Chief Human Resource Officer Luis Lewin issued a memo Tuesday providing details of Ohio University's recently announced early retirement incentive plan (ERIP).
President Roderick J. McDavis approved the ERIP, for which about 300 classified and administrative staff are eligible, in hopes of reducing the number of layoffs expected to affect Ohio University in the coming months. In announcing the offering last week, he also previewed a comprehensive package of benefits and services that will assist anyone whose position is eliminated.
The ERIP allows the university to purchase one additional year of service credit for eligible employees who are members of the Ohio Public Employees Retirement System (OPERS) 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).
A list of frequently asked questions related to the ERIP appears on the University Human Resources Web site.
-- From staff reports