RIO is an opportunity for voluntary
retirement for eligible employees; this program was approved by the Regents on
February 11.
RIO will provide a lump-sum
contribution to the State of Minnesota Health Care Savings Plan (HCSP),
following the last day of employment. The amount of the contribution will be
roughly equivalent to 24 months (52 pay periods) of University subsidy,
depending upon the employee's UPlan coverage level (i.e., employee only, employee
and spouse/same sex domestic partner, employee and child/children, or employee
and spouse/same sex domestic partner and child/children), permanent residence,
and work location as of the last day of employment. Additional information on
the HCSP may be found at the Minnesota State Retirement System website. Participants in the program may continue medical and/or dental coverage as
retirees, subject to the terms of the program in which they participate (either
UPlan or Federal). More information is available at the University of Minnesota, Office of Human Resources' website.
Enrollment
Dates
Faculty, P&A, Civil Service,
Union-Represented, and University employees enrolled in Federal health benefits
may enroll in the program beginning February 15 through May 15, 2011.
A faculty member who wishes to retire during their current appointment must do
so on or before the last day of that appointment. All faculty and staff
employees who elect to participate in RIO must retire at a date mutually
acceptable to the employee and his/her unit, but no later than January 11,
2012.
Eligible
Employees
Eligible employees must be actively
employed at 75 percent time or greater and hold an appointment term of nine
months or longer on the last day of employment. The employee must be currently
enrolled in UPlan (or Federal) benefits and be receiving University subsidy for
those benefits. Employees must also be eligible for retirement from the
University under one of the following scenarios:
- Age 55 or older with a minimum of five (5) years of
service
- Age 50-54 with a minimum of fifteen (15) years of
service
- Any age with thirty (30) years service
Employees must meet these age and
service requirements at the earlier of a) their date of retirement or b) May
15, 2011.
Administrative
Representatives or Supervisors/Managers should follow these steps:
- Provide the appropriate RIO documentation, based on the
specific job classification, to eligible employees. (See University of Minnnesota Office of Human Resources' website.
- Certify employee eligibility and determine years of
service.
- Provide information to participating employees
regarding the age distribution of eligible employees within unit and job
class. (Refer to ADEA Statistics at University of Minnesota Office of Human Resources' website.
- Obtain necessary signatures on the Retirement Incentive
Option Agreement for and, on the last day of employment, the Retirement
Incentive Option Release.
- Enter appropriate information into the HRMS system.
- Ensure that requests to fill vacancies created by those
employees selecting the Retirement Incentive Option program are approved
by the offices of the appropriate senior vice president, vice president,
or chancellor.
Informational
Seminars
Info
sessions were held on February 21 and 22. The recorded presentation will
be available online for viewing until the close of the RIO program on May 15.
If you have questions, contact the Employee Benefits Service Center at
612.624.9090 or 800.756.2363, option 2 or send an email to benefits@umn.edu. More
information can also be found on the Office of Human Resource's website.
