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.
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 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.
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 email@example.com. More information can also be found on the Office of Human Resource's website.