 | Board of Visitors minutes January 31, 2003 |  |
a. Separation Payment
- i. In exchange for a Faculty Member's agreement to retire or separate from Full-time employment immediately (e.g., by the May 25 following the date of application for nine- month faculty), the Faculty Member will receive the Separation Payment equal to 100% of his/her Annual Salary plus an amount equal to 12 months of the University's contribution to the UVA Health Plan for the level of coverage selected at the time of application or Separation, whichever is less.
- ii. Separation Payment will be paid in 12, substantially equal monthly [or 26 substantially equal bi-weekly] installments, and will be subject to state and federal withholdings, as appropriate.
- iii. Separated Faculty Members will not be precluded from
seeking employment with the University on a part-time basis in a
position that is not eligible for retirement benefits.
Conditions of such part-time employment include:
- A. There must be a bona fide break in service of no less than 30 days.
- B. The re-employed Faculty Member's part-time duties must be substantially different than the Faculty Member's duties prior to separation.
- C. Part-time assignments may not be negotiated prior to Separation.
- D. The Provost's Office or its delegate must approve proposals for re-employment prior to the completion of any re-employment agreement.
| Board of Visitors minutes January 31, 2003 | |