The University announced a Staff Voluntary Early Retirement Incentive Program and changes to its retiree medical program in a letter to employees in late June.
The early retirement program is available for exempt and non-exempt full- time employees who retire between Dec. 31, 2011, and March 31, 2012. The eligibility requirements are either:
• At least 62 years old as of July 1, 2011, with at least ten (10) years of service as of Dec. 31, 2011 or
• At least 55 years old as of July 1, 2011, with at least fifteen (15) years of service as of Dec. 31, 2011
The incentive payment is based on a formula depending on final salary (annual base salary as of July 1, 2011) and years of service. The payment will equal 4 percent of the final salary, multiplied by the years of service (total not to exceed the final salary).
The letter from Robert McQuade, vice president for human resources, said eligible staff will receive an individualized letter by Monday, Aug. 1, with more details and an exact incentive payment amount based on the formula. There will also be information sessions in August to review the program.
The University also announced a change in medical coverage for retirees eligible for Medicare. Rather than receiving supplemental coverage through the Notre Dame group insurance plan, the University will contribute to a personal Health Reimbursement Account for each retiree and eligible spouse. Retirees will then select and pay for their own coverage.
For more information on either program, contact the askHR Customer Service Center at 631-5900 or by email at askHR@nd.edu.