2025 VSIP Glossary

Annual base salary

The academic-year or 12‐month salary budgeted for FY 2026. This 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 the equivalent of the applicant’s annual base salary, minus the required payroll deductions.

Notice of Interest Form

The application completed by the employee to be considered for the 2025 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 when the employee retires. Once signed and returned, the employee is obligated to retire on the date set forth.

Separation Agreement

Signed and returned by the employee on the date of their retirement or in the seven days that follow. 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. Not signing the Separation Agreement does not stop retirement. Please see the FAQ.

Separation Date

Date of retirement.