Voluntary Retirement Incentive Plans – AFAP – PERA
The application period for the voluntary retirement incentive plans (VRIP) ended on June 30, 2021. We are excited and pleased to help approved employees with the next part of their journey. The resources and forms below will help ensure a smooth transition into retirement.
Congratulations on your retirement! Thank you for your continuous devotion and commitment to this University – the impact you have made on our community is immeasurable. Your collective achievements have helped support the mission and success of CSU and for that, we are all grateful.
We are pleased to have this opportunity to provide resources and information to educate our employees on retirement benefits. Once you have signed your separation agreement, please follow the guidance below on how to complete your Retirement Counseling. These sessions will utilize online resources and tools to educate you and assist you in completing the retirement process. Should you have any questions, please email our Benefits Team at HR_Retirement@colostate.edu.
Step 1: Download the Retirement Checklist.
Step 3: Contact PERA at (800) 759-7372 to request your PERA benefit estimate (monthly annuity/cash value) and retirement packet, which includes the forms required to commence your PERA retirement benefit. The “Final Six Months’ Salary Report” form will be completed and returned to PERA once your final pay is computed.
Step 4: If you are enrolled in PERACare and eligible for the PERA Subsidy or the Umbrella Rx Plan (age 65+), please contact Human Resources at HR_Retirement@colostate.edu to report your PERACare plan and/or request the Umbrella Rx enrollment form.
Step 5: Sign the Retirement Checklist and upload it to the HR OneDrive secure portal.
Step 6: Enjoy Retirement!
If you would like to review your current CSU Benefits, please access Employee Self-Service.
Eligible faculty and administrative professionals who are approved for the VRIP and retire from the University in accordance with the Plan will receive a lump-sum payment equal to one week of the employee’s annual base salary (as of June 30, 2021 for 12 month appointees and the end of the most recent academic year for 9 month appointees) for each year of retirement eligible service not to exceed 30 weeks total.
Base salary does not include temporary salary adjustments or other supplements given as part of a temporary assignment of administrative or
other duties or summer session for 9-month faculty. The incentive payment does not count as “earnings” for any benefit purposes, including Colorado PERA. These payments are not eligible for pretax deferral.
Approved employees were emailed a copy of the separation agreement and general release via email on July 6, 2021. You have 45 days to consider this Agreement and should consult with an attorney if you wish. HR is not able to give you legal advice regarding the agreement. The separation agreement and general release needs to signed and returned to HR no later than 45 days from when it is received.