The University of Kansas is offering an accelerated retirement program for eligible employees in a move to save money during the COVID-19 outbreak.
The Voluntary Separation Incentive Program – or V-SIP – will be offered to faculty and staff who meet specific retirement eligibility requirements.
V-SIP is designed to provide eligible KU employees who voluntarily elect, and are approved, to retire from KU on December 31st with separation benefits.
KU staff and faculty who are active participants in the Kansas Board of Regents mandatory retirement plan who will be at least 62 years old AND have worked at least 10 years in a benefits-eligible position with KU or a State of Kansas agency at the time of separation will be able to apply.
In general, the incentive payment is a lump-sum cash payment of $100,000 or the participant’s annual base salary, whichever is lower.
Any V-SIP payment will be subject to required payroll deductions, including federal and state taxes and any other legally required deductions.