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Friday, August 7, 2020
----7C0ubOBx;LOaVRx Dear Faculty, The University of Toledo is offering a Faculty Voluntary Early Separation Incentive Plan (FVESP) for eligible employees. The FVESP is available to full-time faculty employees who have three (3) or more years of service with UToledo, or are eligible for retirement. Applicants, if approved, would agree to separate or retire from employment at UToledo effective July 1, 2020, although there is no requirement that participants in the FVESP begin taking their retirement benefits as of that date, either under the State Teachers Retirement System (STRS) or the Alternative Retirement Plan. FVESP applications will be evaluated for approval on a case-by-case basis. For FVESP to be implemented, there must be adequate interest in the program as determined by the Division of Finance and Administration and the Office of the Provost. This FVESP is a one-time offer for eligible faculty members to voluntarily separate from employment at UToledo. Eligibility The FVESP is not available to the following employees: Part-time, temporary or contracted faculty employees, visiting faculty, those in grantfunded positions, or those who have been terminated, laid off, or who have already submitted a letter of resignation prior to May 8, 2020; Any faculty member who formally notified the University of an intention to resign or retire, or those who previously resigned or retired and have been subsequently rehired; and Staff who are not faculty employees. Participation To participate in the FVESP, eligible faculty employees must agree to voluntarily separate from University service and make an application within the window period of May 8, 2020 through June 22, 2020 under this plan to end employment by July 1, 2020. Plan Benefits 1. A payment equal to 50% of the eligible employee's base pay (excluding stipends, extra compensation, differentials, overtime, and non-regular base pay) payable in one lump sum, from which payroll taxes will be withheld. 2. Retention of tuition waiver benefits for up to four (4) continuous years after separation for the employee, and/or their dependent(s) or spouse. To be eligible, dependents or spouses must be currently enrolled at UToledo and remain continuously enrolled fulltime throughout the four years. If the Tuition Waiver is taxable, a Form 1099 will be issued. 3. The option of continuing healthcare coverage for up to six (6) months, if the employee continues to pay the employee share of the premium contributions. Employer's share of the health care premium may be taxable. 4. Payout of currently available vacation and sick leave in accordance with University policies. Program Implementation Timeline Application Period: May 8, 2020 - June 22, 2020 Program Application Deadline: 5 p.m. June 22, 2020 Revocation Period: Seven (7) days after the submission of the application through 5 p.m. June 30, 2020 Employee Separation Date: On or before July 1, 2020 Additional information on the Faculty Voluntary Early Separation Plan, including "Frequently Asked Questions," is available on the Office of the Provost website. Sincerely, Karen Bjorkman, Ph.D. Provost and Executive Vice President for Academic Affairs
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