Faculty Early Retirement Incentive Program (FERIP)

The UMW Board of Visitors approved a proposed Faculty Early Retirement Incentive Program (FERIP) at its February 2022 meeting, and Governor Glenn Youngkin approved the program in August 2022.  The approval letter and the plan document are available for viewing.

The plan offers approved participants one year of 100% of their final base salary, payable monthly over a two-year period.

The requirements for this program are outlined in the Code of Virginia and the eligibility criteria include: tenured status; at least 60 years of age; employed full-time in a non-classified teaching position at UMW for at least 10 years, and agreement to withdraw from active membership in the Virginia Retirement System.

Informational Resources:

Faculty Early Retirement Incentive Program FAQs
Health Coverage Retiree options depend on whether a retiree is  Medicare-eligible or not Medicare-eligible at the time of retirement.  Retirees who are not  eligible for Medicare pay the total premium (employer plus employee portion).
Virginia Retirement System (VRS) http://www.varetire.org/  Counseling Center 1-888-827-3847
TIAA To schedule a phone consultation, call toll free 800-732-8353
DCP To schedule a phone consultation, call toll free 1-877-327-5261, select option 1
Social Security Administration Call toll-free 1-800-772-1213, or www.ssa.gov/agency/contact/.  Contact to discuss Medicare eligibility and Social Security Benefits
Faculty Early Retirement Incentive Program Application – Send your completed digital form to your department chair who will review and send to the college dean who will then pass it to the Office of the Provost.

*Live virtual sessions with VRS and the Social Security Administration will be offered via Teams in early October as follows:

VRS Tues. October 4 Morning (times TBA)
SSA Thurs. October 6 10:30am and 1:30pm

To sign up for a session, please email Denise Frye dfrye2@umw.edu