250-plus USU staff file for early retirement
As of 6:02 p.m. March 20, the Voluntary Separation Incentive Program received 265 applications, said BrandE Faupell, Human Resources executive director.
“We’re thrilled with how it’s been received,” she said. “It far exceeded my expectations and what others expected, that I know of.”
Dave Cowley, associate vice president for business and finance, said 195 applications have already been approved. Thirty-five applications are still being reviewed and the remaining 13 percent of applications have been declined. Cowley said an application was declined if allowing that employee to retire early did not save the university money or if the employee’s department said they needed to keep that employee in order to function properly.
Faupell said the program was created to compensate for money lost in the budget cuts. The program was successful in the number of applications submitted, she said, but the total impact the program will have on next year’s budget is still unknown.
“The true story is in the money,” she said.
Cowley said the program has the potential of recognizing $7 million to $10 million in salary savings for the university. These figures would only be reached if the positions of those employees leaving are not filled in any way. Cowley said some necessary positions will have to be filled, meaning actual net salary savings will be less than the potential amount, but the university will look for ways to save money when filling these jobs.
“We might get juniors to fill positions, hire part-time employees or have one person cover multiple positions,” he said.
Although the figures of savings are not yet set in stone, Cowley said he expects to still see several million dollars in net savings.
Final figures won’t be known until each applicant goes through the complete process, ending with a final agreement between all parties involved. The total process will likely take until the end of April.
–rac.ch@aggiemail.usu.edu