March 10, 2009
Dear Ohio University Faculty and Staff,
President Roderick J. McDavis recently approved the offering of an early retirement incentive plan as one way to deal with the unprecedented economic climate that Ohio University and other institutions across the country are facing.
The early retirement incentive plan (ERIP), commonly referred to as a buyout, will be offered to eligible classified and administrative staff effective immediately.
The ERIP allows the university to purchase one additional year of service credit for eligible employees so they can retire early or retire with a larger retirement benefit than they may have otherwise.
The ERIP also includes a $5,000 incentive for those who declare their intention to retire by April 1, 2009, and retire by May 31, 2009, (with a June 1, 2009, effective OPERS retirement date).
Eligible employees will have until August 31, 2009, to decide whether to participate in the plan, but, to reiterate, they will receive the $5,000 payment only if they declare their intent to retire by April 1 and retire by May 31 (with a June 1 effective OPERS retirement date).
The ERIP timeline is as follows:
- Open date: Immediate
- $5,000 incentive deadline: Declare by April 1 and retire by May 31 (with a June 1, 2009, OPERS retirement date)
- End Date: August 31, 2009
Some 300 employees are eligible to participate in the plan. A number of employees already have expressed interest in an ERIP to University Human Resources (UHR), saying they view participation as a positive way to help mitigate potential job losses among colleagues.
Employees eligible for the ERIP will receive an e-mail alerting them of their eligibility and providing them with more information regarding how to take advantage of the ERIP.
If you are interested in learning more, please visit the following UHR web site for more details: http://www.ohio.edu/hr/benefits/retirement/erip_info.cfm
If you have any questions or concerns regarding the ERIP, please contact University Human Resources at 740-593-1636.
Cordially,
Luis Lewin
Chief Human Resources Officer
Ohio University
