To help the campus navigate continued budget challenges UW-Superior launches a program to incentivize early retirement. On Tuesday March 15, 2017 Chancellor Wachter announced a Volunteer Separation Incentive Program (VSIP).
The purpose of the Voluntary Separation Incentive Program (VSIP) is to implement limited-time early separation incentives to employees within all UW-Superior departments and units, as authorized by the Chancellor, and in order to achieve the following institutional objectives:
- Reducing salary/wage and benefit costs in anticipation of funding challenges;
- Redirecting positions to the Chancellor to focus on priorities, changing needs or strategic objectives;
- Achieving other cost savings or efficiencies; and
- Minimizing potential involuntary terminations.
Who is eligible for participation?
UW-Superior active employees as of the start of this program on March 15, 2017, who:
- Are currently appointed as a faculty member, academic staff member (fixed-term renewable contract), unclassified limited appointee, or classified permanent staff member; AND
- Are at least 58 years of age prior to July 1, 2017, or age 53 for protected services, are vested with the Wisconsin Retirement System (WRS) as of July 1, 2017, and eligible to receive an annuity under the (WRS); AND
- Have an UW-Superior original start date on or before July 1, 2007.
What is being offered to those who participate in the Voluntary Separation Incentive Program?
- A one-time separation payment, which will be calculated to be equal to 50% of the employees March 1, 2017 base salary. Base salary will be based on total appointment FTE percentage and will NOT include overload, stipends, overtime, J-term, summer payments, increase due to an interim assignment, or any other payments above base salary.
- Employee is able to have the one-time separation payment distributed by any one, or combination, of the following method(s); however, no combination of methods selected may exceed the 50% base salary calculation:
- A lump-sum payment.
- A contribution to an employee’s Health Savings Account (HSA).
- A contribution to an employee’s 403(b), 457, or similar plan for which the employee may be eligible at the time of separation payment. Contributions must be within established limits for the plan selected.
- Employee is responsible for consulting with his/her financial planner, tax advisor and/or attorney as to potential tax consequences of choices of separation payment methods.
March 15, 2017 - Announce VSIP
March 15, 2017 - Human Resources emails and mails information to eligible employees
March 15, 2017 - April 14, 2017- HR to provide information sessions and individual meetings with eligible employees
May 5, 2017- Chancellor to notify selected individuals