VSIP Application, Approval, and Participation Procedures
K-State recently received targeted appropriations allowing for a Voluntary Separation Incentive Program (VSIP). The VSIP is a tool that the university is using to assist with reshaping the faculty workforce and to assist in creation of a university merit pool to fund merit raises for employees for FY23. Under the VSIP, eligible employees 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,
- 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 your Dean, Vice President, Director, or Department Head or Chair 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 September 20, 2021 and ends on October 29, 2021.
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 their respective dean or vice president no later than 5:00 p.m. CT on Friday, October 29, 2021. VSIP Notice of Interest application forms sent by any other delivery or submitted after the deadline method 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 or Vice President 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 November 19, 2021. 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 their dean or vice president, 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 November 29, 2021. This notice serves as the employee’s agreement to participate in the VSIP and 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
Approved VSIP participants must submit their Separation Agreement by 5:00 p.m. CT on May 2, 2022. Payment of the VSIP incentive is conditioned on execution and return of this agreement. The separation date for 9-month faculty is May 14, 2022. The separation date for 12-month faculty is June 11, 2022.
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.