The Washburn Board of Regents approved a special retirement program to help balance the university’s budget.
The plan was announced by President Farley on Jan. 19 to help benefit long-term Washburn workers. To receive benefits from the Voluntary Retirement Incentive Program, one must be an eligible worker under certain guidelines.
When Farley presented the retirement program to the board of regents, he hoped to make a plan that would reach out to the hard-working individuals at Washburn to receive an early retirement, plus benefit the University as well. This program will help out Washburn’s budget by covering costs to give to their retired employees. This plan was the best solution to start helping out the school’s budget since there has been a decrease in enrollment recently.
Employees who wish to retire before the Feb. 19 deadline will receive an amount close to their annual salary or $125,000 if they want to retire after the spring session.
An important benefit that comes from this program will offer Washburn’s workers an incentive of their health care provided and paid for. This benefit can only reach out to retirees who are younger than 65 before they will be provided with Medicare.
In order to receive the special benefits with this program, one must be a full-time, benefit eligible worker. This means that a worker would have to be working over 40 hours a week. On top of that, they have to be eligible to receive other benefits.
The second requirement for this program requires one to be at least 62 years old on or before June 30. After this date, one cannot be eligible for this program.
The third and final requirement requires the worker to be employed with Washburn University for at least 10 years on a full-time basis. This is a benefit to all of faculty and staff of the University.
Rick Anderson, vice president for administration and treasurer, had more information about the new program that was approved.
“We need to look on improving our current budget,” Anderson said. “We hope to have this be a successful outcome for our budget. If anyone has any questions about this program, the human resources department would be more than happy to answer any questions.”