Voluntary Retirement Incentive Plans – 2021
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 the second 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 again as an opportunity to align salary costs with revenues to help preserve the jobs of permanent employees in light of the budget shortfall. The plans allow the University to be proactive in addressing ongoing budgetary and workforce challenges by offering retirement incentives so the career life cycle of colleagues who are not yet retirement-eligible may continue.
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, 2021 until June 30, 2021, 5 p.m., MT. The voluntary retirement separation date will be August 31, 2021 or December 31, 2021.
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 derived savings to the University. There is no guarantee that the voluntary retirement incentive plan programs will be offered again.
When the first voluntary retirement incentive plans were announced in 2020, Human Resources received a high volume of inquiries about the program features and was happy to address these questions via an online webinar. HR along with Social Security Administration and Colorado PERA will host webinars again in 2021 to provide information that helps you make the best retirement decisions for you and your family.
Human Resources Webinar
Thursday, June 17 at 12 pm MT
HR will discuss VRIP details, retirement eligibility, and answer your frequently asked questions. The presentation will be recorded and posted to this website.