HRM-042: Early Retirement Incentive Program (University Staff and Medical Center Employees)Date: 04/07/2015 Status: Final
The University is committed to achieving its mission through sound financial and management practices. Pursuant to statutory authority, the University establishes a management tool for realizing strategic institutional financial objectives by incenting certain eligible employees to voluntarily resign or retire from service.
This policy supports University commitments and assists administrators in responding to various financial and organizational challenges such as budget reductions by providing defined severance benefits or, in some cases, enhanced retirement benefits, to certain University Staff and Medical Center employees, upon resignation or retirement from the University, consistent with business needs.
Medical Center Employees:
Individuals employed by the University of Virginia Medical Center in any capacity.
University Staff Employees (University Staff):
Those salaried, non-faculty employees hired on or after July 1, 2006, and those salaried non-faculty employees and administrative and professional faculty electing to participate in the University Human Resources System established by the Board of Visitors under the authority granted by the Restructuring Act and the Management Agreement. (The term “University Staff Employee” includes all three categories of University Staff Employees - Operational & Administrative, Managerial & Professional, and Executive & Senior Administrative.)
In accordance with the Restructured Higher Education Financial and Administrative Operations Act and other provisions of the Code of Virginia, the University establishes a means for encouraging voluntary separations by University Staff and Medical Center employees with use of an Early Retirement Incentive Program (ERIP). When utilizing the ERIP, the University will establish an enrollment period and will communicate the eligibility criteria associated with the ERIP. Individuals interested in the program will have an opportunity to apply.
Eligible individuals may take advantage of this program if they meet all requirements (see Section 2).
- Goal of the Early Retirement Incentive Program (ERIP):
The goal of the Early Retirement Incentive Program (ERIP) is to achieve specific institutional objectives such as:
- reducing salary/benefit costs by position elimination;
- redirecting positions to focus on different priorities;
- modifying programs; and
- avoiding or minimizing future involuntary separations due to staff reductions.
This policy is not intended to provide entitlements beyond those specifically described within the policy. At all times, the needs of the University in achieving its mission will be instrumental in determining the eligibility criteria.
- Communication of Program Requirements:
At the time the University establishes a ERIP enrollment period, Human Resources (HR) will communicate the following information:
- Eligibility criteria;
- Application and approval process;
- Duration of enrollment period; and
- Incentives received under the ERIP.
The ERIP may be used only when the University has established a unique enrollment period. During the ERIP enrollment period, an applicant meeting the eligibility criteria of the ERIP program must make a formal request through the specified channels to participate in the program and receive approval from the respective vice president or dean if employed in the Academic Division or the College at Wise, or the Chief Executive Officer or his/her designee if employed by the Medical Center.
The ERIP is not intended as a replacement for normal disciplinary procedures such as the Standards of Conduct.