The University of Washington Board of Regents approved the adoption of a voluntary retirement incentive (VRI) option for tenured faculty members. The VRI Option is established at the discretion of the Provost.
The VRI Option is an alternative retirement benefit available to all eligible tenured faculty members who elect to forego their vested right to partial reemployment upon retirement. When elected, a tax-free medical expense account, administered as a Voluntary Employee Beneficiary Association (VEBA) under rules established in the Internal Revenue Code, will be established for the payment of medical expenses after retirement.
The Provost's Office has announced an "open election period" for the VRI Option, which starts October 1, 2013 and runs through March 31, 2014. During this time, eligible faculty members can declare their intent to retire between October 1, 2013 and December 31, 2014 and elect this alternative retirement benefit.
To be eligible for the VRI Option, you must be:
By electing the VRI Option, you will be entering into a contractual agreement with the University of Washington which states that:
Upon retirement of an eligible participating faculty member, a VEBA account will be established and receive a lump-sum contribution from the 9- or 12-month state-funded position that is vacated by the tenured faculty member. The contribution will amount to 25% of the five-year value of the state-funded 40% reemployment, except that there will be a minimum contribution of $25,000 and a maximum contribution of $100,000.
To elect the VRI Option, complete the Notice of Interest form which will be available on the Academic Human Resources website in fall 2013.