UTM Voluntary Retirement Incentive Program

112 Administration Building

Martin, TN 38238

Ph:

(731) 881-7845

Em:

J. Phillip Bright, Director

UTM Voluntary Retirement Incentive Program

Purpose: The 2015 UTM Voluntary Retirement Incentive Program (the Program) is a proactive measure designed to promote efficient alignment of demand (e.g., student demand) with campus resources. Participation in the Program is strictly voluntary.

 

Eligibility: The Program is open to full-time employees who meet the following eligibility criteria as of December 31, 2015: [1]

  1. Eligible for either Service Retirement [2] or Early Retirement [3] under the Tennessee Consolidated Retirement System (TCRS) or the Joint Contributory Retirement System (JCRS); OR
  2. A participant in the Optional Retirement Program (ORP) who meets one of the following age and service [4] milestones:
    • 55 or older with at least 10 years of service; OR
    • 60 or older with at least 5 years of service; OR
    • any age with at least 25 years of service.

UTM reserves the right to limit the number of participants in this Program. If the number of applicants exceeds the established limit, participation will be based on years of creditable service (whether under TCRS or the ORP creditable service equivalent calculation). UTM further reserves the right to discontinue this Program at any time, without notice.

Terms of the Incentive:

  • Applicability to retirements currently in process: This Program is open to employees who may have submitted retirement paperwork to Human Resources, or otherwise provided written notice to UTM administration of the intent to retire, so long as the employee has not yet separated from University service at the time of his/her application for participation in this Program.
  • Incentive pay: Participants will receive a lump sum incentive payment of 50% of the employee’s annualized base salary (not including any administrative or other stipend amounts) in effect on December 31, 2015 or the separation date, if sooner.
  • Dedicated benefits consultant: Jonathan Gushen, Director of the University-wide Benefits and Retirement office is available to assist employees eligible for participation in this Program. Mr. Gushen and members of his staff will coordinate this Program on the retirement side.
  • Faculty Emeritus/a: Faculty members who retire at the rank of Professor may request the title of Professor Emeritus/a, which will be reviewed under the normal procedures.
  • Separation date: Participants will retire under this Program with a separation date no later than December 31, 2015. All rights and obligations described in University policies and procedures remain unaffected by this Program and will continue to apply regardless of an employee’s application or participation.
  • Application process: Eligible employees will receive an e-mail attaching the application, disclosures required by law, and a sample Retirement Incentive Agreement and Release for review. Eligible employees interested in participating must complete the 2015 UTM Voluntary Retirement Incentive Program Application and return it to Phillip Bright, UTM Human Resources, located at 112 Hall-Moody Administration Building, or by e-mail attachment to pbright@utm.edu. For more information on this Program or how to submit an application, please contact either the campus Human Resources office or Jonathan Gushen, Director of Benefits and Retirement, (865) 946-8847.
  • Notice of acceptance: Applicants who are accepted for participation in the Program will be notified of acceptance by e-mail and regular U.S. mail. A Retirement Incentive Agreement and Release will be provided with the notice of acceptance. Participants will have 45 days from the date of the acceptance letter to submit the signed and notarized agreement. If a signed agreement is not submitted by the close of business on the 45th day, the offer of participation in this Program is revoked and may be offered to another applicant.

Projected Timetable (subject to revision):

Administration receives, reviews, and acknowledges applications October 12, 2015 – October 23, 2015
Application Deadline – Applications must be received by the UTM Office of Human Resources By 5:00 p.m. October 23, 2015
Administration provides notice to Participants accepted for Program By November 2, 2015
Participant packets available Beginning November 2, 2015
Participants may review packet and standard Retirement Incentive Agreement and Release for up to 45 days November 3 - December 18, 2015
Deadline for submission of signed Retirement Incentive Agreement and Release December 18, 2015
Separation date from full-time employment December 31, 2015
First day in retirement status January 1, 2016

 

 

1: Retirement eligibility is established by TCRS and may be changed without notice to the University or to employees. The terms Service Retirement and Early Retirement carry the meanings assigned by TCRS.

 

2: Service Retirement (with unreduced benefits) under TCRS/JCRS is open to vested members aged 60 or older with at least 5 years of creditable service, or any age with at least 30 years of creditable service.

 

3: Early Retirement (reduced benefits) under TCRS/JCRS is open to vested members aged 55 or older with at least 10 years of creditable service, or any age with at least 25 years of creditable service.

 

4: These age and service requirements are intended to correlate with the requirements for TCRS/JCRS retirement. For purposes of this Program, “years of service” or “service” for a participant in ORP will be determined by the calculation of a service equivalent to the TCRS “creditable service” calculation (ORP creditable service equivalent).

 

Back to top

Important Dates for Interested Applicants

View Important Dates

 

VRIP Rehire Guidelines

Learn More

 

112 Administration Building

Martin, TN 38238

Ph:

(731) 881-7845

Em:

J. Phillip Bright, Director