REMINDER: Make a Note in Your Calendar of When to Sign and Return Your VSRI Agreement

For employees who are participating in the University’s Voluntary Staff Retirement Incentive (VSRI) Program, please remember that in order to officially accept the University’s offer under the VSRI Program, you must sign and return your VSRI Agreement to Human Resources by the deadline specified in Section 7 of your VSRI Agreement:

About the VSRI Program:

In November 2023, the University announced a Voluntary Staff Retirement Incentive (VSRI) Program as part of ongoing efforts to address the budget deficit. This voluntary incentive program is for eligible staff employees who choose to commit to retirement on July 1, 2024. This is a temporary program that provides a retirement incentive (described below) to eligible staff employees who make a timely election to participate in the program.

To be eligible for the program, an employee must meet the following criteria as of January 2, 2024:

• Be classified as a benefits-eligible staff employee;

• Have at least 10 years of continuous benefits-eligible service with the University as of their most recent hire date;

• Be 55 years of age or older;

• Not be on a Long-Term Disability leave; and

• Not be a “Program-Ineligible Employee” as defined in the VSRI Plan document.

Employees who receive the retirement incentive will not be eligible to be re-employed at the University in a benefits-eligible position or as a contractor for a minimum of two years after retirement.

Participating employees will receive a one-time lump sum payment equivalent to 6 months of their annualized base salary minus taxes and withholdings. The Employees will be eligible to participate in the Retiree Health Plan and must either enroll or postpone enrollment within 31 days of their retirement date. Employees will also receive COBRA Medical or Retiree Medical subsidized at 100% for 6 months. Employees ineligible for COBRA who do not elect coverage under the Retiree Medical Plan will receive a cash payment of $5,000 in lieu of the 6-month subsidy. Employees will continue to be eligible to utilize University resources/services for up to one year, including counseling services, financial planning, outplacement support, etc.

For additional details about the VSRI Program, please review the following resources:

If you have any questions about the VSRI Program, please contact the University’s Benefits Office. Benefits specialists are available Monday through Friday from 8:30 a.m. to 4:30 p.m. at 773.702.9634 or benefits@uchicago.edu.