Incentive Program for Voluntary Retirement (IPVR) - Announcement from Executive Vice President and Provost Hay

During the last several months, we have explored options for meeting our current and future budget challenges. One strategy that holds promise is an incentive program for tenured faculty and continuing professionals who choose to voluntarily retire. After significant consideration, we have decided to offer such an Incentive Program for Voluntary Retirement (IPVR) this semester.

This voluntary, one-time opportunity will be offered beginning January 28, 2011, and end on March 18, 2011. The retirement incentive payment will be equivalent to one year’s annualized salary, pro-rated by FTE. Retirements will occur after the end of the current academic year (May 22, 2011) and fiscal year (June 30, 2011); individuals who have accepted appointments for pre-summer session, and summer sessions 1 and 2 will retire immediately after the specific summer session contract.

Those eligible to apply for the IPVR must meet the following requirements prior to May 23, 2011:

1. Faculty with tenure OR Professionals with continuing status, including those with administrative appointments, AND
2. current appointments are for no less than .50 FTE, AND
3. completion of at least 10 years of service to UA, AND
4. attainment of age 65, AND
5. have not submitted written intent to retire
   have not entered into a retirement agreement, AND
   [Clarification added: January 27, 2011]
6. have not entered into a Phased Retirement Agreement under the Optional Retirement Program.

Personalized letters are being sent to these individuals’ home addresses this week. More information, including the IPVR policy, instructions for applying, and a schedule of information sessions, is available on the Human Resources website at http://www.hr.arizona.edu/benefits/ipvr.