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FLSA

Voluntary Retirement Incentive Benefit

With budgetary challenges facing the University of Central Missouri that include decreases in state appropriations and forecasted enrollment, UCM has considered staffing alternatives with a goal to preserve employment wherever possible while demonstrating a responsive and prudent approach to identifying long-term savings for the University. The Voluntary Retirement Incentive Benefit (VRIB) was offered to eligible faculty and staff members to address an area where UCM has a great opportunity. 

Application to the VRIB program closed, effective at 4:30 pm, May 15, 2017.


Frequently Asked Questions

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Who is eligible to participate in the program?

Eligible for the program are all benefit eligible faculty & staff currently employed at UCM, who are eligible to retire under a UCM retirement program (MOSERS or CURP) as of May 31, 2018.  Eligible employees must submit a completed application for the Voluntary Retirement Incentive Benefit to the Office of Human Resources no later than May 15, 2017. Employees may begin retiring at the end of the month starting July 31, 2017 and no later than May 31, 2018.   Approved applicants will be notified by Human Resources via e-mail within 30 days after the closing of the application period and if approved to participate, must complete and sign the Employee Reconfirmation form on his/her last day at work.

I am a rehired retiree.  Can I take advantage of this program if I ...

meet the years of uninterrupted service requirement?

No, this program is not available to employees who have already retired.

If I retire under the voluntary retirement incentive, am I eligible for rehire at UCM?

An employee who is accepted to the program will not be eligible for reemployment with the University for two (2) years from the date of retirement.  A participant of the program who applies for reemployment during the two year window will be denied.  A participant of the program agrees that if the University fails to rehire a participant in the future, or hires a participant, but then terminates the participant’s employment, any such failure to hire or termination of employment is due to the University’s enforcement of this provision.  Any exception, including part-time or temporary employment, will be subject to the approval of the University President, Provost or designee.  The voluntary retirement incentive prohibits any University representative from making any informal or formal agreement or arrangement to rehire an individual in the future.  Before considering re-employment participants are strongly advised to consult with the appropriate retirement plan representative and Social Security Administration. 

May a VRIB applicant request a rehire exception in order to be considered before the two

(2) year wait?

Exception considerations will be made only at the sole discretion of the University; a waiver request process is not available to program applicants.

I have already notified my supervisor and/or human resources of my intentions to retire...

this year; am I eligible to participate in the program?

No, the program is not available to employees that have already committed their written intent to retire from the University.

I am interested in obtaining more information on the program.  Do I need to commit to...

retirement by May 31, 2018?

Yes.  You will need to commit by May 15, 2017 for those planning to retire in the month starting July 31, 2017 and no later than May 31, 2018.  You are encouraged to attend one or more of the following information sessions in Union 119:

Apr 5 9 am - 11 am or 1 pm - 3 pm
Apr 13 6 pm - 8 pm
Apr 18 9 am - 11 am or 1 pm - 3 pm

 

Does my supervisor need to approve my application form?

No, employees do not need supervisory approval to apply for this program.  However, management will be involved in the approval of the application for retirement.  Acceptance of any employee’s application to participate in the program will be decided at the sole discretion of the University based on a variety of factors appropriate under the circumstances, including, but not limited to, demand for the program, academic quality of the University’s educational programs, student demands for teaching and facilities, faculty areas of expertise, staff level of training, transferability of skills, transferability of expertise, the University’s operating needs, and order in which applications are received.  The University reserves the right to limit the total number of participants in the program and to select a participant’s retirement date in order to preserve the ability of the University’s essential functions and the integrity of its financial resources.

I’m not sure if I’m eligible to participate in this program.  How can I obtain...

additional information?

You should contact MOSERS at 800-827-1063 or TIAA-Cref (if in "CURP") at 800-842-2776 to determine if you are eligible to retire.

From which date will my years of eligible University service be calculated?

Your retirement service will be calculated as of your hire date into a benefit eligible position through your elected retirement date and will be verified by the respective plan prior to approval.

If I complete and submit a voluntary retirement agreement and release form, can I later...

rescind my decision (keep my job)?

An application to the program will be irrevocable, except that an employee may rescind the application within 7 calendar days of submitting it to the Office of Human Resources.  Requests to rescind an application must be in writing and delivered to the Associate Vice President for Human Resources.

Does my time worked as a temporary employee, adjunct, graduate or teaching assistant,

or student worker count toward my years of service?

No.  The time in these positions will not be counted toward the number of years of service.

What is the deadline for enrolling in the VRIB?

May 15, 2017, is the last day the University will accept a retirement agreement and release from eligible employees.  The signed release form (with the employee’s original signature) needs to be submitted to the Office of Human Resources before 4:30 pm, Administration 101.

Will I be able to immediately draw retirement benefits if I enroll in the VRIB?

You must be eligible to retire and draw retirement benefits through MOSERS or TIAA-Cref (if in "CURP") to be eligible for this incentive program.  Contact MOSERS (800-827-1063) or TIAA-Cref (800-842-2776) directly to determine eligibility.

Will I be eligible for unemployment insurance?

While the University does not make unemployment determinations, employees voluntarily separating (resigning or retiring) from their position are not eligible for unemployment insurance.


Employee Benefits Questions

I am vested in the MOSERS retirement system but not eligible to retire, what will I need to do?

If you are vested but not yet eligible to receive a retirement benefit then you are not eligible for this program. 

How much money will I receive from MOSERS for my retirement benefits?

If you have questions specifically related to your retirement benefit from MOSERS you need to contact a benefit counselor at MOSERS toll free number 800-827-1063.

What will happen with my medical insurance should I elect to participate in the program?

Your employee coverage will terminate at the end of the month in which you retire.  You will be offered COBRA for health insurance coverage for up to 18 months after you terminate.  COBRA information will be mailed to your home address within two weeks of termination.  If you wish to continue health coverage under the UCM plans, you must elect COBRA.  You will be responsible for the full premium plus a 2% administrative fee.  If you are age 65 or older, we recommend that you explore options for supplemental coverage to Medicare.  If you are under age 65 we recommend that you explore the market place to determine your insurance options.

What will happen with my dental and vision benefits?

Your employee coverage for dental and vision will terminate at the end of the month in which you retire.  You will be offered COBRA for dental and vision insurance for up to 18 months after you terminate.  COBRA information will be mailed to your home address within two weeks of termination.  If you wish to continue dental and vision coverage under the UCM plans, you must elect COBRA.  You will be responsible for the full premium plus a 2% administrative fee.

What will happen to my Flex Spending Accounts, either Health Care Spending...

or Dependent Care, if I am currently enrolled for 2017 and I elect to retire

before the end of the calendar year?

You are eligible to contribute your full annual 2017 FSA amount by having a lump sum payment withheld from your final paycheck.  This will allow you to submit unreimbursed medical expenses from the full 2017 calendar year.   You must complete the necessary paperwork in HR to have the lump sum withheld. If you do not elect to contribute your full 2017 FSA amount prior to termination, you are only eligible to seek reimbursement for the amount contributed and for claims incurred by your termination date.

What will happen to my Flex Spending Accounts, either Health Care Spending...

or Dependent Care, if I am currently enrolled for 2018 and I elect to retire

by the May 31, 2018 deadline?

You are eligible to contribute your full annual 2018 FSA amount by having a lump sum payment withheld from your final paycheck.  This will allow you to submit unreimbursed medical expenses from the full 2018 calendar year.   You must complete the necessary paperwork in HR to have the lump sum withheld. If you do not elect to contribute your full 2018 FSA amount prior to termination, you are only eligible to seek reimbursement for the amount contributed and for claims incurred by your termination date.

What will happen to my Health Savings Account since I am on the...

Qualified High Deductible plan if I am currently enrolled for either 2017 or 2018

and I elect to retire prior to the end of the year incentive deadline?

The answer to this question varies depending on your age and existing contributions at the time of retirement.  Additional information can be obtained by contacting the UCM Benefits team or your personal financial advisors.

How can I minimize the tax implications of the incentive payments? 

You should consult with an accountant or other tax advisor.

If I’m retiring at the end of 2017, can I split my incentive payment...

into two payments; one in calendar year 2017 and one in calendar 2018?

No, the payment must be made in one lump sum or over two pay periods as outlined in program document.

Will the voluntary retirement incentive payment be made via direct deposit into a bank

account?

The incentive payment will be directly deposited into the bank account for which you have an active direct deposit authorization on file with UCM.

I am on an academic year appointment, but my salary is paid over 12 months...

Will this impact the VRIB payment that I am eligible to receive?

No.  The calculation of the voluntary retirement incentive is based on the participant’s base salary as of the elected retirement date regardless of which pay option has been chosen.  The base salary rate does not include summer salary, one-time-only payments, out of class pays, overloads, administrative stipends, or temporary salary increases.

What happens to accrued and unused vacation leave under the program?

Employees who have a balance of vacation hours upon retirement under the program will receive a lump sum payment of the accrued balance up to the stated cap of the policy in the final paycheck less all applicable tax withholding.  Payment is made at the individual’s rate of pay at the time of separation.

What happens to accrued and unused vacation leave under the program?

Employees who have a balance of vacation hours upon retirement under the program will receive a lump sum payment of the accrued balance up to the stated cap of the policy in the final paycheck less all applicable tax withholding.  Payment is made at the individual’s rate of pay at the time of separation.

What happens to earned compensatory time under the program?

Employees who have not utilized all of their earned compensatory time will receive a lump sum payment as stated in the policy.

Who is eligible to receive the Longevity Award?

Voluntary retirement incentive participants who choose to retire from UCM may still qualify for the longevity award.  Refer to BOG policy 2.1.030 for additional information.

How can I find out about Social Security benefits and how...

the voluntary retirement incentive payment affects Social Security?

Contact the Social Security Administration via the Internet or at the address shown below.  The general toll-free phone number for the Social Security Administration is 1-800-772-1213. 

The Social Security Administration also provides information on-line.  This information can be accessed by visiting http://www.socialsecurity.gov/pubs/index.html.

UCM recommends that program participants review all information posted and contact a Social Security Administration official to verify the impact of this plan on social security benefits.

I have grant assignments that will extend beyond the VRIB participation date.  Can the...

retirement date be extended beyond the voluntary retirement effective date?

No.  Agreement to participate in the voluntary retirement incentive requires that the retirement date be effective no later than May 31, 2018.  Grant assignments may not continue after retirement. 

Who is eligible to receive Emeritus Status?

Voluntary retirement incentive benefit participants who choose to retire from UCM may be recommended for emeritus status if they meet eligibility.

Are there any other considerations I should take into account when deciding if I want to

participate in the voluntary retirement incentive?

Any eligible employee should seek advice of legal counsel and their own tax preparer prior to applying for the program.  The University is not responsible for providing legal or tax advice to employees regarding the program or the release and waiver of claims.  It is the employee’s responsibility to obtain such advice in sufficient time to submit all applications and forms in advance of established deadlines.


In the event of a conflict between the Frequently Asked Questions and official documents, statutes, and BOG policies, University of Central Missouri official documents will govern.  These FAQ’s are intended to provide accurate and authoritative general information in regard to the voluntary retirement incentive.  They are not intended to provide legal, financial, tax, accounting, or any other type of advice.