Here are some more accessible explanations for 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 in effect at October 5, 2018, 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 dependent upon the selected retirement date and is calculated as 100%, 85%, or 70% of the faculty member’s annual base salary minus the required payroll deductions.
Notice of Interest – The application to be considered for the Voluntary Separation Incentive Program.
Notice of Retirement – a legally binding document that sets the date of retirement and establishes expectations, including those related to conduct, between when the document is signed and the faculty member retires.
Separation Agreement – Signed and returned by the faculty member 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 the faculty member, and specifies the terms for re-employment at the university. It also includes a waiver and release of claims against the university.
Separation Date – date of retirement.