What is the Voluntary Separation Incentive Payment?
An eligible employee who executes a Voluntary Separation Agreement will receive a one-time payment of $20,000 or 50% of the employee’s annual base salary as of May 31, 2010, whichever is greater, less all required federal and state taxes and deductions as required by law, when the employee voluntarily separates from employment no later than August 31, 2010. The one-time payment will be made no later than fifteen working days after separation. The University will not count this payment as compensation for purposes of retirement contribution under the Teacher Retirement System (TRS) or the Optional Retirement Program (ORP).
