Voluntary Early Retirement Incentive Plan (VERIP)
Throughout the past few years, the University has been engaged in many transformational initiatives, including evaluation of our processes, priorities, and making recommendations for improvements. As we advance our standing as a student- focused university and respond to the pressures facing most regional public universities- stagnant State aid, declining enrollment of traditional student populations, shifting of student needs- we must make smart choices about how we allocate our internal resources. As part of this strategic realignment, the University is offering a Voluntary Early Retirement Incentive Plan (VERIP) to eligible faculty and staff starting May 29, 2019.
Must be a current EMU employee, eligible to retire by August 31, 2019, according to:
- Terms specified under EMU’s retirement benefit eligibility criteria (summarized in the “As You Retire [PDF]” brochure)
- Terms outlined in the applicable Collective Bargaining Agreement (CBA)
- Terms of Michigan Public Schools Employees Retirement System (MPSERS)
VERIP Program Benefits
The VERIP Program Details [PDF] will provide eligible employees with the following incentives:
- The equivalent of their annual base salary (as of 4/1/19), up to a certain maximum incentive payout
- Incentive payments to be deposited into employee's TIAA (403b) post retirement accounts, over a period of five years (60 payments);
- Continuation of current health, dental, and vision coverage with premiums 100% paid by the University for three consecutive months following separation date;
- Continuation of tuition waiver benefits
- 100 percent tuition waiver coverage for employee for up to four years
- 50 percent tuition waiver coverage for dependents for up to four years
View the timeline slides [PDF] from the presentation.
- General Group Information Sessions and personalized packet pick-up is scheduled for May 29, 2019 at the Halle Library Auditorium
- Group Info Sessions run at 9:30 a.m., 11:30 a.m. and 3:30 p.m. Please sign up:
- Application Acceptance period is from May 29, 2019 to July 15, 2019
- Application Acceptance is followed by a seven-day revocation period from date of VERIP acceptance
- Employee Separation Dates are August 31, 2019 or December 31, 2019 for faculty and full-time lecturers; and September 30, 2019 for staff
- FA on Phased Retirement will only be able to exit on August 31, 2019
An alternate exit date may be determined by the University based on educational and operational needs for up to one year beyond an employee’s respective elected exit date.
Those employees will still receive the same VERIP benefits based on their elected exit date, and the VERIP incentive payout benefits will commence three months following their actual exit date.
- Healthcare (medical/dental/vision) coverage continuation will be extended for three months following the applicable separation date, with premiums paid by the university.
- Tuition benefits will be extended post separation to those who already participate in the tuition waiver program.
- First incentive payment will be deposited by November 30, 2019 or three months after the applicable separation date.
VERIP Helpful Resources
Information on how to schedule personalized counseling sessions:
- Educators Preferred Corporation | 800.747.1504
- TIAA | 800.732.8353
- Michigan Public Schools Employees Retirement System | 800.381.5111
- VERIP Plan Details - Schedule A [PDF]
- FAQs [PDF]
- As You Retire Brochure [PDF]
- VERIP Process [PDF]
- VERIP Timeline [PDF]
- COBRA Rates [PDF]
- Retiree Medical-Dental Rates [PDF]