2017 Special Voluntary Retirement Incentive Program (SVRI)

Introduction

The implementation of the 2017 Special Voluntary Retirement Incentive (SVRI) is one of many actions the university is taking in response to a reduction in state funding. This program is available to eligible employees on the Norman campus payroll (see Eligibility below). The SVRI program will help the university realize much-needed savings, optimize the operational efficiency of administrative and academic units, and provide an opportunity for eligible university employees to receive a financial incentive to voluntarily retire from service at an earlier date than might otherwise have been planned.

The program is designed to provide departments and academic units with an effective vehicle to address fiscal constraints, achieve a long-term reduction in payroll and benefits costs, and minimize involuntary terminations.

Download the SVRI Program Flyer here.

Human Resources is Here to Help

  • Human Resources is available to meet with groups of eligible employees at their locations. If you'd like to schedule a departmental meeting, email us at SVRI@ou.edu or contact Human Resources at 405-325-1826.
  • Fidelity is offering on-campus workshops this spring about Social Security and Retirement Income Planning. Find the schedule here.
  • Fidelity has individual appointment times available all spring. Schedule an appointment here. 

Eligibility

Eligible Participants
  • Full-time benefits-eligible faculty and staff 
  • On the Norman campus payroll
  • Age 60 or greater as of June 30, 2017
  • Meet normal university retirement age and service requirements as of June 30, 2017
Non-eligible Participants
Faculty and staff who:
  • Are paid with external grant or contract funds
  • Were given notice of their involuntary termination before March 15, 2017

Timeline

  • March 8: SVRI approved by Regents
  • March 15: All deans and directors receive list of eligible employees
  • March 15: All eligible employees receive application materials by email
  • March 15-June 30: Application Period
  • April 1-Dec 31: Effective Retirement Dates - Employees must meet the above eligibility criteria on or before their retirement date.

Incentive Payment

  1. Salaried faculty and staff will receive a single lump sum equal to:
    • 75 percent of his or her base salary in effect on March 15, 2017, not to exceed $100,000
    • Less all required deductions for local, state and federal taxes
  2. Support and service staff not exempt from overtime rules will receive a single lump sum equal to:
    • His or her hourly rate in effect on March 15, 2017, times 1,560 hours, not to exceed $100,000
    • Less all required deductions for local, state and federal taxes
  3. Payment will be made as wages after submission of the required documents and in accordance with current retirement and payroll schedules.
  4. No portion of the lump sum payment is:
    • Eligible for salary deferral under OU’s retirement savings plans
    • Considered compensation for purposes of calculating the University's contribution to the Oklahoma Teachers' Retirement System

Application Process

  1. List of eligible employees will be mailed to all deans and department heads on March 15, 2017.
  2. Information packet will be emailed to eligible employees on or before March 15, 2017.
  3. Packet contents
    • Program details
    • SVRI Notice of Intent
    • Election Agreement with Waiver and Release 
  4. Notice of Intent must be submitted to Human Resources by June 30, 2017, whether or not the employee chooses to participate in the SVRI program.
  5. Election Agreement with Waiver and Release
    • Must be submitted to Human Resources on or after the employees retirement date.
    • Participants have seven days from the date of signing to revoke the Agreement.

More Details

Medical Insurance

The University will:

  • Fully subsidize medical insurance premiums for retirees who retired before January 1, 2016, and employees who were eligible for retirement before January 1, 2016
  • Subsidize medical premiums for employees who become eligible for retirement on or after January 1, 2016 at the percentages indicated in the Retiree Medical Insurance Subsidy Matrix.

Re-employment

SVRI participants:

  • Will not be eligible for reemployment in a benefits eligible position for three years after retirement
  • May return to work at the university in any part-time (.25 FTE or less), non-benefits eligible position 60 days after retirement
  • May not return to work at the university as an independent contractor or consultant for one year after retirement

Retirement Benefits

Eligible Employees must follow required timelines as set out by OU Human Resources and Oklahoma Teachers’ Retirement System (OTRS) to properly complete the retirement process and receive retirement benefits.

Other Retirement Incentive Offers

Employees who have accepted any other retirement/separation agreement from the university are not eligible for the SVRI.