A retirement incentive offer was recently mailed to 446 eligible unclassified faculty and staff by the PSU Office of Human Resources. The Portland State employees have until June 7 to consider the program's two options: a one-time cash incentive or an offset to post-retirement health care costs. Those who choose to participate in the program must retire no later than June 30, 2012.
The offer is "designed to assist the University in responding to availability of resources, changing departmental personnel needs, and student demand," wrote Monica Rimai, vice president of Finance and Administration, in a communication to eligible employees.
Those who received the offer are benefits-eligible unclassified faculty and staff who by June 30 will be vested in PERS or ORP and are at least 55 years old or have at least 30 years of retirement credit with PERS. Portland State officials intended to offer the retirement option to classified staff. However, Gov. John Kitzhaber and Michael Jordan, head of the Oregon Department of Administration Services, stopped that offer because of complications with SEIU, the union that represents unclassified staff statewide. PSU is appealing the decision.
More information about the University's retirement incentive offer is available on the PSU Human Resources web site.
The last time PSU participated in a retirement incentive package was 1996. The Oregon State System of Higher Education offered a seven-year, post-retirement health insurance subsidy as an employee option for all its campuses.