 | Board of Visitors minutes January 31, 2003 |  |
II. Definitions
Annual Salary: the basic contracted nine-month salary for faculty members with academic year appointments, and the basic contracted twelve-month salary for faculty members with fiscal or calendar year appointments; only salary dollars paid through the University payroll system prior to application to the Program are to be taken into consideration
FRP: The Defined Contribution Retirement Plan for the General Faculty of the University of Virginia, also known as the Faculty Retirement Plan
Faculty Member: each full-time faculty member who is tenured, or serves under a contract with expectation of continued employment pursuant to the University's Policy on the General Faculty
Fiscal Year: the twelve-month period beginning July
1 of each year
Full-time: 40 hours per week, or the equivalent in
workload
Program: The Separation Incentive Program for
Faculty
Separation: the conclusion of employment with the University, requiring (1) withdrawal from active membership in the Virginia Retirement System (the "VRS") by VRS members; or (2) cessation of contributions to the FRP
Separation Agreement: the binding and irrevocable contract for separation entered into between the faculty member and the University
Separation Payment: an amount to be paid in periodic installments over not more than 12 months
VRS: the Virginia Retirement System, the defined benefit pension plan for employees of the Commonwealth of Virginia
Workforce Reduction Target: the University's business goal for implementation of this Program
Workload Reduction Period: the period during which the Faculty Member's workload reduces in anticipation of Separation
Year of Service: a year of creditable service, as that term is defined by the VRS, not to include service purchased or granted
| Board of Visitors minutes January 31, 2003 | |