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What are the eligibility requirements for participating in the VCSI program?

  • Full-time, non-temporary employees
  • SERS/STRS eligibility requirements are:
  1. 5 years of service credit at age 60; or
  2. 25 years of service credit at age 55; or
  3. 30 years of service credit at any age
  • Eligibility period is from July 1, 2013 through June 30, 2014

What is the time frame for expressing interest in the VCSI program and for signing the Letter of Intent?

  • The open window for picking up a VCSI packet and signing the Letter of Intent runs from July 1, 2013 through August 30, 2013.

When do I have to separate employment?

  • If you are eligible to retire at the time the incentive is officially offered on July 1, you must separate employment within six months (no later than December 31).
  • If you are not eligible to retire when the incentive is officially offered on July 1 but will be become eligible by June 30, 2014, you must separate employment within six months from the date of eligibility. For example:  
  1. If you are eligible August 1, 2013, you must separate employment on or before January 31, 2014.
  2. If you are eligible June 15, 2014, you must separate employment on or before December 15, 2014.

Can I extend the date of my separation beyond six months?

  • An extension will only be granted if an employee is identified as a “key employee” and asked by the College to extend his/his separation date beyond six months.
  • For information regarding Phased Retirement, please refer to the Policy and Procedures Manual under Chapter 3-Personnel Services, 3-39 - Phased Retirement.

Explain the 45 day wait period.

  • Once you receive the Participation form and Agreement and General Release form, you will have 45 days from that date to make a decision and return the signed forms. The 45 day timeframe is due to The Older Workers Benefits Protection Act (OWBPA).
  • If the 45th day falls on a weekend or holiday, you must submit your form by the following business day.

After I make a commitment to participate in the VCSI program by signing the Participation form and Agreement and General Release form, is there a timeframe in which I can change my mind and back out of the program?

  • You will have seven (7) days from when you sign the Agreement and General Release form to retract your decision.
  • If the seventh days fall on a weekend or holiday, you will have until the following business day.
  • You must submit a formal written notice to retract your decision.

Is my effective date for separation based on my CSCC anniversary date or my eligibility retirement date?

  • Your effective date for separation is based on the date you are eligible to retire from the retirement system.

VCSI Resources

Detailed provisions of the VCSI program.

 

VCSI FAQs

 

Twila Wiley
Program Coordinator
Retirement Programs and Flexible Spending
287-2422
twiley@cscc.edu