| DATE: | July 19, 2018 |
|---|---|
| SUBJECT: | Approval to Conclude the 2018 Voluntary Separation Incentive Program (VSIP) |
| FROM: | Office of the President |
| ACTION ITEM: | YES |
BACKGROUND: Kentucky State University (KSU) has developed a limited-time Voluntary Separation Incentive Program (VSIP) to allow for the early separation of KSU employees interested in pursuing other career opportunities while providing KSU with the opportunity to increase operational efficiency and reduce financial obligations.
SUMMARY OF PROGRAMS/ACTIVITIES: On June 8, 2018, KSU offered all KSU employees the opportunity to participate in the VSIP.
The deadline to apply for the VSIP was at 4:30 p.m., June 22, 2018. After that deadline, the Division of Human Resources reviewed all applications to confirm an applicant's eligibility. The Division of Human Resources then forwarded the applications to the President for conditional approval. In accordance with program guidelines, the President has approved those VSIP applications. The President now seeks approval to conclude the 2018 Voluntary Separation Incentive Program.
ALIGNMENT WITH STRATEGIC GOALS:
Goal 3 – Increase the University’s Financial Strength and Operational Efficiency
COMMITTEE/PROGRAM ACTION: Not Applicable
PROGRAM IMPLICATIONS: Not Applicable
FISCAL IMPLICATIONS: VSIP will result in an increased fiscal obligation in the short term, and long term cost savings in pension costs.
ATTACHMENTS: Not Applicable
RECOMMENDATION: Approve finalization of the Voluntary Separation Incentive Program