Separation Incentive Program for Staff and Non-Tenure Track Faculty Offers Two End Dates
By Jody Record, Campus Journal Editor
July 7, 2010
Eligible employees can choose either Jan. 7, 2011, or June 25, 2011,
if they decide to take advantage of the Separation Incentive Program being
offered by the university.
Benefits-eligible staff and non-tenure track faculty members can take advantage
of the university’s offer of the Separation
Incentive Program (SIP) on two dates next year providing they meet the eligibility
requirements.
Applications are due by Nov. 19 with either Jan. 7, 2011 or June 25, 2011 as
the last day of employment. Employees who opt for the earlier separation date
will have their incentive payment based on 2.5 percent of the eligible amount
while those who stop working on June 25 will have their one-time payment calculated
at 2 percent.
Information sessions will be held
| General Session |
July 13, 2010 |
12:30pm – 1:30pm |
MUB Theater II |
| ARC Session |
July 21, 2010 |
12:00pm – 1:30pm |
MUB Theater II |
| MCP Session |
July 29, 2010 |
12:30pm – 2:00pm |
MUB Theater II |
To be eligible for the SIP an employee must:
Be 59½ years old or older on or before last day of work.
Have at least 10 years of benefits-eligible service within USNH on or before
last day of work
Not be participating in any USNH retirement program including transition to
retirement.
Not currently on long-term disability or Workers’ Compensation.
Agree to separate from his or her position no later than June 25, 2011.
Employees whose positions are partially grant funded are also eligible providing
the nongrant share of funding is equal to or greater than 50 percent.
Not be the subject of a disciplinary process that may lead to suspension or
termination.
An employee who decides to take advantage of the SIP will receive a one-time
payment within 30 days of the effective date of separation. (NOTE: Incentive
payments will not be recalculated to reflect retroactive changes in salary
if made at a later date.)
With an Jan. 7, 2011, end date, employees will receive a one-time payment equal
to 2.5 percent times their annual base salary times years of benefits-eligible
service (minimum of $15,000), plus medical benefit continuation for employee
and eligible dependent(s) for up to 5½ years, not to exceed 1.5 times
the employee’s current base annual salary.
Those employees who elect June 25, 2011 (or appointment/contract end date whichever
comes first) as last day of work, the one-time payment will be equal to 2 percent
times their annual base salary times years of benefits-eligible service (minimum
of $15,000), plus medical benefit continuation for employee and eligible dependent(s)
for up to 5½ years, not to exceed 1.5 times the employee’s current
base annual salary.
In addition to this payment, the employee may receive:
· USNH medical coverage for up to 5½ years, or to age
65, whichever comes first. Coverage will continue through the last day of the
month before the employee’s 65th birthday or the last day of the prior
month if the birthday falls on the first of the month, whichever comes first.
This medical coverage runs concurrent with COBRA.
· 1994 ARC Participants (with no break in service) who do not
meet the ARC guarantee eligibility may receive the minimum guarantee of $10,000,
reduced by life to date employer contributions as a cash payment. The cash
payment will be increased by $1,000 for each full year of service in excess
of 20 years reduced by life to date employer contributions.
For more information visit http://www.unh.edu/hr/sip-links-2010.htm.
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