Voluntary Retirement Program
The Voluntary Retirement Program (VRP) is a time-limited opportunity for eligible academic and non-academic staff. Approved employees will receive a lump-sum payment of one month of salary per year of service up to a maximum of 12 months of payment if they retire on or before Dec. 31, 2018.
A maximum of $8 million has been allocated for this program. Once the funding has been applied, the program will come to a close.
VRP is being offered to operationally funded, permanent academic and non-academic staff members who are enrolled in Memorial’s pension plan (or an alternate Memorial retirement plan) and who fall within the following groups:
• Academic staff members who hold tenured or tenure-track positions.
• Non-academic staff in unionized, non-bargaining, management and professional, or senior administrative management positions (executive positions are excluded).
Consideration will be given to non-academic staff whose positions can be eliminated or filled in an alternate way that will generate substantive savings and contribute to the overall position reduction for the university.
VRP is not available for contractual employees, employees paid from non-operating sources (ex: research grants), employees paid on the executive compensation pay plan, employees of separately incorporated entities, as well as any other non-Memorial employee who is paid through Memorial’s payroll system.
Employees who already formally submitted their intent to retire by Dec. 31, 2018, but were still employed at Memorial at the commencement of this program may be eligible for retroactive consideration. Such employees will need to complete and submit the Voluntary Retirement Program application form.
Application phases and timing
The program is being offered in phases:
• Phase one includes individuals who are a minimum age of 71.
• Phase two includes individuals who are a minimum age of 65 but less than 71 and have 30+ years of service.
• Phase three includes individuals who are a minimum age of 60 but less than 65 and have 35+ years of service.
• Phase four includes individuals who are a minimum age of 60 but less than 65 and have 30+ years of service.
For this program, age is defined as age as of Dec. 31, 2018.
Phases one and two ran concurrently with applications accepted from June 1 to July 20, 2018. Phase three closed on Sept. 14, 2018. Phase four is currently open and will close on Nov. 2, 2018.
Within each phase, priority is given to applications based on years of service.
For detailed information about the program, please read the FAQs.
To apply, please complete the application form and follow the approval process.
If you have questions about this program, please discuss with your dean/director or email email@example.com.