{"id":3,"date":"2024-11-08T14:00:44","date_gmt":"2024-11-08T19:00:44","guid":{"rendered":"https:\/\/carleton.ca\/vrip\/homepage\/"},"modified":"2024-12-02T11:59:58","modified_gmt":"2024-12-02T16:59:58","slug":"homepage","status":"publish","type":"page","link":"https:\/\/carleton.ca\/vrip\/","title":{"rendered":"Voluntary Retirement Incentive Program (VRIP)"},"content":{"rendered":"\n
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\n Voluntary Retirement Incentive Program (VRIP)\n <\/h1>\n \n \n <\/header>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n<\/section>\n\n\n\n

The Voluntary Retirement Incentive Program (VRIP) is an optional initiative offered to eligible employees who are considering retirement. The program provides a financial incentive to employees who meet specific criteria, helping them transition to retirement.<\/p>\n\n\n\n

This initiative is one of several strategies aimed at reaching financial stability. Carleton University has reached a point where significant cost containment measures are necessary to address annual deficits in the short and medium-term as we continue planning towards long-term financial sustainability. The university is implementing a Financial Sustainability Framework, which includes cost saving strategies, revenue growth ideas, academic program renewal and an organizational excellence and optimization plan.<\/p>\n\n\n\n

Eligibility<\/h2>\n\n\n\n

The VRIP is offered to full-time continuing professional staff and faculty members who are 55 or older and have a combined age and years of service totaling 75 or more (example: 55 years of age plus 20 years of service, or 62 years of age plus 13 years of service).<\/em><\/p>\n\n\n\n

To be eligible, employees must not have already submitted a resignation or retirement notice. Please note, research, grant and contract roles are excluded from this program.  Faculty members who already have submitted their intent to retire under Article 13.7 of the Carleton-CUASA Collective Agreement are ineligible for the VRIP. Any professional staff or faculty member who has submitted a notice of retirement during the month of November 2024 is eligible for the VRIP.<\/p>\n\n\n\n

The VRIP is a limited-time, one-time offer. As this unique opportunity is not a recurring program, it\u2019s important to take advantage of the program while it is available.<\/p>\n\n\n\n

Applications<\/h2>\n\n\n\n

If you are eligible for this program, you will receive an email from the Department of Human Resources on November 21, 2024.<\/p>\n\n\n\n

Applications will be open from November 20, 2024, until January 31, 2025.<\/p>\n\n\n\n

An application, however, does not guarantee acceptance. Applications will be reviewed based on the university\u2019s teaching, research and operational needs and will be approved at the university\u2019s discretion accordingly. If the application is approved, applicants cannot withdraw their application.<\/p>\n\n\n\n

If the application is approved, in exchange for voluntarily retiring, the employee will receive a lump-sum payment from the university in an amount equal to 1 month of pay at their regular salary for each completed year of service, up to a maximum of 12 months.<\/p>\n\n\n\n

Following the employee\u2019s retirement date, the lump-sum payment will be made on the next pay date. Alternatively, the employee may choose to receive a partial payment on that pay date, followed by a second payment on the first regular payroll date in 2026. Please note that all payments must be made by January 2026, so if your last workday is December 31, 2025 you must take your lump-sum as a single payment.<\/p>\n\n\n\n

Notices of acceptance\/denial will be sent to applicants by the end of February 2025. Note that this program is for retirements in 2025 so your last workday must be on or before December 31, 2025.<\/p>\n\n\n\n

Pension Resources<\/strong>
The following resources may be helpful in terms of providing you with additional information:
Retirement Planner Login Page<\/a><\/p>\n\n\n\n

The retirement planner is a tool that will allow you to estimate your current and future pension benefits under a variety of circumstances. Running your retirement quote should be the first step in your retirement journey. We highly recommend that you have your quote before you attend an information session (dates and sign-up information provided below). Please note that the planner was updated to June 30, 2024 on Friday November 29.<\/p>\n\n\n\n

Retirement Planner User Guide<\/a><\/p>\n\n\n\n

If you have never used the Retirement Planner before, this guide<\/a> will provide you with instructions to access this tool.<\/p>\n\n\n\n

Examples of Qualifying Profiles<\/h2>\n\n\n\n

Eligible employees will receive a lump-sum payment equivalent to one month of their regular salary for each completed year of service, up to a maximum of 12 months. All lump-sum payments will be subject to applicable federal and provincial taxes. Below are sample profiles of positions that qualify:<\/p>\n\n\n\n

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Employee #1<\/h3>\n\n\n\n