University News
Update: Voluntary Retirement Program
November 20, 2015
Dear University Community,
The Illinois General Assembly has not yet passed a Fiscal Year 2016 appropriated budget for higher education. As a result, Western Illinois University faces unprecedented economic challenges. My leadership team and I are planning a multi-faceted approach to address this difficult situation. Accordingly, Western is implementing a voluntary program for qualified faculty and staff who are retirement-eligible according to the State Universities Retirement System (SURS).
Eligible employees who voluntarily elect to retire effective January 1, 2016 (last day of employment is December 31, 2015) will receive a one-time lump sum payment equal to 25 percent of the employee's annual base salary as of December 1, 2015.
This payment cannot be considered income for calculating retirement benefits with the State Universities Retirement System (SURS). This payment will also be subject to federal and state income tax withholding and, if applicable, federal Medicare withholding.
Applications for the program will be accepted through January 4, 2016. This is a limited time program based on the availability of funds. Applications will be considered in the order that they are received.
To apply for the voluntary program, contact the Benefits Office at (309) 298-1853. Additional information will be available at wiu.edu/vpas/human_resources/benefits.
I appreciate the work of every member of our University community. We must continue to work together to overcome these challenges and emerge better, stronger, and more competitive. As always, thank you for your support.
Sincerely,
Jack Thomas, Ph.D.
President
Posted By: University Communications (U-Communications@wiu.edu)
Office of University Communications & Marketing
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