The Voluntary Retirement Incentive Option will be offered in the 2013-15 biennium. Eligible applicant retirees must apply for this limited incentive during the open enrollment election period and once approved must retire within the option’s retirement window.
Application materials will be forthcoming in early September with enrollment accepted through March 31, 2014.
October 1, 2013 – December 31, 2014
The VRI is an alternative retirement benefit available to eligible tenured faculty that allows them to forego their vested right to five years of state-funded partial (40%) reemployment in exchange for a tax free medical expense account known as a VEBA. This tax free medical account is established at the time of retirement with a one-time lump sum payment generally equal to 50% of the faculty member’s tenured-backed annual salary. The following contribution limits will apply to 100% tenured faculty members: $25,000 is the minimum and $100,000 is the maximum. Proportional contribution limits will apply to faculty members with partial tenure.
More information about the Voluntary Retirement Incentive option will be available this summer.