Wichita State is offering buyouts for faculty 62 and older to retire, the university announced Friday in an email sent to faculty members. 

The Voluntary Separation Incentive Program for Retirement (VSIP) is for eligible WSU employees who can voluntarily elect and be approved to separate employment from WSU on December 26, 2020.

The plan was announced “to manage the ongoing fiscal health” of the university and to cut costs in the future. 

WSU employees who are approved and selected will receive a retirement benefit equal to their 2021 budgeted annual base salary, minus required payroll deductions.

Faculty and staff must be active participants in the KBOR Mandatory Retirement Plan, the KPERS Retirement Plan, or the KP&F Retirement Plan.  They must also be 62 years of age or older at the Retirement date and have completed at least 10 years of service in a benefits-eligible position at WSU or a State of Kansas agency.

Some employees are not eligible to apply, including but not limited to those who have already announced intention to retire or separate employment, are on approved long-term disability, or have an active phased retirement agreement or are scheduled to begin one in the future.

For more information on the program including a complete list of eligibility conditions and application timeline and procedure, faculty can visit www.wichita.edu/VSIP2020.