Syracuse has devised a plan to cut staff costs which includes giving employees an early retirement buyout option.
Syracuse University announced that they will launch a Voluntary Separation Incentive Program (VSIP) for non-faculty staff members. In simple terms, the VSIP is a retirement buyout plan in which current employees whose age and years of service accumulates to at least 65. So if a Syracuse University employee is 45 years old and has worked at the university for 20 years, he or she would be eligible for the buyout.
The buyout consists of a one-time payment that is equivalent to half of the employee's current salary.