Voluntary Separation Incentive Program informational meetings scheduled

May 3, 2017 | UToday
By Staff

Representatives from the Ohio Public Employee Retirement System (OPERS) and the State Teachers Retirement System (STRS) will visit the University to answer questions about possible retirement options.

While the the Voluntary Separation Incentive Program does not require one to retire, these sessions are available to provide information to faculty and staff members who qualify for the program if there is a desire to coordinate retirement planning.

Listed by date, sessions will be held:

Thursday, May 4

— OPERS meeting from 9 a.m. to noon in Thompson Student Union Room 2592, and

— STRS meeting from noon to 3 p.m. in Thompson Student Union Room 2592.

Friday, May 5

— STRS meeting from 9 a.m. to noon in Collier Building Room 1200.

Thursday, May 11

— OPERS meeting from 1 to 4 p.m. in Collier Building Rooms 2401 and 2403.

Benefits and Payroll representatives from UT also will be at the meetings to field questions.

Approximately 230 faculty members and 250 staffers meet the requirements of the Voluntary Separation Incentive Program, which is offering one-half of their base salary on a one-time basis if they choose to leave the University.

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.

Employees who would like to select the Voluntary Separation Incentive Program must complete the program election documents available at utoledo.edu/depts/hr/voluntary-separation and submit the forms to Human Resources no later than 5 p.m. Tuesday, May 30.

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 the forms and system contacts, is available at utoledo.edu/depts/hr/voluntary-separation.

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