Voluntary Separation Incentive Plans

Earlier today, our Board of Trustees held a special meeting to discuss expense-reduction and cost-saving measures we could begin implementing for the FY25 budget. At this meeting, the Board approved the use of voluntary separation agreements for eligible faculty and staff as part of our plan for Organizational Resilience and Financial Stability to address a projected budget deficit in the years ahead.

Today’s Board of Trustees meeting pertained only to the general implementation of these agreements and approval of one-time funding to cover the cost of the plan. There are more details to finalize before we share specific information with eligible employees. Generally speaking, we anticipate that benefits-eligible faculty and staff members with 10 or more years of continuous service at CSU will be eligible to apply for a Voluntary Separation Incentive Plan (VSIP), and applicants who are approved for this arrangement would receive a payment equal to one year’s salary upon separation from the University.

I share this news with you today so that employees are aware that additional details and application processes will be in place by early May. If you are interested in applying for a VSIP, I encourage you to begin thinking about this now so you have sufficient time to consider the questions you may have and begin planning.

I will be discussing the VSIP process and other initiatives related to the Organizational Resilience and Financial Stability plan at our upcoming virtual forums on April 16 and May 2. You can find information about these forums and other details at our OR/FS webpage, which we will update throughout the coming months to provide you with the latest information on these new initiatives.