UW-River Falls active employees meeting the following criteria are eligible to participate in the VRIP:

• Currently employed as a faculty member, academic staff member with a renewable contract or university staff member who has passed probation;
• At least fifty-five (55) years of age as of Dec. 1, 2024, vested with the Wisconsin Retirement System (WRS), and are eligible to receive an annuity under WRS;
• Able to schedule the date and officially retire from UW-River Falls between Dec. 1, 2024, and Jan. 8, 2025; and
• Willing to not seek reemployment at UW-River Falls for a period of at least two years from the date of retirement. 

The following individuals are not eligible for participation even if they meet the criteria listed above (1-4):

1. Employees who have given written notice of their intent to retire or resign or have been given layoff or non-renewal notice with end date in 2024 - 2025; and/or
2. Limited appointees, student employees, Academic Staff fixed-term terminal appointments, University Staff temporary, University Staff project appointments, University Staff on an original probationary period, rehired annuitants, and members of the Chancellor’s Administrative Cabinet.

There is no expectation that all VRIP applications will be approved.

All eligible employees will be invited to apply for consideration in the Voluntary Retirement Incentive Program.

• Week of June 10, 2024: Eligible employees will be advised of their eligibility and will be provided with an application to participate by the Human Resources Office. The university reserves the authority to cap participants based on available funding and strategic program decisions.
• July 19, 2024: Deadline for eligible employees to submit completed applications for consideration in the VRIP.
• July 24, 2024: Division leaders and deans of colleges shall evaluate the applications received in relation to the objectives of the VRIP listed above and make recommendations to the chancellor for final approval. 
• July 31, 2024: The chancellor makes final VRIP application approvals. There is no expectation that all VRIP applications will be approved.
• Aug. 9, 2024: Approved applicants will be provided a separation agreement for their review by August 9. Approved applicants will have a minimum of forty-five (45) days, from the date the separation agreement is made available to the approved applicant, to review and consider the contents within the separation agreement. During this time, approved applicants are encouraged to seek advice from their financial and/or tax counselors and to contact Human Resources and/or ETF with their questions about VRIP or retirement under WRS.
• Sept. 23, 2024, at 4 p.m.: All separation agreements must be received by Human Resources via email to hr@uwrf.edu or in person at 216 North Hall, no later than Sept. 23, 2024, at 4 p.m. 
• Dec. 1, 2024-Jan. 8, 2025: Eligible retirement dates.

A one-time separation payment at the time of retirement calculated by the employee's May 31, 2024, base salary and the sliding scale percentage identified below. Base salary is defined as an employee’s permanent salary (prorated based on FTE) and excludes payment such as overload, overtime, weekend/shift/night differential, standby pay, interim and summer payments, increases due to an interim assignment or any other temporary payment above permanent base salary.

The employee is able to have the one-time separation payment distributed by one or a combination of the following method(s). No combination of methods selected can exceed the total base salary calculation:

• A lump-sum payment
• A contribution to an employee’s 403(b) or 457 plan for which the employee may be eligible at the time of separation payment. Contributions must be within established rules and limits for the plan selected.

Enhanced Incentive for Tenured Faculty

In recognition of the valuable rights bestowed with tenure, the time and commitment invested in achieving tenure, and recognizing that the VRIP requires a faculty member with tenure to surrender these rights, UW-River Falls will offer an enhanced incentive to any tenured faculty who is eligible, applies and is approved under the VRIP. Those tenured faculty who apply and are approved pursuant to the VRIP will be paid an additional one-time, lump sum incentive of ten thousand dollars ($10,000).

In all cases, each individual participating employee is responsible for consulting with their personal tax adviser and/or financial adviser as to the potential tax and financial consequences of the employee’s participation in the VRIP. No employee of UW-River Falls is authorized by the Universities of Wisconsin to provide tax and/or financial advice to employees. Information sessions and materials are for general information only and should not replace the advice of a competent financial and/or tax adviser.

Not every individual application is guaranteed to be approved. The chancellor has sole discretion over the determination of eligibility and approval of any individual application to the VRIP in order to achieve specific institutional objectives. Nothing in this program shall be construed to create a right or entitlement to any employee.

Approved participants in the VRIP shall be restricted from being rehired by UW-River Falls for two years from the date of separation, unless authorized by the chancellor because of exigent circumstances, although all accepted applicants must adhere to the WRS valid termination requirements under Wisconsin Administrative Code §ETF 10.08 and break-in-service regulations pursuant to Wisconsin Statute §40.26(5).

Each approved applicant’s date of separation will be determined by the chancellor upon recommendation from the provost, deans and division leaders in consideration of the needs of the university. Separations must occur between Dec. 1, 2024, and Jan. 8, 2025, as described under Eligibility Criteria #3 unless an exigent need is determined by the provost, deans and division leaders as approved by the chancellor.

In consideration for participation in the VRIP and the payment of incentives described herein, accepted applicants must voluntarily accept and sign a separation agreement that contains a release of all continuing employment rights and any and all claims against UW-River Falls, UW, and/or the Board of Regents, including but limited to any claim against their officers, employees, agents, attorneys, insurers, and/or their assignees.