Voluntary Separation Program
The Voluntary Separation Program was developed to address the recent reductions in state appropriations for fiscal year 2021. The Program maximizes personnel savings by offering retirement-eligible employees financial support to facilitate career transition such as retirement. The Program is entirely voluntary. All decisions made under this Program by employees to retire are not grieveable or appealable.
Download and complete the application located at the bottom of the page.
ELIGIBILITY:
To be eligible for the Program, you must be an active, full-time, benefits-eligible faculty or staff, enrolled in the Teachers Retirement System or Optional Retirement Plan, and meet the Board of Regents definition of a retiree listed below by the effective date of retirement. Effective November 1, 2002, to be eligible for retirement from the USG, an employee must meet one of the following four conditions at the time of their separation from employment, regardless of the retirement plan elected by the employee (USG BOR Policy Manual Section 8.2.8.2):
- An employee must have been employed by the USG for the last ten (10) years in a regular, benefited position and have attained age 60; or
- An employee must have at least twenty-five (25) total years of benefited service established with a State of Georgia sponsored retirement plan, of which the last five (5) years of employment must have been continuous with the USG. An early pension benefit penalty will apply to an individual who elects toparticipate in the Teachers Retirement System of Georgia, or in the Employees Retirement System, if you decide to retire with between twenty-five (25) and thirty (30) years of benefited service, prior to attaining age 60; or
- An employee must have at least thirty (30) total years of benefitted service established with a State of Georgia sponsored retirement plan, of which the lastfive (5) years must have been continuous with the USG; or
- An employee must be deemed to be totally and permanently disabled, as documented through the receipt of disability benefits from Social Security or from the Teachers Retirement System of Georgia, following ten (10) years of continuous service to the USG in a regular, benefited position.
Note: An individual who has retired from another State of Georgia sponsored retirement plan may not count such retirement service toward meeting the eligibility criteria for retirement from the USG.
The following are not eligible for this program:
- Part-time employees; or
- Employees who have already declared/submitted their intent to retire; or
- Employees in positions that are grant/sponsored funded
INCENTIVE:
·The USG benefits provided to regular retirees, including optional health, life, vision and dental insurance. Participants must be enrolled in a USG health insurance plan at the time of retirement to be eligible for USG health insurance benefits during retirement. For those who are 65 years of age or over, participants must be enrolled in Medicare Part B to be eligible for healthcare benefits in retirement.
·Participating employees will be exempt from any furloughs or reductions in force during the time prior to the effective date of the participating employee’s retirement. Payment of accrued, unused annual leave (not to exceed 360 hours) in accordance with University policy. A lump-sum payment equal to 4 months of base salary without benefits will be paid to participating employees within 30 days of their retirement date.
LIMITATIONS TO THE PROGRAM:
The Program is one time only and will be available for a limited time. Employees who are part-time or have already submitted their intent to retire are not eligible for the Program. The Program is offered on a resource availability basis. The University reserves the right to limit the total number of applicants approved for reasons including, but not limited to, continuing the University’s core mission, preserving the stability of current and future programs and services and meeting the needs of FVSU students. At the time of submitting an Application, the eligible employee must select an effective retirement date (November 1, 2020, or December 1, 2020). Applications must be submitted to the Office of Human Resources by 5:00 p.m. on September 1, 2020.
APPLICATION PROCESS:
Eligible employees who elect to participate in the Voluntary Separation Program will need to:
- Complete and sign the Voluntary Separation Program Application.
- Submit the Application to hrfvsu@fvsu.edu by 5:00 p.m. on September 1, 2020.
Human Resources will obtain approval of the Application from the Voluntary Separation Program Committee. Upon approval of the Application, the Office of Human Resources will notify the employee informing them that the Application has been approved. Sign and submit a Voluntary Separation Agreement and Release to the Office of Human Resources by October 1, 2020.
APPROVAL PROCESS:
It is the University’s sole discretion whether an application to participate in the Program will be approved. The Program is offered on a resource availability basis. Applications will be accepted until 5:00 p.m., September 1, 2020. Approved applicants will receive a Voluntary Separation Agreement from the Office of Human Resources.
ADDITIONAL INFORMATION:
1.Any questions about the VSP Program should be directed to hrfvsu@fvsu.edu. Eligible employees are encouraged to consult with their tax advisor and private attorney before agreeing to participate in the Program. Any costs or fees for such consultation are the responsibility of the employee. For those with voluntary retirement plans 403(b) & 457(b) through FVSU, the Office of Human Resources will provide an appointment for one-on-one consultations. All payments under the VSP Program are taxable income. An eligible employee may withdraw their application any time before the applicant executes and submits a Voluntary Separation Agreement and Release. A withdrawal must be in writing, signed by the employee and submitted to the Office of Human Resources.