Important Employee Benefits Information:
Health Care Savings Plan for Civil Service Employees
Effective August 1, 2008, all civil service employees who leave the University with 10 or more years of service and 200 or more hours of vacation will have the full value of their vacation bank paid to the Health Care Savings Plan instead of to the employee in cash.
See attached for further information.
Possible Retirement Incentive Program
A retirement incentive program is currently under serious consideration at the University of Minnesota. Formal adoption of this program would require approval by the Board of Regents. University Administration is seeking approval from the Board of Regents at their May meeting.
If the program is presented and approved, one of the provisions currently being discussed would provide for three years of continued university subsidy under the university medical and dental coverages. Eligibility criteria for the plan currently under discussion includes the normal requirements for retirement as well as certain other provisions. Another design feature that may be part of the program is the use of a "window of opportunity" feature during which eligible faculty or staff could request to participate in the program. Finally, other elements under discussion are mutual agreement of retirement date between the employee and his or her unit, and a final date of program eligibility, which would most likely be not later than June 14, 2009.
For those employees covered by collective bargaining units, University Administration has begun conversations with union leadership in the hopes that all eligible employees at the University will be able to access this program should it be approved.
The University may decide not to offer an incentive program at this time or may modify the elements under consideration asmentioned above. Every effort will be made to finalize a decision regarding this program as soon as administratively possible, and eligible participants will be notified of that decision and the terms of the program in as timely a manner as possible.