Here are some explanations for legal and technical terms used frequently on the VSIP information pages. Please send an email to email@example.com to suggest an addition.
Annual base salary - The academic-year or 12‐month salary budgeted for FY 2021, and does not include any other payments such as summer sessions, overloads or other one‐time payments; endowed or distinguished professor supplements; endowment income; research grants; or any other administrative or external funding.
Incentive payment – The calculated amount that will be paid to an approved participant who returns appropriate documents by the stated deadlines. The incentive is $100,000 or the equivalent of the applicant’s annual base salary, whichever is less, minus the required payroll deductions.
Notice of Interest – The application completed by the employee to be considered for the 2020 Voluntary Separation Incentive Program.
Notice of Retirement – a legally binding document issued by the university to the employee that sets the date of retirement and establishes expectations – including those related to conduct – between when the document is signed and the employee retires. Once signed and returned, the employee is obligated to retire on the date set forth.
Separation Agreement – It is an agreement between the participant and the university on their parting terms. It outlines the incentive payment pre-deduction gross amount, a forfeiture of tenure rights of a faculty member participant, and specifies the terms for re-employment at the university. It also includes a waiver and release of claims against the university. It is signed and returned by the employee on the date of their retirement or in the seven days that follow. Not signing the Separation Agreement does not stop retirement. Please see the FAQ or refer to the 2020 VSIP Guidelines
Separation Date – date of retirement.