RIO Program Enrollment Deadline; Voluntary Options; Three Levels of Approvals
As announced in mid February, the Board of Regents approved the Retirement Incentive Options (RIO) for all eligible faculty and staff. Detailed information can be found on the RIO section of the University of Minnesota OHR Benefits website.
The deadline to enroll in the program is May 15, 2011, with
a retirement date of no later than January 11, 2012. This RIO program
requires the unit to pay the lump-sum amount to the Health Care Savings Plan
(HCSP). The college has discussed this matter and would like to
communicate the following information:
The College will pay the lump-sum amounts to the HCSP regardless of the funding source of the eligible position.
The hiring pause is still in effect, and the college will work with the unit to determine if the retirement can provide an opportunity for rethinking the work and structure that will realize cost savings.
Authorization for faculty searches will continue to follow the same protocol.
The college intends to offer the voluntary options for CLA faculty and staff this spring in a manner similar to last year. We will incorporate the RIO program as another option. Please note that each option has very specific criteria and conditions tied to its participation.
There are three levels of approvals;
supervisor/chair/director, Dean, and central. Forms should be sent to HR
(212 Johnston Hall) for shepherding the Dean and central approvals.
If you have any questions, please contact your HR Consultant, Wendy Lane (5-8484; email@example.com) or Margaret Yzaguirre (6-9352; firstname.lastname@example.org).
Jennifer Cieslak and Karen Dewanz