The Executive Council has approved the following Memorandum of Agreement (MOA) for ratification. The ratification ballot opens Monday October 21, 2024 at 8 am and will be open until Monday, October 28, 2024 at 5 pm. We will be using the online voting system ElectionBuddy for the email voting, and you will receive the invitation to vote from ElectionBuddy once it is open. You will receive reminders to vote every 48 hours until you vote.
The MOA and details is listed below:
2024-25 Retirement Incentive Option (RIO) Program
The 2024-25 Retirement Incentive Option (RIO) Program is designed to incentivize retirements, help address the PSU’s budget deficit, and reduce the need for layoffs. This program offers eligible AAUP-represented faculty members a one-time cash incentive to retire early.
- Eligibility: Tenured faculty or non-tenure track faculty with continuous appointment, aged 55+ with 5+ years of PERS/ORP credit (or fully vested), or 30+ years of PERS credit.
- Incentive: One-time cash payment calculated as 1.5% of annual salary (averaged over three years) multiplied by years of qualifying service, ranging from $15,000 to $48,000. Salary is gross income from PSU, including summer pay, stipends, etc.
- Timeline: Retirement must occur between March 31 and June 30, 2025, with PERS/ORP retirement effective by July 1, 2025.
- Election Period: A 45-day opt-in window, closing no earlier than December 18, 2024, with a 7-day revocation period. Note that the offer will be available to eligible non-tenure track faculty who have received termination notices on December 15.
- Additional Benefits: Emeritus status eligibility, relief from sabbatical return obligations, and available to those approved for an Retirement Transition Program.
Please be on the lookout for the ballot Monday at 8am, and then every two days until you vote.