ERIP Update
Seventy seven Ohio University employees submitted an ERIP statement of intent to Human Resources by the deadline of April 28, 2006. These employees agreed to participate in the Ohio Public Employee's Retirement System (OPERS) Early Retirement Incentive Plan (ERIP). This plan is available to eligible Administrative and Classified employees through August 31, 2007.
Of the 77 employees, 72 will retire on or before July 1, 2006. These employees will receive a $10,000 incentive bonus in addition to the one year of service credit with OPERS.
The remaining five employees will retire after July 1, 2006 and receive the one year of OPERS service credit. These employees will not receive the $10,000 incentive bonus as stated in the May 10th issue of The Post.
OPERS requires that an Early Retirement Incentive Plan be available to eligible employees for a minimum of 12 months; the $10,000 bonus was offered by the University as an incentive for employees to sign up early in the plan and retire by the beginning of the new fiscal year; July 1, 2006.
