To address “budgetary and ongoing workforce challenges”, Penn State is offering voluntary retirement packages (VRP) to eligible employees.
About 1, 270 faculty and non-academic staff members meet the criteria.
- For non-academic staff, VRP participants must be 60 years of age, have 15 years of consecutive regular full-time service as of Sept. 30, 2016, or be any age and have 35 or more years of consecutive regular full-time service as of Sept. 30, 2016.
- For non-academic staff in administrative support positions, regardless of their business unit, college or campus, VRP participants must be 60 years of age, have 15 years of consecutive regular full-time service as of Sept. 30, 2016, or be any age and have 25 or more years of consecutive regular full-time service as of Sept. 30, 2016.
- For faculty, VRP participants must be 62 years of age, have 15 years of consecutive regular full-time service as of Sept. 30, 2016, or be any age and have 35 or more years of consecutive regular full-time service as of Sept. 30, 2016.
“As part of the University’s strategic resource investment initiatives, Penn State has prepared a Voluntary Retirement Plan to be offered to faculty and staff who meet specific eligibility criteria,” said University President Eric Barron. “Participation in the Plan is entirely voluntary. This Plan will allow Penn State to provide a substantial benefit to eligible faculty and staff who choose to participate, and will allow units across the University to be active in addressing budgetary and ongoing workforce challenges.”
An application packet will be mailed to the to those eligible on August. 31. They will then have thirty days to make a binding decision. Staff will be able to select a retirement date between December 31, 2016 and January 30, 2017. Faculty selected will have a retirement date of June 30, 2017.