Tech recently released the plans for a Voluntary Buyout Program to help employees who agree to forfeit their employment with Tech.The VPB is an application program that was approved by the Tennessee Board of Regents at the quarterly meeting on March 26. Its purpose is to provide Tech employees that voluntarily agree to separate from the University a severance package.
“Basically the stimulus is a band-aid that will not last forever,” SGA President David Horton said.
The application period is from March 30 to May 15. Only employees that meet eligibility requirement can qualify for VPB.
In order to be considered, an employee must be actively employed, have at least six months of University service, occupy a regular position that is not grant funded and maintain a position with expectation of continued service.
The severance will include payment equal to three months base salary, payment of $500 for each year of service, payment equivalent to next scheduled longevity payment, payment equal to six months of University portion of monthly health insurance and tuition for up to two years at a state institution with a maximum of $5,400 per year.
VBP is set up to allow 40 participants campus wide. And there is a limit on how many employees from each college can participate in VBP. A total of 10 employees from the College of Arts and Sciences, three from the College of Business, seven from the College of Education, five from the College of Engineering and two from the College of Agriculture and Human Sciences may qualify.
If a participant wishes to revoke their application form they must do so in person before May 22. They cannot do so by facsimile, electronic mail or campus mail.
“Tech has a year to cut their budget without going to drastic measure or actually having to fire people,” Horton said.