UTSA Voluntary Separation Incentive Program (VSIP)
NOTE: The acceptance period for the VSIP has been extended to 5:00 p.m., January 17, 2012.
To explore strategic resource management options while providing an incentive for faculty who choose to voluntarily separate from the University.
Faculty members must meet the following eligibility requirements as of September 1, 2011:
- employed at UTSA with a 100% appointment.
- be a UTSA tenured faculty member.
- employed continuously at UTSA for the preceding ten (10) years.
- meet the Rule of 80 (age plus years of service with a Texas state agency equal to 80).
[NOTE: The Rule of 80 for purposes of eligibility for this program does not guarantee eligibility for retirement benefits under the Texas Retirement System (TRS), the Optional Retirement Program (ORP) or UT System retiree benefits. See below.]
- have not already entered into a phased retirement program or been on a modified part time faculty appointment.
- have not previously retired from any State of Texas Retirement Program.
- must not be on developmental leave during the Spring Semester 2012.
- has not submitted a notice of resignation or retirement.
There is no maximum limit to the number of eligible faculty that can apply for the VSIP in any department. Refer to the VSIP Payment and Procedure section below for details.
VSIP PAYMENT AND PROCEDURE
- Packets for eligible tenured faculty with additional details will be distributed by US mail to home addresses (on record) and by email to email addresses on record during the week of October 10, 2011.
- The VSIP review period is October 17, 2011 through January 1, 2012.
- The acceptance period for the VSIP is 8:00 a.m. January 2, 2012 through 5:00 p.m. January 17, 2012. Eligible tenured faculty interested in accepting the VSIP must schedule an appointment with their assigned Benefits Representative in order to submit their VSIP Agreement. The Benefits Representative will review and notarize the document. Appointments can be made Monday through Friday from 8:00 a.m. January 2, 2012 through 5:00 p.m. January 17, 2012. Resignation of employment will be effective at the close of business August 31, 2012. Packets signed or submitted prior to January 2, 2012 will not be accepted. Any signed agreements submitted prior to that date will be rejected and faculty will be required to re-sign and re-submit the agreement during the acceptance period (January 2, 2012 through January 17, 2012).
- Tenured faculty who meet eligibility criteria (as confirmed by HR) and timely enter into the VSIP Agreement would receive a one-time payment of their 9 month faculty based salary (as of September 1, 2011) less all required federal and state taxes and deductions as required by law no later than August 31, 2012.
- Unrevoked signature on the VSIP Agreement will result in relinquishment of both tenured status and employment with the University effective August 31, 2012.
An eligible employee is advised to consult with an attorney prior to executing the Voluntary Separation Agreement. An employee is also advised to consult with a financial and tax advisor before submitting an executed Voluntary Separation Agreement.
IMPORTANT NOTE REGARDING RETIREMENT BENEFITS
As noted above, eligibility to participate in the VSIP does not guarantee that the employee is eligible for UT System retiree insurance or retirement benefits under the Texas Retirement System (TRS) or the Optional Retirement Program (ORP). The employee is solely responsible for consulting with his or her retirement program to determine eligibility for and the amount of annuity (if any) and applying for such benefits. It is the employee’s responsibility to submit the application and information required for retirement to TRS or the ORP financial provider, whichever is applicable, for processing within required timelines of the program.
Timeline of Process
|October 6, 2011||Formally announce program to faculty through UTSA Today article|
|October - November, 2011||
Information sessions with retirement vendors; faculty encouraged to request information about their eligibility for retirement health benefits, post-retirement annuities through their retirement plan, etc.
|October 10, 2011 – October 14, 2011||Distribution of packets to eligible tenured faculty members by US mail and UTSA email.|
|October 17, 2011 – January 1, 2012||Review of customized packets by eligible faculty members and meet with their Benefits Representative. General information sent to all tenured faculty members.|
|January 2, 2012 – January 17, 2012||Acceptance period for signed Agreements|
|January 3, 2012 – January 25, 2012||Revocation period, based on date of signed Agreement|
|August 31, 2012||
Official resignation dates for those enrolling in VSIP.