Dear Colleagues,
In 2022, UMW first offered a Faculty Early Retirement Incentive Program (FERIP), and the decision has been made to offer the FERIP again in 2023. Such plans are intended to be utilized strategically by the university, and are offered when business needs dictate and resources allow. It is likely this will be the last offering for several years. The approval letter and the plan document are available for viewing.
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 today, September 18, 2023 until November 2, 2023, with a required retirement date of June 1, 2024 (last day of work will be contract end date, May 15, 2024).
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.
Participation in the 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. Live virtual sessions with VRS and the Social Security Administration will be offered via Teams in October, session dates will be announced once finalized. Please visit the Human Resources website for important details about the program, the application and approval process, and to find other helpful information and resources.
Sincerely,
Craig Erwin, Vice President for Administration and Finance
Timothy M. O’Donnell, Provost
Beth Williams, Executive Director for Human Resources
