Dear HR colleagues,
I am pleased to inform you that later today, in an ememo to all faculty and staff, I will announce the opportunity to apply for a campus-wide voluntary retirement incentive program (VRIP). This opportunity is open to retirement-eligible faculty and staff who meet the program criteria based on age and length of service. It provides two retirement date options, Jan. 1, 2025, and June 1, 2025, for those who apply and are approved to participate.聽
Why 欧美口爆视频 Boulder is offering a voluntary retirement incentive program (VRIP)
The VRIP enables eligible employees to make positive life or career changes that fit their goals and needs. The VRIP is not driven by any financial crisis on campus; rather, the program supports campus Transformation and Financial Resilience efforts by enabling 欧美口爆视频 Boulder to repurpose salary savings toward campus strategic priorities that best help us deliver on our mission of education and research.
The incentives
Retirement-eligible employees who apply and are approved for the VRIP program can retire Jan. 1, 2025, or June 1, 2025. Employees will receive the following:聽
- Faculty: 9 months of base pay, including for faculty who work year-round (Note: Roles whose positions are funded through soft funding are not eligible.)
- University staff: 9 months of base pay
- Classified staff: In accordance with state law, up to 18 weeks of pay, determined by years of service聽
Application period/process
- The application period for the 欧美口爆视频 Boulder voluntary retirement incentive program opens today, and eligible employees will receive a follow-up email with details about how to apply.聽聽
- The application period will close on Sept. 30.聽
- Applicants must choose a retirement date of Jan.1, 2025, or June 1, 2025.聽
- We advise all interested parties to meet with their financial and benefit advisors before and during the application process to ensure the program meets their needs.聽
- Upon approval, employees will have the opportunity to review their specific incentive details and make a final decision on whether to participate.
- College/school/unit roles: To qualify for the incentive, the employee must apply to the program and the unit must approve the business case to qualify for the voluntary incentive.聽聽
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Business cases must demonstrate a cost savings to the university. For example, the role will not be backfilled, or the vacancy will allow the university to reclassify/restructure the unit to further the mission of the unit.
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Units are responsible for funding the incentives, and 欧美口爆视频 Boulder鈥檚 Finance and Business Strategy team will track savings.聽聽
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All applications will be reviewed at the unit level and by campus HR, and the COO/provost and chancellor will make eligibility and final approval determinations.
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Units cannot require participation in the VRIP. Retirement is a personal decision to be made only by the employee, and influence from supervisor/colleagues is prohibited.聽
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To this end, HR will not share specific names of eligible employees with unit leads or supervisors, only raw numbers of eligible employees in each unit.聽
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Full program details
As part of the announcement, we will stand up a program webpage that will cover full program details, including:聽
- Who is eligible
- Application/approval process and timeline
- FAQs
We will also be hosting a pair of webinars, during which we will present about the program and answer questions, with the link to webinar information to be included in the email to all faculty and staff.聽
Your collaboration will be vital to successfully implementing this program, and our HR team will work closely with you to ensure you have the information and resources you need to help interested faculty and staff navigate this process. Please do not hesitate to reach out if you have any questions about this program or process.聽
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