Voluntary Retirement Incentive Plans
Applications for the Voluntary Retirement Incentive Plans (VRIP) are no longer being accepted.
Thank you to all who applied, we wish you the very best in retirement!
Colorado State University is pleased to offer voluntary retirement incentive plans for eligible faculty, administrative professionals and classified staff. Many of our employees have dedicated the greater part of their professional careers to the University. The collective achievements and distinguished service have provided stability to the University in reaching its overall historical strategic goals.
The University is offering age-and-service based voluntary retirement incentive plans for eligible individuals. The plans will allow the University to provide a substantial and well-earned benefit to those employees who meet the University’s definition of retirement helping to facilitate the ability to retire earlier than otherwise may be financially possible.
The voluntary retirement incentive plans are being offered as an opportunity to align the University’s salary costs with revenues to aid in preserving the jobs of permanent employees in light of a critical projected budget shortfall. The plans also allow the University to be proactive in addressing ongoing budgetary and workforce challenges by offering retirement incentives to facilitate the continuance of the career life cycle of those colleagues who are not yet retirement eligible.
Choosing to participate in the plan is a voluntary decision and no University employee can unduly influence your decision or persuade you to retire. Employees who previously announced or submitted paperwork to initiate retirement prior to the announcement of the plans are not eligible for participation regardless of the date of retirement.
Retirement Eligibility Definition
Please refer to the information below to learn more about program eligibility and information concerning any rights and obligations you may have under the plan. The plan for state classified employees conforms to the base salary incentive allowed by the state of Colorado Personnel Board rules. Retiree eligibility will be confirmed by Human Resources, see Retirement Eligibility Definition. Eligible employees may apply for the Plan from June 1, 2020 until June 30, 2020, 5 p.m., mountain time. The voluntary retirement separation date will be August 31, 2020 or December 31, 2020.
For your application to be approved by the review committee made up of the applicable dean or vice president, provost (for academic units), chief financial officer and president, there must be substantial derived savings to the University. There is absolutely no guarantee that the voluntary retirement incentive plan programs will be offered again.
Human Resources received a high volume of inquiries about the voluntary retirement incentive plan features and was happy to address these questions via online webinars.
If you were unable to attend one of these online sessions, you can watch this recording to learn about plan details and eligibility.