Voluntary Early Retirement Incentive Plan (VERIP) Overview
Eastern Michigan University is offering a voluntary early retirement incentive plan for staff employees. Employees who meet certain criteria will receive an incentive totaling 40% of their annual base salary as of May 26, 2017, less applicable withholding, in exchange for their voluntary separation from the University. Approximately 280 employees meet the eligibility requirements of the Voluntary Early Retirement Incentive Plan (VERIP).
All retirement-eligible AC, AH, AP, CA, CP, CS, FM, PS, and PE/PT employees are eligible to participate in the VERIP. Retirement eligibility requirements vary depending on your employee classification. Please refer to the As You Retire From Eastern Michigan University brochure [PDF] for age and EMU years of service eligibility parameters. In order to participate, you must be retirement-eligible on or before July 14, 2017.
If you are eligible, on May 26, 2017, a personalized packet will be sent to you via email and regular mail from University Human Resources (UHR). If you have any questions regarding your eligibility, please call the Benefits Office at 734.487.3195.
Eligible employees who would like to select the VERIP opportunity have at least 45 days from the date of notification to inform the University. They must complete all of the VERIP participation documents and submit them no later than Monday, July 17, 2017 at 4:30 p.m. ET to Human Resources at 140 McKenny Hall.
The opportunity to participate in the program will be available from Friday, May 26, 2017 through Monday, July 17, 2017 at 4:30 p.m. ET.
In order for an eligible employee to participate in this voluntary plan, the employee must complete and return an executed election form [PDF] to University Human Resources by Monday, July 17, 2017 at 4:30 p.m. ET.
The eligibility for staff employee plan participation is based upon the following factors:
- Retirement Plan (MPSERS Defined Benefit Plan or TIAA-CREF Defined Contribution Plan)
- Service Years
There will be two informational forums in the Student Center Auditorium. The first one is schedule for May 31, 2017 at 3 p.m. The second forum is scheduled for June 1, 2017 at 11 a.m.
Eligible employees are encouraged to review all the information about this plan and make a decision as soon as possible after the election window opens on Friday, May 26, 2017.
Plan Implementation Timeline
- Initial Plan Announcement and offers extended: May 26, 2017
- VERIP informational materials available and posted to HR Website: May 2017
- Election Period: May 26, 2017–July 17, 2017
- Plan Election Deadline: by 4:30 p.m. ET July 17, 2017
- Separation date: No later than August 11, 2017
Individuals who submit forms will receive confirmation from EMU Human Resources with their separation becoming effective no later than August 11, 2017. The University reserves the right to change the separation date based on operational needs determined solely by the University. An alternative separation date shall not be later than February 16, 2018, as noted in the plan documents listed below.
Plan eligible employees are encouraged to discuss this option with their financial, tax and/or legal advisor. VERIP is a one-time offer. Your participation is completely voluntary.
The university is offering participant informational forums on May 31, 2017 from 3–4 p.m. and on June 1, 2017 from 11 a.m.–noon in the Student Center Auditorium.
This information provides you with details of the Voluntary Early Retirement Incentive Plan available from Eastern Michigan University. More complete information about the plan can be found in the official plan documents. If there are any differences between this information and the official plan documents, the official plan documents shall govern.