Why isn’t UC considering a Voluntary Early Retirement Incentive Program (VERIP) as a way to avoid layoffs?
A. A systemwide VERIP does not appear to be appropriate right now for several reasons. First, UC continues to face unprecedented student enrollment growth, which, among other things, means that UC needs more — not fewer — faculty and staff, and UC is already facing significant challenges recruiting faculty. Second, a systemwide VERIP would represent a significant cost to the University’s retirement plan, which, given the aforementioned decline in plan assets due to the sagging stock market, would need to be evaluated very carefully. UC leaders continue to work hard to preserve as much of the University’s budget for 2003-04, and to try to develop other ways to help cope with budget pressures (such as START) in the hopes of being able to continue to avoid actions such as across-the-board layoffs or salary cuts. Q. Where can I go for answers about the voluntary reduction-in-time program (START), such as how I enroll and whether my participation will affect my other benefits? A. A complete
