-14 Voluntary Retirement Incentive Plan for Staff FAQs
[Form] Separation Agreement
Election Form 2013-14 Voluntary Retirement Incentive Plan for Staff

 2013-14 Voluntary Retirement Incentive Plan for Faculty

2013-14 Voluntary Retirement Incentive Plan for Faculty Summary Plan Description
2013-14 Voluntary Retirement Incentive Plan for Faculty FAQs
[Form] Separation Agreement
Election Form 2013-14 Voluntary Retirement Incentive Plan for Faculty