OFFICE OF THE ASSISTANT VICE CHANCELLOR
PERSONNEL
June 18, 1993
ALL AT UCSD
I am pleased to announce that at their meeting today, the Regents
approved a systemwide Voluntary Early Retirement Incentive Program
called VERIP III. VERIP III is one of several measures being
implemented during fiscal year 1993-94 to offset the University's
severe budgetary deficit.
VERIP III will be available during a limited time period to
eligible employees who are members of the UC Retirement Plan
(UCRP). The program will enable the University to reduce the
current workforce by offering a pension enhancement to eligible
employees who elect to retire voluntarily under specific VERIP
III program guidelines. Under this program, Academic Senate
faculty will retire July 1, 1994; all other eligible employees
will retire November 1, 1993.
Detailed information packets, including eligibility criteria and
personalized estimated income statements, will be mailed to each
eligible employee's home address. The mailing is scheduled for
July 1, 1993 to all eligible employees except Academic Senate
faculty. Mailings to Senate faculty will be scheduled for a
later date.
Five special VERIP III group informational sessions for Campus
and Medical Center employees are scheduled as follows:
Location Date Time
Hyatt Regency Hotel July 15th 8:30-11:30 am
3777 La Jolla Village Drive
La Jolla
Hyatt Regency Hotel July 16th 8:30-11:30 am
3777 La Jolla Village Drive 1:30- 4:30 pm
La Jolla
Price Center Ballroom August 3rd 8:30-11:30 am
UCSD Campus 1:30- 4:30 pm
Because of the large number of eligible employees and limited
seating arrangements, VERIP eligible employees who would like to
attend one of the informational sessions must make reservations
by calling the VERIP III Registration Line which will be listed
in the informational packet mailed to their homes. Attendees may
bring one guest.
Employees may call the Hotline number to get weekly updates
regarding the VERIP III Program. The Hotline number is 534-7414.
The following is a summary of the VERIP III program approved by
the Regents. (Information packets for eligible employees will
contain more details.)
VERIP III Summary
Purpose
A permanent reduction in workforce program designed to effect
sufficient payroll savings in response to severe and
cumulative budgetary shortfalls, by providing a financial
incentive to retire to a targeted, select group of UC
Retirement Plan members.
Eligibility
To be eligible for VERIP III an employee must be an active
member of the UCRP through the last working day prior to the
VERIP III retirement date, and eligible to elect retirement
under UCRP with a minimum age of 50 and a minimum of 5 years
of earned service credit.
- Academic Senate faculty must have a combination of age and
service credit at least equal to 73 as of July 1, 1994.
- All other employees must have a combination of age and
service credit at least equal to 55 as of November 1, 1993.
("Service credit" includes PERS service credit earned
while a UC employee; excludes service credit under a
reciprocal agreement, service recognized for vesting
purposes only, and service credit attributable to
accrued sick leave.)
- Total eligible employees systemwide - 15,343
University of California, San Diego - 1,329
-Senate faculty 258
-All others 1071
Incentives
An incentive of 5 years of service credit and 3 years of age
credit, except that those older than age 57 will receive one
less month of age credit and an added amount of service credit up
to a maximum of 8 years, for each whole month beyond age 57.
For example:
Incentive (in years)
Actual Added Age Credit Added Service Credit
57 & below 3 5
58 2 6
59 1 7
60+ 0 8
-Transition Assistance:
For eligible staff and non-Senate academic employees, one lump sum
payment equal to 3 times January, 1993 eligible covered compensation
to be paid December 1, 1993; for Academic Senate faculty, one lump
sum payment equal to 3 times April, 1993 eligible covered
compensation to be paid August 1, 1994.
VERIP III Average Pay - Highest Average Plan Compensation
Highest Average Plan Compensation (HAPC) for the purpose of
VERIP III for Academic Senate faculty UCRP members
determined by using the average monthly full-time equivalent
compensation for the 36-month period ending June 30, 1993
increased by 7 percent.
HAPC for all other eligible UCRP members determined by using
the average monthly full-time equivalent compensation for the
36-month period ending June 30, 1992 increased by 7 percent.
Key Dates
Window Period:
Staff and non-Senate academics - July 1, 1993 through 5 pm
October 1, 1993
Academic Senate Faculty - March 1, 1994 through 5 pm
May 31, 1994
Retirement Dates:
Staff and non-Senate academics - November 1, 1993
Academic Senate Faculty - July 1, 1994
Exclusions
- Employee must not have ever received retirement or disability
income from UCRP other than a Refund of Accumulations.
- Employee must not have ever participated in any other early
retirement incentive while a UC employee, such as the Faculty
Early Retirement Program, the phased retirement program, VERIP
I, VERIP II, Retirement Acceleration Opportunity Program
(RAOP), or any employment termination severance package offered
at a specific location.
Please route a copy of this notice to interested employees.
QMW
Quelda M. Wilson
Assistant Vice Chancellor -
Personnel
UCSD
CAMPUS NOTICE
University of California, San Diego
OFFICE OF THE ASSISTANT VICE CHANCELLOR
PERSONNEL
June 18, 1993
ALL AT UCSD
I am pleased to announce that at their meeting today, the Regents
approved a systemwide Voluntary Early Retirement Incentive Program
called VERIP III. VERIP III is one of several measures being
implemented during fiscal year 1993-94 to offset the University's
severe budgetary deficit.
VERIP III will be available during a limited time period to
eligible employees who are members of the UC Retirement Plan
(UCRP). The program will enable the University to reduce the
current workforce by offering a pension enhancement to eligible
employees who elect to retire voluntarily under specific VERIP
III program guidelines. Under this program, Academic Senate
faculty will retire July 1, 1994; all other eligible employees
will retire November 1, 1993.
Detailed information packets, including eligibility criteria and
personalized estimated income statements, will be mailed to each
eligible employee's home address. The mailing is scheduled for
July 1, 1993 to all eligible employees except Academic Senate
faculty. Mailings to Senate faculty will be scheduled for a
later date.
Five special VERIP III group informational sessions for Campus
and Medical Center employees are scheduled as follows:
Location Date Time
Hyatt Regency Hotel July 15th 8:30-11:30 am
3777 La Jolla Village Drive
La Jolla
Hyatt Regency Hotel July 16th 8:30-11:30 am
3777 La Jolla Village Drive 1:30- 4:30 pm
La Jolla
Price Center Ballroom August 3rd 8:30-11:30 am
UCSD Campus 1:30- 4:30 pm
Because of the large number of eligible employees and limited
seating arrangements, VERIP eligible employees who would like to
attend one of the informational sessions must make reservations
by calling the VERIP III Registration Line which will be listed
in the informational packet mailed to their homes. Attendees may
bring one guest.
Employees may call the Hotline number to get weekly updates
regarding the VERIP III Program. The Hotline number is 534-7414.
The following is a summary of the VERIP III program approved by
the Regents. (Information packets for eligible employees will
contain more details.)
VERIP III Summary
Purpose
A permanent reduction in workforce program designed to effect
sufficient payroll savings in response to severe and
cumulative budgetary shortfalls, by providing a financial
incentive to retire to a targeted, select group of UC
Retirement Plan members.
Eligibility
To be eligible for VERIP III an employee must be an active
member of the UCRP through the last working day prior to the
VERIP III retirement date, and eligible to elect retirement
under UCRP with a minimum age of 50 and a minimum of 5 years
of earned service credit.
- Academic Senate faculty must have a combination of age and
service credit at least equal to 73 as of July 1, 1994.
- All other employees must have a combination of age and
service credit at least equal to 55 as of November 1, 1993.
("Service credit" includes PERS service credit earned
while a UC employee; excludes service credit under a
reciprocal agreement, service recognized for vesting
purposes only, and service credit attributable to
accrued sick leave.)
- Total eligible employees systemwide - 15,343
University of California, San Diego - 1,329
-Senate faculty 258
-All others 1071
Incentives
An incentive of 5 years of service credit and 3 years of age
credit, except that those older than age 57 will receive one
less month of age credit and an added amount of service credit up
to a maximum of 8 years, for each whole month beyond age 57.
For example:
Incentive (in years)
Actual Added Age Credit Added Service Credit
57 & below 3 5
58 2 6
59 1 7
60+ 0 8
-Transition Assistance:
For eligible staff and non-Senate academic employees, one lump sum
payment equal to 3 times January, 1993 eligible covered compensation
to be paid December 1, 1993; for Academic Senate faculty, one lump
sum payment equal to 3 times April, 1993 eligible covered
compensation to be paid August 1, 1994.
VERIP III Average Pay - Highest Average Plan Compensation
Highest Average Plan Compensation (HAPC) for the purpose of
VERIP III for Academic Senate faculty UCRP members
determined by using the average monthly full-time equivalent
compensation for the 36-month period ending June 30, 1993
increased by 7 percent.
HAPC for all other eligible UCRP members determined by using
the average monthly full-time equivalent compensation for the
36-month period ending June 30, 1992 increased by 7 percent.
Key Dates
Window Period:
Staff and non-Senate academics - July 1, 1993 through 5 pm
October 1, 1993
Academic Senate Faculty - March 1, 1994 through 5 pm
May 31, 1994
Retirement Dates:
Staff and non-Senate academics - November 1, 1993
Academic Senate Faculty - July 1, 1994
Exclusions
- Employee must not have ever received retirement or disability
income from UCRP other than a Refund of Accumulations.
- Employee must not have ever participated in any other early
retirement incentive while a UC employee, such as the Faculty
Early Retirement Program, the phased retirement program, VERIP
I, VERIP II, Retirement Acceleration Opportunity Program
(RAOP), or any employment termination severance package offered
at a specific location.
Please route a copy of this notice to interested employees.
QMW
Quelda M. Wilson
Assistant Vice Chancellor -
Personnel