[Plsfaculty] FW: Incentive Program for Voluntary Retirement

[Donna-Rae Marquez]

From: All Appointed Personnel
[mailto:ALL-EMPLOYEES-APPOINT at LISTSERV.ARIZONA.EDU] On Behalf Of Meredith
Hay and Allison Vaillancourt
Sent: Tuesday, January 25, 2011 2:51 PM
To: ALL-EMPLOYEES-APPOINT at LISTSERV.ARIZONA.EDU
Subject: Incentive Program for Voluntary Retirement

 

To:         University of Arizona Faculty and Appointed Professionals
From:     Meredith Hay, Executive Vice President and Provost
             Allison Vaillancourt, Vice President, Human Resources
Date:     January 25, 2011
Subject: Incentive Program for Voluntary Retirement  

 

During the last several months, we have explored options for meeting our
current and future budget challenges.  One strategy that holds promise is an
incentive program for tenured faculty and continuing professionals who
choose to retire voluntarily.  After significant consideration, we have
decided to offer such an Incentive Program for Voluntary Retirement (IPVR)
this semester. 

 

This voluntary, one-time opportunity will be offered beginning January 28,
2011, and end on March 18, 2011.  The retirement incentive payment will be
equivalent to one year's annualized salary, pro-rated by FTE.  Retirements
will occur after the end of the current academic year (May 22, 2011) and
fiscal year (June 30, 2011); individuals who have accepted appointments for
pre-summer session, and summer sessions 1 and 2 will retire immediately
after the specific summer session contract. 

 

Those eligible to apply for the IPVR must meet the following requirements
prior to May 23, 2011:

 

1. Faculty with tenure OR Professionals with continuing status, including
those with administrative appointments, AND
2. current appointments are for no less than .50 FTE, AND 
3. completion of at least 10 years of service to UA, AND 
4. attainment of age 65, AND
5. have not submitted written intent to retire, AND
6. have not entered into a Phased Retirement Agreement under the Optional
Retirement Program. 

 

Personalized letters are being sent to these individuals' home addresses
this week.  More information, including the IPVR policy, instructions for
applying, and a schedule of information sessions, is available on the Human
Resources website at http://www.hr.arizona.edu/benefits/ipvr.

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