VUMC Early Retirement plan outlined
Vanderbilt University Medical Center is announcing the Staff Voluntary Early Retirement Incentive Program.
The program is available for Medical Center staff in regular exempt staff or hourly-paid positions, at least 62 years of age by Dec. 31, 2013, who have completed 10 or more years of service at Vanderbilt University. Medical Center staff considering this option must also be in good standing without discipline or have been on a performance improvement plan during the past 12 months, and elect to retire on or before Oct. 31, 2013. Temporary staff and staff covered by a union contract are not eligible. The program is not available to faculty.
“The Staff Voluntary Early Retirement Incentive Program is in response to Medical Center staff who asked that we consider an early retirement offering as an option. We want staff meeting the program’s eligibility criteria to clearly understand the program is entirely elective. The program is intended for staff that may already be considering early retirement,” said Traci Nordberg, associate vice chancellor and Chief Human Resource Officer. “Staff interested in this option will need to review the program’s details, and then decide what is best for themselves and their families.”
Staff participating in the program will receive:
• Six months current monthly base salary for exempt staff, or 26 weeks of wages based on a 40-hour work week at the staff member’s current hourly base wage rate for non-exempt staff.
• As provided under current University policies, the staff member will also receive up to 30 days of earned and unused sick leave and any earned and unused vacation hours.
• A $2,500 payment, which the staff member may use for any purpose including applying toward the payment of COBRA health insurance or health care premiums.
These payments are subject to withholding for Federal income and FICA taxes. Benefits from the Staff Voluntary Early Retirement Incentive Program will be offered in two equal payments, the first upon the staff member’s retirement date with the second payment to be paid three months following the retirement date. To accept the Staff Voluntary Early Retirement Incentive, an employee must retire on or before Oct. 31, 2013.
Vanderbilt reserves the right to delay the date of voluntary retirement for a period not to exceed one year if it is determined the continuation of the staff member’s employment is integral to ongoing operations. In addition, staff choosing to accept the Staff Voluntary Retirement Incentive Program cannot be hired for a full-time or part-time position at Vanderbilt for two years from the date of retirement, but may be rehired into a temporary position not to exceed 100 work hours a year. After the first 200 acceptances, VUMC reserves the right to close this offer.
A staff member’s decision to take the incentive and elect early retirement through the Medical Center’s Staff Voluntary Early Retirement Incentive Program is entirely elective — each staff member should decide what is best for him or her.
The period of consideration to participate in the incentive opportunity begins Tuesday, July 23, 2013, and will close on Monday, Sept. 16, 2013. Employees can change their decision within seven days of signing the agreement, but not later than Sept. 23, 2013. Retirement may begin as soon as this seven-day revocation period ends. However, in each case there will be an agreed upon date between the retiring staff member and his or her supervisor.
Employees choosing to retire under the Staff Voluntary Early Retirement Incentive Program will sign an agreement that confirms the terms and conditions of the program and includes a waiver of any claims of discrimination against Vanderbilt, including claims under the Age Discrimination in Employment Act (ADEA) and other federal, state and local employment laws.
Staff eligible for the program will receive materials from Human Resources. For general information about the Medical Center’s Staff Voluntary Early Retirement Incentive Program please go to:
https://hr.vanderbilt.edu/secure/retirement-incentive/. VUNET ID and password are required to access this site.