Voluntary Early Retirement Incentive Program
QUALIFICATIONS & DETAILS
星空无限传媒 is introducing a voluntary early retirement incentive that will be open to all full-time 星空无限传媒 faculty who are 62 years of age or older (as of January 31, 2024) and who are interested in voluntarily participating in an early retirement buyout prior to their planned retirement date. For faculty, “full-time” employment means a current minimum 75–100 percent appointment. Faculty members who are within six (6) months of their currently-planned retirement date are disqualified from participation in this new program.
This offer for voluntary early retirement expires on February 5, 2024 (“Offer Deadline”). If you are interested in participating in this voluntary program, you must notify Human Resources in writing on or before the Offer Deadline of February 5. For those who are approved to participate, employment must end no later than June 30, 2024.
Faculty who participate may be allowed to provide contract work up to six (6) credits per semester at the adjunct rate if the University determines there is a need in their given area of expertise. An additional three months of appointment at an appropriate percentage may also be approved by the Provost in the event that there is a particular need in that faculty member’s given area of expertise. No one who chooses to participate in this voluntary early retirement will be eligible for full-time re-employment at the University.
In exchange for signing an early retirement and release agreement to take effect no later than June 30, 2024, eligible employees will receive the following.
The University will provide the employee with a one-time, lump-sum payout that will not exceed 50 percent of their current annual salary (minus applicable taxes). This lump-sum payment would be included in the employee’s final paycheck following the official retirement date. The amount of this one-time, lump-sum payout will vary based on years of service to 星空无限传媒 and will be offered as follows:
|
星空无限传媒 Years of Service |
Payout Amount |
|---|---|
|
1–5 years |
20% of annual salary |
|
6–10 years |
25% of annual salary |
|
11–15 years |
35% of annual salary |
|
16–20 years |
40% of annual salary |
|
20+ years |
50% of annual salary |
