In 2022, UMW first offered a Faculty Early Retirement Incentive Program (FERIP), and the decision has been made to offer the FERIP again in 2023. Such plans are intended to be utilized strategically by the university, and are offered when business needs dictate and resources allow. It is likely this will be the last offering for several years. 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.
Important Note: Payments are subject to employment taxes so must be made through the payroll system so that a W-2 will be generated and all taxes withheld accordingly. In addition, they are considered supplemental wages so the federal tax withholding rate is 22% and the Virginia withholding rate is 5.75%.
*Live virtual sessions with VRS and the Social Security Administration will be offered via Teams in October, session dates will be announced once finalized.
To sign up for a session, please email Denise Frye firstname.lastname@example.org