Vsip Agreement

G. Staff members are informed of the final status of application by 23 December; A separation agreement will be made available to staff. Employees qualified and approved for voluntary separation must sign the VSIP agreement and are exempt from dismissals, dismissals and reductions until their retirement date. Georgia Tech reserves the right to refuse to participate to employees. Retirement Incentive Payment: Eligible members who sign the VSIP agreement receive, within forty-five days of their retirement date, a taxable cash payment that is paid directly into their account. The incentive payment is equivalent to four (4) months` salary of the employee (excluding payments such as overwork, overtime, weekend/shift/night difference, on-call wages, summer wages or temporary pay for additional duties) applicable on the last day of employment. This program is open to employees who have notified in writing of their intention to retire after May 15, 2020, provided that the employee has not yet separated from the Institute at the time of applying to participate in this program. The Voluntary Separation Review Committee reviews each application for approval. Once the application is approved, the employee must sign the Voluntary Departure and Release Incentive Agreement and confirm the retirement date. Once the agreement is final, the employee can no longer terminate it. Only in rare cases can a VSIP member be reinstated in a post after retirement or on a part-time basis. For faculties, at the discretion of their Dean, a post-termination date, which may not exceed three years, may be included in their termination agreement if the appointment is necessary to meet the needs of the faculty or students or to continue funded research activities. Post-termination appointments must be approved by the Dean (for faculty appointments) or the Vice-Chancellor of Personnel (for staff appointments).

All VSIP participants are invited to sign a separation agreement and a general discharge of claims. H. Employees can submit a separation agreement signed between December 23 and January 28, 2021. Signing the termination agreement before the actual retirement date may require that the agreement be re-signed after the employee`s retirement (or termination) date. If you do not submit the signed agreement on time, the IPSV incentive payment may be delayed. Persons who accept early retirement conditions are subject to the provisions of BOR, Working after retirement. A reintroduced pensioner must have a minimum interruption of at least one month between the effective date of retirement and the effective date of employment. .