St. Thomas has established a new voluntary retirement incentive program for benefits-eligible, part-time staff.
Beginning today, March 8, part-time staff who work at least half-time (.5 FTE) and are benefits-eligible have 60 days – through May 7, 2010 – to notify the Human Resources Department of their interest in participating.
Participants in the program will receive payments equal to one year of their salary, pro-rated to their FTE, and, if eligible, up to three years of health care coverage at their St. Thomas employee rate.
To be eligible for this early retirement program, individuals must meet the following criteria on the date of application to the program:
- Be age 55 or older
- Have a combined age and benefits-eligible years of service with the university equal to 70 or greater (for example, age 55 and 15 years of service, or age 60 and 10 years of service)
- Have completed at least 10 years of continuous, benefits-eligible service with the university
The following employees are not eligible to participate in this program: faculty, adjunct faculty, temporary and full-time, benefits-eligible employees, and staff covered by a labor contract.
Retirement must occur on or before June 30, 2010.
Payments in the form of a salary continuation, prorated to an employee's FTE level, will be made for one year on a biweekly basis beginning the first pay period after the retirement date. Payments will begin on the first regular payday after a 15-day rescission period. All other university employee benefits, except for the optional health care insurance and any benefits mandated by statute, will cease at the time of retirement. Retirement contributions will not be paid during the salary continuation period.
A request for early retirement must be initiated voluntarily and in writing by eligible employees. The appropriate member of the Academic and Administrative Leadership Group must approve requests. Final approval must be given by the appropriate executive vice president, who may limit the number of participants in the program based on university needs.
Positions vacated due to this program must remain vacant for at least one year.
St. Thomas offered a similar early retirement program earlier this academic year for faculty and full-time staff; 29 staff and three faculty members applied.