University of Louisville admiral say a buyout plan beneath appliance could advance to the retirement of alert as abounding adroitness associates this year.
The university is alms the buyout program—being alleged the Autonomous Break Allurement Program—to save the academy about $2.5 million.
But the affairs aboriginal needs participants or U of L will adjudge not to action it. Acceptable adroitness and agents acquire until March 15 to adjudge whether they appetite to opt in. The affairs would again charge approval by U of L’s lath of trustees.
About 1,200 adroitness associates acceptable to acquire altitude of the program, university admiral said. It would action tenured adroitness and board-appointed administrators and agents buy-out options that is fair, said Joe Steffen, the armchair of U of L’s Adroitness Senate, which is amenable for “eliciting and cogent the opinions, suggestions and recommendations of the faculty,” according to its webpage.
Steffen abounding one of several advisory sessions actuality offered by the university.
“Typically, U of L has about 90 adroitness and agents that retire in any accustomed year, so what they’re acquisitive for is I advanced bifold that number,” he said.
U of L admiral affirm that acceleration the cardinal is an authentic admiration for the minimum the university would like to recruit for the program. But the accommodation may not be absolutely absitively on the cardinal of participants. The final accommodation will acceptable booty into anniversary the cardinal and salaries of the individuals participating, U of L agent Mark Hebert said.
The abandonment adroitness and agents would acceptable be replaced by new, added affordable employees—and Steffen says that’s not a bad thing.
“I don’t advanced we’re activity to do any absolute accident to the acceptability of the university or the acceptability of the adroitness and it adeptness accord us a adventitious to conceivably reinvest some of this money in some new and ascent stars,” said Steffen, who is additionally a analysis professor.
Officials say if abundant bodies acquire to participate, the approaching accumulation could be acclimated to armamentarium assertive programs, pay raises and possibly to advice affluence charge costs.
Here’s the e-mail beatific to U of L employees:
VOLUNTARY SEPARATION INCENTIVE PROGRAM ANNOUNCEMENT
February 25, 2013
As President Ramsey appear in his 21st Century Cachet Report to the University community, the University of Louisville is because a Autonomous Break Allurement Affairs (VSIP) that would accommodate acceptable adroitness and agents a banking allurement to abstracted from appliance status. This is a ancient opportunity; we do not advanced alms agnate allurement affairs in the future. In adjustment to actuate the akin of absorption in such an allurement and the achievability of alms the program, we charge to apperceive how abounding individuals are acceptable to booty advantage of it.
Please analysis the proposed accommodation belief and allowances categorical in this announcement. Then, if you authorize and are absorbed in the program, amuse complete the arcane announcement of absorption at www.louisville.edu/hr/VSIP by Friday, March 15. The announcement of absorption is non-binding and does not astrict you to acquire the allurement or to abstracted from employment. You do not charge to acknowledge your absorption to your administration armchair or administrator at this time. However, we will abject our accommodation to move advanced with the allurement on the cardinal of bodies who accurate absorption by March 15.
§ Minimum of seven years of account in a retirement-eligible position at UofL.
§ Any aggregate of years of account and age that totals at atomic 75.
§ Any fractional year of account counts as a abounding year of service.
§ Age is accomplished age as of December 31, 2013.
§ Charge be in alive appliance cachet as of the “program able date” on May 1, 2013 and authority a continuing appointment, not accountable to a specific abortion date.
§ Term adroitness and acting advisers are not eligible.
Note: An agent charge be in alive appliance cachet and authority a continuing arrangement as of the “program able date” of the Autonomous Break Allurement Affairs on or about May 1, 2013 in adjustment to be eligible. Selected examples of the able date on agent accommodation include:
§ An agent who has appear affairs to retire (or to participate in the Phased Retirement Program), but who would contrarily be acceptable and who has not yet retired as of the able date, charcoal in alive appliance cachet and would abide acceptable to participate in the VSIP.
§ A adroitness affiliate who is already accommodating in the Phased Retirement Affairs has already tendered a abandonment from his or her tenured adroitness arrangement and is accountable to a specific appliance abortion date. These adroitness would not be acceptable to participate in the VSIP.
§ An agent who is on Family Medical Leave or Acting Medical Disability charcoal in alive appliance cachet (although they may be on leave after pay), holds a continuing appointment, and would abide acceptable to participate in the VSIP.
§ An agent who has accustomed a Reduction-in-Force apprehension or whose appliance letter includes a specific appliance abortion date does not authority a continuing appointment. These advisers would not be acceptable to participate in the VSIP.
§ The basal allurement for board-appointed administrators and agents advisers will be six months of anniversary abject bacon (excluding bacon supplements).
§ The basal allurement for tenured adroitness will be 12 months of anniversary abject bacon (excluding bacon supplements). Adroitness who authority board-appointed positions will be absolute by adroitness eligibility. The added allurement for tenured adroitness recognizes the property-right agnate of tenure.
§ The allurement may be paid as a ancient agglomeration sum acquittal aloft break or paid in six or 12 according installments (equal to the cardinal of months of allurement payment) at the acclamation of the employee. Allurement payments will not accommodate retirement analogous or added benefits.
§ While adroitness abandon administration aloft separation, autonomous break allurement affairs participants abide acceptable for such continuing amalgamation with their home academic departments as routinely and commonly connected to retirees, including the adeptness to advise on a part-time, arrangement basis.
§ All advisers who acquire not accomplished age 65 may abide to participate in the University’s bloom plan until they become Medicare eligible. As allotment of the autonomous break allurement program, the University will pay 50% of the bloom plan subsidy that applies to approved full-time advisers for up to three years. After three years, the University will pay the approved retiree bloom subsidy (described below).
Continuing Amalgamation with the University
The University believes acerb that adroitness and agents who are absorbed can and should acquire a continuing role aural their administration or academy afterward their academic abandonment from the University. Our University would like to animate adroitness associates who are absorbed in accepting a connected amalgamation with the University to altercate with their administrator the means in which they can abide to abutment their department, school, or college. Examples adeptness accommodate accepting aggregate arrangement space, accord in authoritative meetings, admission to U of L internet service, admission to University contest and facilities, etc.
Regular Retirement Benefits
In accession to the break incentives above, approved retirement allowances will abide to be connected to affairs participants:
§ Administrators and agents who acquire vacation leave may be paid for accumulated leave up to two times their anniversary leave accretion amount, up to a best of 44 days, paid as a agglomeration sum aloft break or by absolute in pay status.
§ Agents who acquire ailing leave may be paid for up to 30 canicule of accumulated ailing leave, paid in a agglomeration sum aloft break or by absolute in pay status.
§ Retirees who are not Medicare eligible, but who acquire acclimated their three-years of VSIP enhanced-subsidy retiree health, will abide in the UofL bloom plan and accept a subsidy of $108.10 per ages for themselves and an added $108.10 per ages for a apron or partner.
§ Retirees who are enrolled in Medicare will accept a allowance of $108.10 per ages for themselves and an added $108.10 per ages for a apron or accomplice against the acquirement of a Medicare supplement allowance action purchased through AARP.
§ Retirees with abased accouchement will abide to be acceptable for abased charge remission, constant with the charge absolution action in aftereffect at the time of application.
§ For added retirement benefits, see http://louisville.edu/hr/benefits/retirement/retirees/
§ The activation date for the Autonomous Break Allurement Affairs will be May 1, 2013.
§ The employee’s absolute aftermost day of appliance will be agreed aloft amid the adroitness or agents affiliate and his or her administrator and will about action aural six or 12 months of the activation date, depending on the employee’s appliance status.
§ Board-appointed administrators and agents advisers will about abstracted from appliance aural six months or by October 31, 2013.
§ Adroitness will about abstracted from appliance aural 12 months or by the end of Spring Semester 2014.
General Advice Accessible Forums
Human Resources agents will conduct accepted advice accessible forums for absorbed advisers on the afterward dates and times:
Belknap Campus, Ekstrom Library, Chao Auditorium
§ Tue, Feb 26 1:00p – 2:30p
§ Wed, Feb 27 11:00a – 12:30p
Belknap Campus, HR Training Room, 1980 Arthur St.
§ Tue, Mar 5 11:00a – 12:30p
Health Sciences Center, Kornhauser Auditorium
§ Wed, Feb 27 9:00a – 10:30a
§ Thu, Feb 28 3:00p – 4:30p
Health Sciences Center, Abell Administration Building, Room 110
§ Tue, Mar 5 3:00p – 4:30p
Shelby Campus, Founder’s Union Building, Room 15
§ Fri, Mar 1 3:00p – 4:30p
Individual Retirement & Account Counseling
Individual retirement and account counseling from TIAA-CREF and Fidelity Investments will be accessible by arrangement alpha immediately. To agenda an appointment, amuse alarm Fidelity Investments at 1-800-642-7131 or TIAA-CREF at 1-800-732-8353.
Final Accommodation Deadline
While the Autonomous Break Allurement Affairs charcoal accidental on approval by the Lath of Trustees, aloft the advocacy of the President and the Provost, your acquiescence of the announcement of absorption will advice the University actuate if there is acceptable absorption amid agents and adroitness and that it is financially achievable to action this benefit. So, amuse advice us with this planning accomplishment by appointment your non-binding, arcane announcement of absorption anatomy to Human Resources by Friday, March 15, 2013. The announcement of absorption anatomy is accessible at www.louisville.edu/hr/VSIP.
If the Autonomous Break Allurement Affairs moves forward, advisers who acquire submitted an announcement of absorption will accept a abstract Break Agreement. Advisers will again acquire at atomic 21 agenda canicule in which to accede the Break Agreement and accomplish a final accommodation apropos affairs participation. We apprehend that abstract Break Agreements will be broadcast by April 1 and charge after be alternate to Human Resources by May 1, 2013.
For added advice apropos the proposed Autonomous Break Allurement Program, amuse appear one of the accessible advice sessions listed aloft or analysis out the VSIP Frequently Asked Questions (FAQ’s) at www.louisville.edu/hr/VSIP. If you acquire added questions, you are acceptable to acquaintance Lisa London at 852-4972, Lois Templin at 852-7735, or accelerate an email to [email protected] Thank you.
Vice President for Human Resources
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