Faculty Early Retirement Incentive Program (FERIP)
The University offers a Faculty Early Retirement Incentive Program (FERIP) to provide a financial early retirement incentive for certain tenured faculty that will facilitate the release of tenured faculty resources for budget reallocation or reduction in accordance with the university Strategic Plan goals, changes in enrollment, and other university needs. This plan has been offered once a year for the past several years. PAs may be asked to review lists of eligible faculty by the Office of the Provost, may be asked by faculty about the plan, and/or may be asked to facilitate providing information/FERIP agreements to the faculty.
Key references on FERIP:
- Faculty Transition
http://www.provost.vcu.edu/about/viceprovosts/faculty_transition.html - Faculty Early Retirement Incentive Plan- program documents
http://www.provost.vcu.edu/pdfs/FERIP.pdf - Faculty Early Retirement Incentive Plan- Implementation Guidelines
http://www.provost.vcu.edu/pdfs/FERIPImplement.pdf - Sample FERIP Agreement (for 2008)
http://www.provost.vcu.edu/pdfs/08_FERIP.pdf