[Fcs-staff] FW: [UofU] Special Voluntary Retirement Program Announcement

BOBBI DAVIS bobbi.davis at fcs.utah.edu
Mon Apr 4 11:59:32 MDT 2011



-----Original Message-----
From: fcs-grad-admin at lists.csbs.utah.edu [mailto:fcs-grad-admin at lists.csbs.utah.edu] On Behalf Of BOBBI DAVIS
Sent: Monday, April 04, 2011 10:47 AM
To: fcs-faculty at lists.csbs.utah.edu; fcs-grad at lists.csbs.utah.edu
Subject: [Fcs-grad] FW: [UofU] Special Voluntary Retirement Program Announcement
Importance: High



-----Original Message-----
From: russell isabella 
Sent: Monday, April 04, 2011 7:33 AM
To: BOBBI DAVIS
Subject: FW: [UofU] Special Voluntary Retirement Program Announcement
Importance: High

Bobbi,

Please circulate the below email from Dean Rudd to all faculty and staff.

Thank you,
Russ

-----------------------
Russ Isabella, Ph.D.
Associate Professor
Human Development and Family Studies
Department of Family & Consumer Studies
225 South 1400 East, Rm. 228 AEB
Salt Lake City, UT 84112-0080
________________________________________
From: M David Rudd
Sent: Monday, April 04, 2011 7:08 AM
To: russell isabella; Peter W Philips; Cynthia Berg; James J Gosling; Elizabeth Ann Cashdan; George F Hepner; Jeffrey D Kentor
Cc: DENNIS JOHN BRYANT
Subject: FW: [UofU] Special Voluntary Retirement Program Announcement

Please see below (and attached) re: voluntary retirement program.  Please share with your faculty and staff.  Regards, David


[cid:image001.png at 01CBF297.1D8092A0]
M. David Rudd
Dean, College of Social and Behavioral Science [cid:image002.png at 01CBF297.1D8092A0]

From: David Schwab [mailto:Sender_Job_000020 at hr.utah.edu] On Behalf Of Loretta Harper
Sent: Monday, April 04, 2011 7:05 AM
To: M David Rudd
Subject: [UofU] Special Voluntary Retirement Program Announcement

[http://www.hr.utah.edu/pub/ulogo_color.jpg]

Human Resources Division

________________________________

420 Wakara Way, Suite 105 Salt Lake City, Utah 84108


MEMORANDUM
DATE:

04/04/2011

FROM:

Loretta Harper, Vice President for Human Resources

TO:

Campus Vice Presidents, Deans, Directors and Department Heads

SUBJECT:

Special Voluntary Retirement Program Announcement



________________________________
As you know, the University continues to face significant reductions in State financial support and must reduce its budget accordingly. As part of its budget reduction strategy, the University is offering a third Special Retirement Program (2011 SRP). The 2011 SRP will be available only to eligible faculty and University staff who receive approval from their departments to participate (excluding UUHC staff).

The 2011 SRP will provide a premium waiver for coverage through the University Retiree Health Care Plan for a maximum of three years.

Generally, employees must volunteer to retire and apply for this program no later than May 6, 2011 and begin retirement or phased retirement by July 1, 2011.

The 2011 SRP extends participation under four conditions:

 *   Plan A (2011 SRP - Age 65 or older) - For employees who will be age 65 or older (and Medicare-eligible) on or before June 30, 2011. Plan A includes a premium waiver for coverage in the University Retiree Health Care Plan through June 30, 2014. Dental coverage is included in the premium waiver for the first eighteen (18) months of 2011 SRP participation.


 *   Plan B (ERIP and 2011 SRP) - For employees who qualify and participate in an Early Retirement Incentive Program (ERIP) that ends prior to June 30, 2014. Plan B includes a premium waiver for coverage in the University Retiree Health Care Plan beginning on the day following the last day of the ERIP period and ending June 30, 2014. Dental coverage is available for the first eighteen (18) months following the last day of the ERIP period, and is included in the premium waiver through the end of the participant's 2011 SRP period.


 *   Plan C (2011 SRP - Age 60 or older plus years of service to equal or exceeds 75; or any age and 30 years of service) - For employees (a) age 60 or older whose age combined with years of service with the University total 75 or more, or (b) any age who have completed 30 years of service in a benefit-eligible position. Plan C includes a premium waiver for coverage in the University Retiree Health Care Plan through June 30, 2014. Dental coverage is included in the premium waiver for the first eighteen (18) months of 2011 SRP participation.


 *   Plan D (Phased Retirement and 2011 SRP) - For employees (a) age 60 or older whose age combined with years of service with the University total 75 or more, or (b) any age who have completed 30 years of service in a benefit-eligible position, and who are approved for Phased Retirement for one year. Plan D includes a premium waiver for coverage in the University Retiree Health Care Plan for up to three years following the end of the Phased Retirement period, but in no event later than June 30, 2015. Dental coverage is included in the premium waiver for the first eighteen (18) months of 2011 SRP participation.
Health coverage will be provided under the University's current Retiree Health Care Plan. This plan pays secondary to Medicare for participants who are eligible for Medicare. Participants must enroll in Medicare upon retirement or when first eligible, if eligibility occurs after retirement. At the end of the participant's 2011 SRP period, participants and their eligible dependents may continue coverage in the Retiree Health Care Plan or enroll in one of the other retiree health plan options offered to University retirees at their own expense.

Employees will not receive a formal announcement communicating this program. Participation is not an entitlement. Departments retain the exclusive discretion as to whether the University will enter into an agreement under the 2011 SRP with any faculty or staff member, as enrollment in the program is a privilege and not a right. This discretion shall be exercised based on academic and business factors that include but are not limited to staffing needs and budgetary considerations. Applications should more likely be approved where retirement from the University would support the budget reduction effort while still maintaining the department's operations and goals.

If you feel that employees in your department(s) may be interested in this program and you would like to use this tool to support your department budget reduction efforts, please share the enclosed information with eligible faculty and/or staff. A memo is included for your use. You must assume that the full cost of this benefit will be borne by your department.

To determine if faculty or staff in your department are eligible to participate in this program or for an estimate of the cost of the program for your employees, please contact one of our Benefit Counselors, Michele Denkers 581-6637 (faculty) or Marti Johns 581-4788 (campus staff).

The Benefits Department staff is available at 801-581-7447, to answer general questions about this program. Your department's HR consultants have also been briefed on this program and are available to discuss how it may help with your other budget reduction efforts.



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