Marquette is offering a voluntary one-time staff retirement program with financial incentives. The Voluntary Incentivized Retirement Program (VIRP) was designed with dual goals of supporting employees as they transition into retirement while assisting with the university’s workforce and economic planning efforts.
Eligible staff members were emailed program information and an application (from the email address of Marquette University Human Resources via DocuSign) last Wednesday, Oct. 28.
Eligibility requirements
The program is 100% voluntary and will be offered to staff members who meet the following criteria as of Dec. 31, 2020:
- You must be at least 59.5 years old
- You have completed at least two years of service at Marquette
- You must be retirement eligible per Marquette’s guidelines (your age plus your years of qualified service at the university must equal at least 70)
- For example:
- Someone who is 62 years old and has five years of qualified service at Marquette would not be eligible (62 + 5 = 67)
- Someone who is 62 years old and has eight years or more of qualified service at Marquette would qualify (62 + 8 = 70)
- Eligible staff members must also be in benefit eligible status, not covered by a collective bargaining agreement or employment contract, and in a role funded through Marquette (versus restricted funding such as a grant).
Program benefits
In addition to Marquette’s current retiree benefits, VIRP eligible staff members would receive the following benefits:
- Six months of pay continuation
- Up to six months of health care subsidies (when applicable) to be used towards COBRA or other non-employer provided insurance
- You would be considered retired as of Dec. 31, 2020
Those who wish to apply must do so by 5 p.m. on Wednesday, Nov. 18, 2020. No late applications will be accepted.
Please note: Applying for the VIRP does not guarantee acceptance into the program. Certain positions, skills or work may be critical to continued college / business operations, and Marquette reserves the right to decline applications.
During the week of Nov. 30, 2020, leaders — with HR’s assistance — will notify applicants of whether their application has been accepted or declined. If declined, you will be provided the reason.
Staff members whose applications for VIRP are accepted will be encouraged to work with their leaders to ensure a smooth transition of work.