Voluntary Retirement Incentive Plans – State Classified
The application period for the voluntary retirement incentive plans (VRIP) ended on June 30, 2020. 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. After you have reviewed these items, be sure to contact Human Resources to schedule a virtual counseling session with a member of the benefits team.
Eligible state classified employees who are approved to participate in the Plan and who execute (and do not later revoke) a Separation Agreement and General Release will receive one lump-sum payment the month following their Retirement Separation Date, equal to one week of the employee’s annual base salary (as defined in the Plan Description) for each year of retirement eligible service not to exceed 18 weeks total.
The lump-sum payment will be made during the month following the Retirement Separation Date. All legally required taxes and other withholding will be deducted from this payment. 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 on July 6, 2020. 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 August 19, 2020. Please note that this is two days later than stated in the VRIP plan document – CSU has extended the deadline.