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WSU Regents meeting to cover early retirement

A voluntary early retirement incentive proposal is scheduled to be discussed at the March 25-26 Washington State University Board of Regents meeting on the Tri-Cities campus, Consolidated Information Center, Rooms 212-214.

Tentative time for the discussion is 1:45 p.m. March 25. The board is expected to vote on the issue at 9 a.m. March 26.

If approved, eligible participants of the WSU Retirement Plan, or WSURP, would be granted a one-time cash incentive if they retire before Aug. 15.

This incentive should not be confused with the voluntary retirement incentive program, or VRIP, being offered to eligible active participants of a retirement plan administered by the state Department of Retirement Systems. The VRIP was approved by the regents in January, following approval by the state Office of Financial Management.

If approved by the regents, early retirement proposal would be available to eligible WSURP participants, typically administrative professional employees and faculty. They would be able to apply April 1 to June 30.

Eligible employees would receive from WSU a one-time cash payment of $23,270, which could yield approximately $18,000 after taxes. The actual benefit will vary based upon the tax status of the retiring employee.

Pending VERI approval, WSU Human Resource Services will present information seminars on the Pullman campus, and via AMS videoconferencing. At that time, HRS also will have information available at www.hrs.wsu.edu/veri, including FAQs, a retirement checklist and an archive of VERI communications.

For more information about these plans, visit www.hrs.wsu.edu/Voluntary.

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