UW-Platteville offers separation incentives
The University of Wisconsin-Platteville is offering employees a voluntary separation incentive program to cope with proposed state budget cuts.
A release from the school said the campus is trying to “reduce operating costs and prioritize resources on a long-term basis.” The release said UW-Platteville’s portion of the proposed $300 million cut to the system amounts to about $5 million for Platteville.
The program is open to employees who are age 55 years or older as of June 30 who are also vested with the Wisconsin Retirement System and eligible to receive an annuity under WRS. They must also have been with the campus for at least five years.
The campus is offering 226 eligible employees a one-time payment of half the employee’s current base salary, a payment to eliminate the age reduction factor that is normally applied to employees who retire early in the Wisconsin Retirement System.
Tenured faculty members who are eligible and approved will receive an additional incentive to recognize their tenured status.
Eligible employees will be contacted and will have 30 days to return their applications if they’re interested in participating. The separations would happen during 2015 and 2016.
The program could save the campus up to $700,000, according to a release.