Deadline nears for Vanderbilt University Medical Center Staff Voluntary Early Retirement Incentive Program
The deadline for the Staff Voluntary Early Retirement Incentive Program, available for Medical Center staff in regular exempt staff or hourly-paid positions, who are at least 62 years of age by Dec. 31, 2013, and who have completed 10 or more years of service at Vanderbilt University, is Monday, Sept. 16.
The offering has been successful, with more than 200 Medical Center employees already applying for the voluntary program.
Medical Center staff considering this option must be in good standing without discipline and not 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.
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.
Employees who are approved for early retirement 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.
For general information about the Medical Center’s Staff Voluntary Early Retirement Incentive Program please go to: https://hr.vanderbilt.edu/secure/retirement-incentive/.
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