TO: USA Faculty, Staff and Administrators
FROM: Carlton Bellcase
SUBJECT: Voluntary Retirement Incentive Plan
On May 10, 1999, the University Board of Trustees approved a Voluntary Retirement Incentive Plan for all employees who have been continuously employed by the University for the last three years or longer and who are eligible for retirement under the rules of the Alabama Teachers' Retirement System (TRS). To be eligible for this Plan, an employee must be at least 60 years of age with at least ten years of creditable service in TRS or have 25 years of creditable service, regardless of age.
In general, the Plan provides those eligible employees who elect to participate a cash incentive payment equal to 2% of the employee's salary multiplied by the number of years of creditable service in TRS.
Information regarding the specifics of the Plan was mailed to eligible employees on May 17, 1999. The election period to participate in the Plan ends at 4:30 p.m. on Tuesday, July 6, 1999. If you believe you are eligible for the program and did not receive an information packet, please contact the Office of Personnel Relations on campus at 460-6133.