Last modified: Thursday, June 23, 2011
IU announces results of early retirement program
FOR IMMEDIATE RELEASE
June 23, 2011
SOUTH BEND, Ind. -- Indiana University announced today (June 23) the results of its Early Retirement Incentive Plan, an effort that is expected to save the university $6 million annually by helping departments reduce personnel expenses.
The plan provided eligible employees with a one-time opportunity to apply for voluntary early retirement from IU, with the first phase of early retirements beginning June 30. Applications were accepted from April 18 through May 13.
Dan Rives, IU associate vice president for human resources, said that results of the plan have "exceeded the university's expectations."
Out of 2,566 eligible employees, 572 individuals applied for the early separation incentive, Rives said. Of that group, 495 employees were approved. A total of 327 employees will begin their retirement on June 30, 143 on Aug. 31 and 25 on Dec. 31.
Full-time academic and staff employees were eligible to apply for the early retirement incentive plan if they satisfied, on June 30, age and service requirements for IU retiree status or were at least 60 years old and had at least 10 years of full-time service to the university.
Rives said the voluntary separations under the retirement incentive are intended to assist IU departments in reducing salary and benefit expenses, redirect positions to focus on higher priorities and minimize involuntary reductions in personnel.
For more on IU's Early Retirement Incentive Plan, go to http://www.indiana.edu/~uhrs/erip/index.html.