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Voluntary Separation (Retirement) Incentive Program for Tenured and Tenure-Track Faculty

From: 
Carl Lejuez, interim provost and executive vice chancellor
Sent: 
Monday, August 6, 2018, 3:35 p.m.
To: 
KU Lawrence Faculty and Staff

Dear Faculty and Staff,

As part of the university’s continuing efforts to operate more efficiently and prioritize funding, we are adopting a Voluntary Separation Incentive Program (VSIP). Eligible tenured and tenure-track KU-Lawrence and Edwards Campus faculty may apply for consideration.

Eligible faculty members who are accepted into the VSIP will, depending on their date of separation from the university, receive a lump-sum cash payment based on their annual base salary as of Oct. 5, 2018. Deductions include applicable federal and state taxes and any other legally required deductions. Base salary is the annual budgeted salary for the faculty member, and does not include summer sessions, overloads, or other one-time payments; endowed and distinguished professor supplements; administrative supplements; research or external funding; endowment income; or any other administrative payments.

The incentive for selected applicants who complete all required documents is tied to their date of separation (retirement).

Retirement Date

Incentive Payment Percentage

May 31, 2019

100%

June 30, 2019

100%

December 31, 2019

85%

May 31, 2020

70%

June 30, 2020

70%

Staff are not eligible to apply. The program addresses specific issues of funding and strategic decisions in academic programming. The VSIP is intended for eligible faculty in state-funded positions. However, eligible faculty in positions funded from other sources may be considered. Each application will be reviewed individually. The intention is to allow as many eligible faculty as possible to participate, but each approval will be granted based on the best interest of the university community.

A list of eligibility conditions appears below and online. The guidelines include complete program information, including the application timeline and procedure. A program overview, a list of Frequently Asked Questions and links to resources are available online at http://provost.ku.edu/vsip.

The application period begins today, Monday, August 6, 2018, and ends on Friday, October 5, 2018.

This is an important decision, and I encourage eligible faculty to consider their situation carefully. Contact vsip@ku.edu with questions. Eligible faculty are advised to contact an attorney of their own choosing at their own expense to discuss the VSIP and to review documents provided as part of the program. Participants are also encouraged to consult a tax advisor of their own choosing if they so desire.

I appreciate the work all faculty and staff do on behalf of the university, and I want to reiterate how much we value your contributions.

Carl Lejuez
Interim Provost and Executive Vice Chancellor

 

Eligibility guidelines

KU faculty may apply for consideration if they:

1)     Are a KU faculty member with tenure or on tenure-track, AND

2)     Are at least 62 years old at the time of separation (retirement) from KU, AND

3)     Have completed at least ten (10) years of service in a benefits-eligible position at a Kansas Board of Regents institution or with the Board of Regents office at the date of separation (retirement), and

4)     Are not otherwise ineligible, as set forth below.

 

The following employee groups are ineligible:

1)     Faculty already on a phased-retirement agreement,

2)     Current KU retirees who have been rehired at KU,

3)     Faculty on approved long-term disability.

 

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