Early Retirement Incentive Plan
The University offers an early retirement incentive plan (ERIP) to full-time employees whose combined years of full-time (FT) service plus age reach levels as defined below.
An eligible employee who wishes consideration for the ERIP payout must apply by submitting the ERIP request form to the Office of Human Resources at least 90 days in advance of their proposed retirement date.
The initial ERIP payment is determined as of July 1, 2017 or the eligibility date, whichever is later.
For full-time employees who are eligible on or before July 1, 2017, eligibility consists of a combination of age and full-time years of service totaling 80, with the minimum age being 62.
- To receive the full payout, employee must retire by 6/30/2018.
- ERIP payout will be based on amount earned as of 7/1/2017.
- For employees who retire after June 30, 2018, the ERIP payout will be reduced by 20% on July 1 of each subsequent year.
- As of June 30, 2022, there will be no remaining ERIP payment for employees in this eligibility group.
For current full-time employees who become eligible after July 1, 2017, eligibility consists of a combination of age and full-time years of service totaling 80, with the minimum age being 62.
- Employee must retire within one year after eligibility date in order to receive the full ERIP payout.
- For each additional year of employment following eligibility date, ERIP payout is reduced by 20%.
- After five (5) additional years of employment, there is no remaining ERIP payout.
This Policy and ERIP payment are not available to employees hired on or after July 1, 2017.
The President of the University may make exceptions to the Policy.
- Payout for granted exceptions will be limited to eligibility amount as of July 1, 2017 or upon eligibility date as defined above, whichever is later.
- Exceptions will be granted for one year at a time.
- The University will provide 90 days advance notice if the exception will be discontinued at the end of the year.
Conditions of the offer include the following:
The initial ERIP payout will be calculated as follows:
- Current or most recent full-time salary x number of FT years of service as of eligibility date or July 1, 2017, whichever is later, x 1%.
- The ERIP is reduced by 20% each year as described above.
Other retirement benefits offered to all retirees apply as well.
04/20/1996 - Approved by the Board of Trustees for immediate implementation
08/19/2004 - Reviewed and updated; second item under conditions deleted
11/04/2005 - Revision approved to remove the maximum age limit
05/05/2017 - Revision and renaming (Early Retirement Plan to Early Retirement Incentive Plan) approved by the President of the University as recommended by the Policy Committee of the University