Academic Personnel

Voluntary Retirement Incentive Option

The Provost has announced that the Voluntary Retirement Incentive (VRI) Option will be offered for one additional time before suspending the program for the foreseeable future. Eligible faculty have been notified via email of the forthcoming offering.

The Voluntary Retirement Incentive (VRI) Option is an alternative retirement benefit available to eligible tenured faculty that allows them to forego their vested right to five years of partial (40%) reemployment in exchange for a tax free health reimbursement arrangement known as a VEBA. This tax free health reimbursement arrangement 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.

Open Election Period

February 1, 2020 – March 31, 2020

Retirement Window

February 1, 2020 – June 30, 2020

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 a completed VRI Notice of Interest form to the Office Academic Personnel for verification of eligibility. (Note: this page will be updated in January with a link to the Notice of Interest form)

Step 2 – Upon verification, a contract (Application, Acknowledgement, and Agreement) will be generated and sent to the applicant retiree and notice provided to the relevant dean or chancellor. The signed VRI contract must be returned to the Office of Academic Personnel by the date specified in the contract.

Step 3 – Separate from electing the VRI, the tenured faculty member must complete the required retirement application process.

Important Note: Applying for the VRI option is independent from applying for retirement from the University of Washington. Please refer to the UW Benefits, UWRP: Preparing to Retire, for the retirement application process.

Questions?

Contact vri@uw.edu for VRI questions

Contact totalBen@uw.edu for VEBA questions