Stephen F. Austin State University

Notice of Voluntary Separation Incentive Program Announcement

TO: All Faculty and Staff
FROM: Scott A. Gordon, President
DATE: July 9, 2020
SUBJECT: Voluntary Separation Incentive Program (VSIP)

As part of our efforts to address the significant budgetary issues caused by the coronavirus pandemic, SFASU is implementing for fiscal year 2021 a Voluntary Separation Incentive Program for eligible faculty and staff. This program is completely voluntary, and participation will require approval based on institutional need and directives.

What is the timeframe for VSIP participation?

Employees are invited to request consideration to participate in the VSIP through mySFA no later than July 31, 2020. Employees will be notified of their approval status for participation via email no later than August 31, 2020.

Who is eligible to participate?

In general, to be eligible, you must meet the requirements below:

• Be a regular full-time faculty or staff employee;
• Meet state retirement eligibility, typically based on the rule of 80 (age plus years of qualifying experience equals at least 80), or be age 65 on or before August 31, 2021;
• Have not already retired from the university prior to July 1, 2020; and
• Have not already submitted retirement paperwork to Human Resources prior to July 1, 2020, or notified their department of retirement prior to September 1, 2020.

What is the Incentive?

The VSIP provides an additional benefit of a one-time incentive payment of 50% of an employee’s annual base salary (excluding additional assignments, stipends, overtime, state longevity pay or any other form of remuneration). Lump sum payments will be subject to applicable federal income taxes that include Social Security, Medicare and federal income tax withholding. Contributions to retirement plans and certain other deductions will not be made or matched from this payment.

What determines approval or disapproval to participate in VSIP?

SFASU will consider each request for consideration to participate in light of the university’s operational, accreditation and fiscal needs. The university reserves the right to approve or disapprove participation without providing justification for such decision, which will be final. The VSIP is being offered solely at the discretion of SFASU and submission of a request to participate does not guarantee approval.

How does this Impact my Retirement Benefits?

The VSIP is an employment separation program unrelated to retirement benefits. It is the responsibility of the employee to contact their respective plan provider to verify eligibility and arrange benefits.

Employees are highly encouraged to request information from their retirement provider below:

• TRS members should request a retirement packet – information packets are typically delivered within 60 days.
  • Call 800-223-8778,
  • or visit https://oapi.trs.state.tx.us/ONAC/do/login
• For ORP retirees, please contact your financial vendor. For contact information, visit the SFASU Human Resources website.
• Contact the Social Security Administration to determine your eligibility and benefits. It is important to determine the impact of retiring before full retirement age, if applicable.
• Contact SFASU Human Resources with questions or to schedule an appointment to visit with a retirement specialist.
  • 936-468-2304
  • Benefits@sfasu.edu

How do I request to participate in the VSIP?

Log into mySFA and select the Employee tab. In the Benefits section, select the link “Request for Consideration in the Voluntary Separation Incentive Program” and enter your employee information. You will have seven days to withdraw your request.

Should I talk to my manager about the VSIP?

You are welcome to express your interest in the VSIP to your manager. However, managers must not influence an employee’s decision and should refrain from sharing their personal situation or opinion of the VSIP or discussing their predictions about potential future changes that may be ahead. After the consideration and revocation periods expire, you will want to discuss your retirement date with your manager if you are approved to participate.

If I take the VSIP, can I be employed by the university in another role?

Employees who retire under this program and accept the incentive payout will not be eligible for rehire in any capacity at SFA for at least two years after separation date. Rehire requires division head approval.

Additional Information for Faculty

Approved faculty participants will have a retirement date of the December 31, 2020, May 31, 2021 or August 31, 2021, depending on the needs of the university.

Additional Information for Staff

Staff retirement dates must occur by August 31, 2021.

Please direct any questions about VSIP to benefits@sfasu.edu.

Scott Gordon President Stephen F. Austin State University | President's Office T 936.468.2201 | F 936.468.2202 Scott.Gordon@sfasu.edu

The views and opinions expressed in this message are my own and do not necessarily reflect the views and opinions of Stephen F. Austin State University, its Board of Regents, or the State of Texas.