§ 23-9.2:3.1. Authority to establish incentives for voluntary earlyretirement; eligibility; contents of plans.
A. The board of visitors or other governing body of any public institution ofhigher education may establish a compensation plan designed to provideincentives for voluntary early retirement of teaching and research staffemployed in nonclassified, faculty positions. Participation in suchcompensation plan shall be voluntary for eligible employees and no employeeshall be penalized in any way for not participating.
B. In order to qualify for participation in such compensation plan, aneligible faculty employee shall (i) be at least 60 years of age; (ii) havecompleted at least 10 years of full-time service at the institution offeringthe plan; (iii) have been awarded tenure or have a contractual right tocontinued employment; (iv) agree to withdraw from active membership in theVirginia Retirement System; and (v) comply with any additional criteriaestablished by the governing body of the institution.
C. Any compensation plan established pursuant to this section shall includethe institutional needs and objectives to be served, the kind of incentivesto be offered, the sources of available funding for implementation, and anyadditional qualifications required of eligible faculty employees establishedby the governing body of the institution. Any such compensation plan shallexplicitly reserve to the governing body of the institution the authority tomodify, amend or repeal the plan. However, no such amendment, modification orrepeal shall be effective as to any individual who retires under the planprior to the effective date of the amendment, modification or repeal.
D. The cash payments offered under any such compensation plan shall notexceed 150 percent of the employee's base annual salary reflected in thePersonnel Management Information System at the time of election toparticipate. Any such payment shall be allocated over at least two years.Such compensation may include payment of insurance benefits by theinstitution until the participant reaches the age of 65. The total cost inany fiscal year for any compensation plan established under this sectionshall not exceed one percent of the institution's corresponding fiscal yearstate general fund appropriation for faculty salaries and associated benefits.
E. The Governor may establish, with the assistance of the State Council ofHigher Education, uniform criteria for such compensation plans. Prior to theadoption, modification, amendment or repeal of any such compensation plan,the Governor's approval shall be obtained by the governing body of theinstitution. The Governor shall provide a copy of each approved plan to theChairmen of the House Committee on Appropriations and the Senate Committee onFinance. All compensation plans shall be reviewed for legal sufficiency bythe Office of the Attorney General prior to adoption, modification, amendmentor repeal.
F. The Administrative Process Act (§ 2.2-4000 et seq.) shall not apply to theestablishment of such compensation plans or any implementing regulations orcriteria.
§ 23-9.2:3.1. Authority to establish incentives for voluntary earlyretirement; eligibility; contents of plans.
A. The board of visitors or other governing body of any public institution ofhigher education may establish a compensation plan designed to provideincentives for voluntary early retirement of teaching and research staffemployed in nonclassified, faculty positions. Participation in suchcompensation plan shall be voluntary for eligible employees and no employeeshall be penalized in any way for not participating.
B. In order to qualify for participation in such compensation plan, aneligible faculty employee shall (i) be at least 60 years of age; (ii) havecompleted at least 10 years of full-time service at the institution offeringthe plan; (iii) have been awarded tenure or have a contractual right tocontinued employment; (iv) agree to withdraw from active membership in theVirginia Retirement System; and (v) comply with any additional criteriaestablished by the governing body of the institution.
C. Any compensation plan established pursuant to this section shall includethe institutional needs and objectives to be served, the kind of incentivesto be offered, the sources of available funding for implementation, and anyadditional qualifications required of eligible faculty employees establishedby the governing body of the institution. Any such compensation plan shallexplicitly reserve to the governing body of the institution the authority tomodify, amend or repeal the plan. However, no such amendment, modification orrepeal shall be effective as to any individual who retires under the planprior to the effective date of the amendment, modification or repeal.
D. The cash payments offered under any such compensation plan shall notexceed 150 percent of the employee's base annual salary reflected in thePersonnel Management Information System at the time of election toparticipate. Any such payment shall be allocated over at least two years.Such compensation may include payment of insurance benefits by theinstitution until the participant reaches the age of 65. The total cost inany fiscal year for any compensation plan established under this sectionshall not exceed one percent of the institution's corresponding fiscal yearstate general fund appropriation for faculty salaries and associated benefits.
E. The Governor may establish, with the assistance of the State Council ofHigher Education, uniform criteria for such compensation plans. Prior to theadoption, modification, amendment or repeal of any such compensation plan,the Governor's approval shall be obtained by the governing body of theinstitution. The Governor shall provide a copy of each approved plan to theChairmen of the House Committee on Appropriations and the Senate Committee onFinance. All compensation plans shall be reviewed for legal sufficiency bythe Office of the Attorney General prior to adoption, modification, amendmentor repeal.
F. The Administrative Process Act (§ 2.2-4000 et seq.) shall not apply to theestablishment of such compensation plans or any implementing regulations orcriteria.
§ 23-9.2:3.1. Authority to establish incentives for voluntary earlyretirement; eligibility; contents of plans.
A. The board of visitors or other governing body of any public institution ofhigher education may establish a compensation plan designed to provideincentives for voluntary early retirement of teaching and research staffemployed in nonclassified, faculty positions. Participation in suchcompensation plan shall be voluntary for eligible employees and no employeeshall be penalized in any way for not participating.
B. In order to qualify for participation in such compensation plan, aneligible faculty employee shall (i) be at least 60 years of age; (ii) havecompleted at least 10 years of full-time service at the institution offeringthe plan; (iii) have been awarded tenure or have a contractual right tocontinued employment; (iv) agree to withdraw from active membership in theVirginia Retirement System; and (v) comply with any additional criteriaestablished by the governing body of the institution.
C. Any compensation plan established pursuant to this section shall includethe institutional needs and objectives to be served, the kind of incentivesto be offered, the sources of available funding for implementation, and anyadditional qualifications required of eligible faculty employees establishedby the governing body of the institution. Any such compensation plan shallexplicitly reserve to the governing body of the institution the authority tomodify, amend or repeal the plan. However, no such amendment, modification orrepeal shall be effective as to any individual who retires under the planprior to the effective date of the amendment, modification or repeal.
D. The cash payments offered under any such compensation plan shall notexceed 150 percent of the employee's base annual salary reflected in thePersonnel Management Information System at the time of election toparticipate. Any such payment shall be allocated over at least two years.Such compensation may include payment of insurance benefits by theinstitution until the participant reaches the age of 65. The total cost inany fiscal year for any compensation plan established under this sectionshall not exceed one percent of the institution's corresponding fiscal yearstate general fund appropriation for faculty salaries and associated benefits.
E. The Governor may establish, with the assistance of the State Council ofHigher Education, uniform criteria for such compensation plans. Prior to theadoption, modification, amendment or repeal of any such compensation plan,the Governor's approval shall be obtained by the governing body of theinstitution. The Governor shall provide a copy of each approved plan to theChairmen of the House Committee on Appropriations and the Senate Committee onFinance. All compensation plans shall be reviewed for legal sufficiency bythe Office of the Attorney General prior to adoption, modification, amendmentor repeal.
F. The Administrative Process Act (§ 2.2-4000 et seq.) shall not apply to theestablishment of such compensation plans or any implementing regulations orcriteria.
