- The Voluntary Retirement Incentive (VRI) is being offered for the 2015-16 Academic Year. Information, along with applicable materials were mailed to eligible faculty in early June, 2015.
The VRI is an alternative retirement benefit available to eligible tenured faculty that allows them to forego their vested right to five years of state-funded partial (40%) reemployment in exchange for a tax free medical expense account known as a VEBA. This tax free medical account is established at the time of retirement with a one-time lump sum payment generally equal to 50% of the faculty member’s tenured-backed annual salary. The following contribution limits will apply to 100% tenured faculty members: $25,000 is the minimum and $100,000 is the maximum. Proportional contribution limits will apply to faculty members with partial tenure.
Applying for the VRI option is independent from applying for retirement from the University of Washington. Contact UW Benefits to initiate the UW retirement process.
Open Election Period
July 1, 2015 – December 31, 2015
July 1, 2015 – June 30, 2016
How do eligible tenured faculty members sign up for this limited incentive option?
Tenured faculty members are encouraged to contact their department chair, program director, dean, or chancellor to discuss their retirement plans. If the VRI option is considered, the following steps must be taken:
Step 1 – The tenured faculty member must submit the VRI notice of interest form to verify eligibility.
Step 2 – Upon verification, a contract will be mailed to the applicant retiree with details on filing for retirement.
Step 3 – The signed VRI contract will be returned to Academic Personnel.
Step 4 – After the faculty member’s retirement, the VEBA account will be funded and made available consistent with the contracted timeline.
Contact email@example.com for VRI questions.