VOLUNTARY SEPARATION PROGRAM
AUGUST 24,2020 AT 5 P.M.
Voluntary Separation Application Deadline
Parameters of Voluntary Separation Program
To be eligible for the Program, you must be an active, full-time, benefits-eligible faculty or staff, enrolled in the Teachers Retirement System or Optional Retirement Plan, and meet the Board of Regents definition of a retiree listed below by the effective date of retirement.
Effective November 1, 2002, to be eligible for retirement from the USG, an employee must meet one of the following four conditions at the time of his/her separation from employment, regardless of the retirement plan elected by the employee (USG BOR Policy Manual Section 22.214.171.124):
- An employee must have been employed by the USG for the last ten (10) years in a regular, benefited position and have attained age 60; or
- An employee must have at least twenty-five (25) total years of benefited service established with a State of Georgia sponsored retirement plan, of which the last five (5) years of employment must have been continuous with the USG. An early pension benefit penalty will apply to an individual who elects to participate in the Teachers Retirement System of Georgia, or in the Employees Retirement System, if he/she decides to retire with between twenty-five (25) and thirty (30) years of benefited service, prior to attaining age 60; or
- An employee must have at least thirty (30) total years of benefitted service established with a State of Georgia sponsored retirement plan, of which the last five (5) years must have been continuous with the USG; or
- An employee must be deemed to be totally and permanently disabled, as documented through the receipt of disability benefits from Social Security or from the Teachers Retirement System of Georgia, following ten (10) years of continuous service to the USG in a regular, benefited position.
An individual who has retired from another State of Georgia sponsored retirement plan may not count such retirement service toward meeting the eligibility criteria for retirement from the USG.
- The USG benefits provided to regular retirees, including optional health, life, vision and dental insurance. Participants must be enrolled in a USG health insurance plan at the time of retirement to be eligible for USG health insurance benefits during retirement. For those who are 65 years of age or over, participants must be enrolled in Medicare Part B to be eligible for healthcare benefits in retirement.
- Participating employees will be exempt from any furloughs or reductions in force during the time prior to the effective date of the participating employee’s retirement.
- Payment of accrued, unused annual leave (not to exceed 360 hours) in accordance with University policy.
- A lump-sum payment equal to 4 months of base salary without benefits will be paid to participating employees within 30 days of their retirement date.
The Program is one time only and will be available for a limited time. Employees who are part-time or have already submitted their intent to retire are not eligible for the Program. The Program is offered on a resource availability basis. The University reserves the right to limit the total number of applicants approved for reasons including, but not limited to, continuing the University’s core mission, preserving the stability of current and future programs and services and meeting the needs of GSU students. At the time of submitting an Application, the eligible employee must select an effective retirement date (August 31, 2020, December 31, 2020 or May 31, 2021). Applications must be submitted by 5:00 p.m. on August 24, 2020.
- Any questions about the Program should be directed to [email protected]
- Eligible employees are encouraged to consult with their tax advisor and private attorney before agreeing to participate in the Program. Any costs or fees for such consultation are the responsibility of the employee.
- For those with voluntary retirement plans 403(b) & 457(b) through GSU, the Benefits Office will provide an appointment schedule for one-on-one consultations.
- All payments under the Program are taxable income.
- An eligible employee may withdraw his/her application any time before the applicant executes and submits a Voluntary Separation Agreement and Release. A withdrawal must be in writing and be signed by the employee.
If you have questions about the Voluntary Separation Program please do not hesitate to contact us.