Voluntary Separation Plan FY 2021
The University System of Georgia has approved institutional voluntary separation plans as a way to navigate the expected budget reductions for Fiscal Year 2021 (which begins July 1, 2020).
Georgia Southern University will offer a voluntary separation plan as a budget reduction strategy for employees eligible to retire from the University System of Georgia effective August 1, 2020 – October 1, 2020. The Voluntary Separation Plan as part of the budget reduction strategy was communicated to campus on May 15, 2020. Any employee who submits between May 15, 2020-July 17, 2020 their notice of intent to retire on dates described above will be eligible to participate in this plan and receive a separation package equivalent to four months of salary as described below.
In order to participate in the Voluntary Separation Plan for Fiscal Year 2021 participating employees must be:
- Full-time benefited employees
- Eligible to retire with the Teachers Retirement System (TRS), The Regents’ Optional Retirement Plan (ORP), or the Employees’ Retirement System (ERS) by their retirement date
- Eligible to retire under The Board of Regents Policy 188.8.131.52 on the effective date of retirement
- Responsible for understanding any penalties or benefit reductions related to their decision to participate in this plan
Employees who are not eligible for this plan include part-time employees and those who submitted their intent to retire or notified their supervisor or Human Resources before May 15, 2020.
The following outlines how an employee may opt to participate in this plan.
- In order to ensure continuity of service and instruction to students, faculty may only qualify for this plan with an effective retirement date of August 1, 2020. Staff are eligible for retirement dates effective August 1, 2020, September 1, 2020 or October 1, 2020.
- Employees participating in this plan should be aware that they will need to complete the application and submit to HR (firstname.lastname@example.org) in which they agree to:
- retire by one of the three dates stated above;
- forfeit tenure rights, if applicable;
- waive any right to appeal the separation from employment;
- release any potential legal claims;
- not return to employment at the institution or any USG institution for five months after separation. There can be no agreements prior to separation to return to employment.
- Employees must complete and submit the application to Human Resources (email@example.com) by July 17, 2020 in order to be considered for a four month voluntary separation plan.
- Applications will be reviewed by a committee consisting of the AVP for Human Resources, Director of Benefits and the Vice President or designee under which the employee reports. Georgia Southern reserves the right to limit the total number of applicants approved for reasons including, but not limited to, continuing our core mission, preserving the stability of current and future programs and services, and meeting the needs of our students.
- The employee has 5 business days from notification of approval for participation in this plan to rescind their separation.
- Voluntary Separation Plan (VSP) is defined as follows:
- Monthly paid staff/faculty administrator: The most recent base monthly salary (excludes additional duties pay, one time pay, stipends, etc.), exclusive of benefits, multiplied by four, payable in a lump sum.
- Bi-weekly paid staff: Annual rate of pay divided by 12 to get the monthly rate of pay (excludes additional duties pay, one time pay, stipends, on-call pay, etc.), exclusive of benefits. Multiply the monthly rate by four, payable in a lump sum.
- Faculty: The monthly rate of pay of the academic contract (not including summer pay, overload or any other additional pay) exclusive of benefits, multiplied by four, payable in a lump sum.
- Payment will be made by the schedule below. Please note that because this is paid in a lump sum, the tax withheld will likely be at a higher rate than your normal pay.
- The VSP will not interfere with the employee’s accrued leave payout upon retirement, if applicable.
- Employees who qualify and are approved for the plan are exempt from furlough, layoffs, and reductions in force from date of approval until their retirement date.
- Employees must be enrolled in a USG employee health insurance plan at the time of separation in order to be eligible for USG health insurance benefits during retirement. For participants/spouse who are 65 years old and over, you must be enrolled in Medicare Part A and B on the date of your retirement. For more information, visit https://www.usg.edu/hr/benefits/retirement.
To further explain the deadlines of this plan, please reference the chart below.
|Effective Date of Separation||Signed Application due to HR||TRS application due (if applicable)||Voluntary Separation Package amount||VSP and Vacation Payout (if applicable) for MONTHLY||VSP and Vacation Payout for BI-WEEKLY|
|August 1, 2020||July 17, 2020||August 31, 2020||4 months||August 31,2020||August 28, 2020|
|September 1, 2020||July 17, 2020||September 30, 2020||4 months||September 30, 2020||September 25, 2020|
|October 1, 2020||July 17, 2020||October 31, 2020||4 months||October 31, 2020||October 23, 2020|
Last updated: 7/2/2020