2020 Voluntary Separation or Retirement Program (VSRP)

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Voluntary Separation or Retirement Program

  • January 17, 2020 the Ohio University Board of Trustees approved a resolution authorizing the University to establish and implement a Voluntary Separation or Retirement Program (VSRP) for certain professors and staff.

Who is eligible? 

  • Tenured professors
  • Tenured associate professors
  • Administrative staff with the academic rank of tenured professor or tenured associate professor
  • Please note faculty and staff of the Heritage College of Osteopathic Medicine are not eligible for the program. See plan details for full eligibility rules.

Click here to get more details about eligibility.

 

Two ways participants can separate employment under the program

  • Individuals eligible to retire can separate employment via a retirement separation. 
  • Individuals not eligible to retire can separate employment through a voluntary separation.
To be eligible for VSRP, the employee must reach one of the following requirements:

Age >= 55 and years service >= 25

Age >= 60 with years service >=5

Any age with years of service >=30

VSRP Benefits for Faculty

  • Faculty and staff participating in the VSRP will receive 100% of the eligible employee's base rate of pay.
  • For an eligible employee enrolled in the university’s health insurance plan as of February 1, 2020 an additional payment of $20,000 will be provided to help defray the cost of purchasing external health insurance.

Click here to get more details for benefits.

 

Important Dates

February 5, 2020 - First day individuals can participate in the ERIP.

March 20, 2020 - Paperwork must be submitted to Human resources by 5pm in order to participate in program.

May 31, 2020 - Separation or Retirement date.

July & December 2020 & 2021 - For these months, the base pay incentive benefit will be paid in four equal payments on the final payroll processed.

July 2020 - If applicable, the additional $20,000 health insurance payment will be made in full for the final payroll.

June 15, 2020 - Faculty who are eligible to retire and have 10 or more years of service will also receive the retirement sick leave pay out for this date, or as soon as possible after.

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