The University of Toledo is offering a voluntary separation program for faculty and staff.
Employees who meet certain criteria will receive an incentive equivalent to one-half of their base salary on a one-time basis in exchange for their voluntary separation from the University.
Approximately 230 faculty members and 250 staffers meet the requirements of the Voluntary Separation Incentive Program. The savings from the program will help to provide flexibility to the University as it continues to manage through limited growth in state support, including freezes on tuition and fees.
Eligible employees are those who are retirement-eligible under the State Teachers Retirement System, Ohio Public Employees Retirement System, Ohio Public Employees Retirement System-Law Enforcement or Alternative Retirement Plan. Employees who believe that they are eligible for this program should contact their applicable retirement system to confirm their retirement eligibility.
Employees who would like to select the Voluntary Separation Incentive Program opportunity have 45 days to inform the University. They must complete the program election documents available at utoledo.edu/depts/hr/voluntary-separation and submit the forms no later than 5 p.m. Tuesday, May 30, to Human Resources.
Note: Completing the form does not guarantee an approval from the University. UT Human Resources will review the forms to confirm eligibility, and all applicants will be reviewed by the Voluntary Separation Incentive Program Review Committee.
Individuals who submit forms will receive confirmation from UT Human Resources, with their separation becoming effective Friday, June 30, or an alternative date, based on department need or other circumstances, as noted in the plan documents available at utoledo.edu/depts/hr/voluntary-separation.
Retirement-eligible employees are encouraged to discuss this option with their financial, tax and/or legal adviser. The Voluntary Separation Incentive Program is a one-time offer that is completely voluntary; employment status will not be affected if the offer is declined.
More information about this offer, including frequently asked questions and a list of retirement, the forms and system contacts, is available at utoledo.edu/depts/hr/voluntary-separation.
After reviewing these materials, any additional questions may be directed to the Voluntary Separation Incentive Program Plan administrator at email@example.com.