Voluntary Retirement Incentive Plans – AFAP – DCP
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: Complete the DCP Medical Premium Certification Form: Medicare Eligible – over age 65 or DCP Enhanced Eligible – under age 65 and Direct Deposit form. Please refer to your Appendix B – Retirement Incentive Payment document for your monthly DCP monthly amount.
Step 4: Sign the Retirement Checklist and upload it along with your DCP Refund form to the HR OneDrive secure portal
Step 5: 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.
Approved employees who contribute to the Defined Contribution Plan (DCP) participants who have not attained age 65 are eligible to receive an enhanced medical subsidy until the lesser of 5 years or when they reach Medicare eligibility at age 65. A refund amount equal to your prorated share of the 2021 Green Plan single coverage will be deposited into your bank account each month and is determined by retirement eligible service.
For example, a retiree meeting the age 55 and 20 years of service requirement would receive the full value of up to $599 each month (certification of premium plan cost required to receive full amount). A retiree meeting the age 60 and 5 years of service would receive the plan minimum of $150 a month. The reimbursement values are fixed for the duration of eligibility (up to the lesser of 5 years or age 65). See the chart below for additional details on the proration of the enhanced incentive. When eligibility expires, the current DCP program rules and subsidy amounts ($50-$200/month) apply.
|Years of Service||Enhanced Monthly Subsidy|
A DCP retiree who is age 65 or greater should refer to the Medical Premium Refund Plan website.