VSIP Application, Approval, and Participation Procedures
The College of Arts and Sciences has recently announced an opportunity for tenured faculty in the college to take advantage of a one-time Voluntary Separation Incentive Program (VSIP) opportunity. Under the VSIP, eligible faculty who apply and are approved for participation may receive one-time incentive compensation for retiring at the end of the current academic year.
A. CRITERIA FOR PARTICIPATION
Employees who wish to apply for consideration must meet the following criteria for participation:
- Tenured K-State faculty in the College of Arts and Sciences,
- At least 62 years old at time of separation, and
- Employed by a Kansas Board of Regents institution for at least 10 years at the time of separation.
Employees not eligible for participation are those who:
- Do not meet the above eligibility requirements,
- Have already provided written notification of their intent to retire by the end of the current academic year and the Dean of Arts and Sciences has accepted or acknowledged your retirement in writing,
- Are presently on approved long-term disability,
- Have an active phased-retirement in place or are scheduled to begin phased retirement, and
- Retirees who have been rehired.
B. EMPLOYEE REVIEW AND CONSIDERATION OF INTEREST
Eligible employees should review the VSIP information, including the FAQs, and determine if they wish to apply for the voluntary separation incentive program by submitting a Notice of Interest. Before applying, eligible employees considering the program are strongly encouraged to visit with their family, retirement provider(s), financial and tax advisors, and/or other professionals who might provide information on the potential financial, tax, and legal consequences and decision process.
C. ELIGIBLE EMPLOYEES APPLY FOR CONSIDERATION BY SUBMITTING A NOTICE OF INTEREST
The application period for the VSIP begins on December 19, 2022 and ends on January 27, 2023.
Before applying, employees should view a draft of the VSIP Separation Agreement. In order to receive the VSIP benefits, eligible employees whose applications are approved will be required to execute the Separation Agreement. By signing the Separation Agreement and accepting the voluntary separation incentive payment, employees waive certain rights and release the university from certain claims. Employees with questions about the legal terms of the Separation Agreement are encouraged to consult with their own legal advisor before applying for the VSIP.
Eligible employees may apply by submitting the VSIP Notice of Interest application form, available behind K-State’s secure Single Sign-on. To be considered for the VSIP, an employee’s Notice of Interest must be completed and submitted electronically to the dean of the College of Arts and Sciences no later than 5:00 p.m. CT on Friday, January 27, 2023. VSIP Notice of Interest application forms sent by any other delivery or submitted after the deadline will not be considered.
The Notice of Interest application form indicates the employee desires to voluntarily separate employment (retire) with K-State effective at the end of the academic contract year, in exchange for the VSIP payment and other consideration described herein. The Dean will acknowledge receipt of the Notice of Interest application forms via email and will then forward the application on to the Provost. The Provost will make the final decision.
D. UNIVERSITY REVIEW AND APPROVAL NOTIFICATIONS
VSIP applicants will be notified electronically whether their application has been approved or denied on or before February 10, 2023. If approved, notification will include instructions on how to execute the required Notice of Retirement form and the Separation Agreement.
E. OPPORTUNITY TO WITHDRAW
The Notice of Interest application form may be withdrawn any time prior to submitting an executed Notice of Retirement described below. To withdraw the Notice of Interest application form, the applicant must complete and electronically submit, to the dean of the College of Arts and Sciences, the online Withdrawal Form. The opportunity to withdraw expires upon submission of a Notice of Retirement.
F. SUBMIT NOTICE OF RETIREMENT
Approved VSIP participants must submit their Notice of Retirement by 5:00 p.m. CT on February 24, 2023. This notice serves as the employee’s agreement to retire and participate in the VSIP. The Notice of Retirement cannot be revoked. Revocation of this notice is prohibited because the university will make decisions related to finances, academic services, and staffing based upon this notice.
Before submitting this irrevocable notice, approved VSIP participants are strongly encouraged to visit with their family, retirement provider(s), financial and tax advisors, and/or other professionals who might provide information on the potential financial, tax, and legal consequences.
G. SUBMIT SEPARATION AGREEMENT AND FORMALLY RETIRE
The final version of this form ready for signature, will be provided to approved participants no later than April 14, 2023. Approved VSIP participants must submit their Separation Agreement by 5:00 p.m. CT on May 1, 2023. Payment of the VSIP incentive is conditioned on execution and return of this agreement. The separation date for 9-month faculty is May 13, 2023. The separation date for 12-month faculty is June 10, 2023.
H. OPTIONAL HEALTH CARE BRIDGE
VSIP participants under the age of 65 wishing to participate in continuing health care coverage through a bridge program should contact Human Capital Services at firstname.lastname@example.org. This program will reduce the participant’s lump-sum VSIP payment by the amount required to cover the health care bridge premiums.
Applicants who have questions regarding the amount they are eligible to receive as a VSIP Incentive Payment should request that information via email to email@example.com.