November 8, 2023
The December 1, 2023 deadline to apply for SUNY Potsdam’s Voluntary Separation Program is fast approaching, and we wanted to share an important update about eligibility and reminders about the program.
The Voluntary Separation Program (VSP) is one component of the campus financial stability plan. You may be eligible to receive up to a maximum lump sum payment of $25,000 if you separate from the campus no later than June 30, 2024, and are approved for the program.
In order to be considered for the program, you must meet with Human Resources. I encourage you to set up a consultation meeting with us to discuss your options soon, as the December 1, 2023 application deadline is less than a month away. Consultations can be scheduled by calling Maggie Mitchell at (315) 267-4816. To view more details about the program, please click here.
Update to eligibility date
In an effort to provide additional access to the VSP, the eligibility date will be changed from September 19, 2023, to June 30, 2024. This means you no longer have to meet the eligibility requirements as of September 19, 2023, but rather, you now meet the eligibility requirements as of June 30, 2024. In other words, you must be full-time, have at least 10 years of NYS full-time service, and be NYS retirement eligible, effective June 30, 2024,.
Reminders: Additional benefits in retirement
In addition to reviewing your potential eligibility for the Voluntary Separation Program, we can also discuss the many valuable benefits that you may be eligible to receive in retirement. Those benefits may include:
- Eligibility to continue NYSHIP coverage.
- The cost of health insurance is the same amount that you pay as an active employee. As a retiree, you will be billed monthly for the premium; premiums may change annually.
- Your remaining sick leave accruals are applied to a monthly, lifetime credit toward your health insurance premium.
- The survivor’s benefit program is a financial protection plan that will provide a minimum death benefit to your survivors. The amount of the benefit varies.
- If you accrue vacation time, you will receive payment for any accrued and unused vacation days up to a maximum of 30 days.
Please do not hesitate to contact me should you have any questions.
Sincerely,
Melissa Proulx
Associate Vice President for Administration & Human Resources