Dear Colleagues,
As we shared last spring, faculty members have been asking UMW to offer a Faculty Early Retirement Incentive Program (FERIP) for several years. The Board of Visitors approved a proposed program at its February 2022 meeting after which UMW began the effort to navigate the multi-layered state approval process. We are pleased to share that the plan has now been approved by the governor and we are able to accept applications for the program.
The plan offers approved participants 100% of their final base salary payable monthly over a two-year period. The application period will be open for 45 days beginning September 26, 2022 until November 18, 2022, with a required retirement date of June 1, 2023 (last day of work will be contract end date, May 15, 2023).
As we have shared previously, the requirements for this program are outlined in the Code of Virginia and the eligibility criteria include: tenured status; at least 60 years of age; employed full-time in a non-classified teaching position at UMW for at least 10 years, and agree to withdraw from active membership in the Virginia Retirement System.
The proposed early retirement plan is entirely voluntary and eligible faculty must apply to participate. Applications will be assessed by a committee comprised of the Provost, Deans, the Chief Financial Officer, the Chief Diversity Officer and the Executive Director of Human Resources. Please visit the Human Resources website for further details about the program, the application and approval process, and to find other helpful information and resources.
Sincerely,
Paul Messplay, Vice President for Administration and Finance
Timothy M. O’Donnell, Provost
Beth Williams, Executive Director of Human Resources
