Faculty Voluntary Separation Program Option A

On this page:

• Participant Receives Paid Notice Period
• Exit Date
• Bonus Incentive Calculation
• Bonus Incentive Payments
• Sick Leave Pay-out
• Tuition Waiver
• Healthcare
• Additional Benefits
• For Retirements Under this Option
• Taxation of this Offer

This option is available for eligible employees to elect resignation or retirement.

Participant Receives Paid Notice Period per Articles T17.6.10 or N17.6.9 of CBA.

Participant has no recall rights.
 

Exit Date

Exit Date	Availability
December 31, 2021	All Eligible Employees
May 31, 2022	All Eligible Employees with at least 18 months of service
August 31, 2022	Tenured Eligible Employees with at least 18 months of service and Nontenured Eligible Employees with at least 6 years of service
December 30, 2022	All Eligible Employees with at least 10 years of service

 

Bonus Incentive Calculation

YOCS*	Article T17 Faculty	Article N17 Faculty
20+	100% base salary	100% base salary
Up to 19	2.5% of base salary for each YOCS*	2.5% of base salary for each YOCS*

*Years Of Continuous Service as defined by CBA T17.6.6 and N17.6.4

Calculation involves taking the year of your current hire date and subtracting from 2021 to result in a whole number.  For example, if current hire date is 9/1/2010, take 2021 minus 2010, to arrive at 11 years of service.

Maximum Bonus Incentive Payment: $200,000
 

Bonus Incentive Payments

1. Exit Dates:  December 31, 2021, May 31,2022, or August 31, 2022
   • 50% by December 31, 2022 and 50% by December 31, 2023
      
2. Exit Dates:  December 30, 2022
   • 50% by March 15, 2023 and 50% by December 31, 2023
      

Sick Leave Pay-out

1. Non-Retirement - those Eligible BUFMs not meeting the criteria of CBA 28.9.1 who elect the VSP will receive up to a maximum of 20 days (160 hours) of sick leave payout based on the rate of compensation and leave balance as of April 8, 2021. Payment will be included in your final paycheck.
    
2. Retiring – Paid in accordance with CBA 28.9.1 who elect the VSP will receive up to a maximum of 30 days (240 hours) of sick leave payout based on the rate of compensation at the time of retirement.
    

Tuition Waiver

Tuition waiver for up to four years of undergraduate and graduate coursework (excluding M.D. and doctoral programs), available to the participant (100% tuition remission), participant’s spouse (80% tuition remission), and participant’s dependents (80% tuition remission) as listed on Exhibit F, Additional Benefit Election Form.

Tuition waiver valid from date of separation through end of Spring 2026 semester.

If retiring – please refer to item (8).

NOTE:  the full value of the educational benefits may be immediately taxable in the year of separation regardless of whether or not the full value of such benefits is used in the future.

Healthcare

If currently enrolled in the healthcare plans as of April 8, 2021, and are currently not eligible for Medicare, you have the choice of these two options:

1. An additional one-time taxable payment of $10,000 to help defray the cost of medical expenses, processed in the first incentive payment based on the exit date, either December 31, 2022 or March 15, 2023, or
    
2. If you continue to choose group health benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the University shall pay the employer portion of the COBRA healthcare for a period of eighteen (18) consecutive months beginning with the month following your exit date. 

You must continue to pay the active employee portion of the COBRA healthcare costs during the 18-month period. These rates are subject to change annually.
 

Additional Benefits

You have the option to select up to five (5) additional benefits, listed below, if you have a minimum of ten (10) YOCS:

1. Emeritus Faculty Status in accordance with Article 34 of the CBA
2. Use of office or lab space, for up to three (3) years, on a space-available basis, and at the discretion of the applicable Chair and/or Dean
3. Continued Departmental involvement, for up to three (3) years, as determined by the applicable Chair
4. Complimentary Parking Pass for up to three (3) years
5. Membership to the University Fitness Center for up to three (3) years
6. Season tickets to intercollegiate sports events for up to three (3) years
7. A twenty-five percent (25%) discount on WSU clothing and gift items, school supplies, and general reading books at the University Bookstore for up to three (3) years.      

NOTE:  the full value of these additional benefits may be immediately taxable in the year of separation regardless of whether or not the full value of such benefits is used in the future.
 

For Retirements Under this Option

Participation in and receipt of any and all other retirement plans and benefits offered to an Eligible Employee shall remain unchanged, including but not limited to:

1. the right to purchase continuation of health care coverage as required under applicable federal law;
2. cash out of sick leave and/or vacation, if qualified,
3. educational benefits as set forth in University Policy 8320, if qualified, and
4. other benefits normally extended to separated or retired employees. 

Such benefits are not offered under this Plan and are not subject to the Code Section 409A regulations governing “window programs.”

Taxation of this Offer

Given the taxation issues associated with this offer as noted in the plan document, the University advises you to consult with your tax, legal, or accounting advisor regarding your particular tax situation. 

The University does not provide tax, legal or accounting advice. 
 

This information provides you with details of this program available from Wright State University. More complete information about the offer 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.