FAQs about VSIP for "Rule of 75" Staff

To support eligible participants, information sessions were offered on April 10 and 11. Each session covered the program details, health benefit coverage, the 403(b) retirement plan, and an overview of financial considerations.

Click here for a copy of the presentation for "Rule of 75" eligible staff.

You will be paid through your separation date (June 30, 2023) and will receive your last regular paycheck on Friday, July 14, 2023.

Your incentive payment will be made on Friday, July 21, 2023. 

No, the incentive payment will be made as a single lump sum payment on Friday, July 21, 2023.

The incentive payment is calculated using gross wages as reported in Box 5 of your 2022  W-2. Box 5 reflects Medicare Wages and Tips, and includes taxable earnings plus taxable benefits, minus pre-tax deductions other than 403(b) deferrals.

Your incentive payment (including any unaccrued vacation) is taxable at the supplemental income tax rate. Supplemental wages generally have a flat rate of 22% withheld for federal tax and 4.95% for Illinois state tax (if applicable). A different state tax rate may apply, depending on tax residency and location where services for the university are performed. The payment may also have Social Security and Medicare taxes withheld, depending on your income level and in accordance with withholding required by law and the University’s normal payroll procedures. Please consult your tax advisor to discuss the tax implications for your specific circumstances and situation.

Yes, you will receive payment for your full vacation accrual for 2023, plus any carryover from 2022, less any vacation days taken prior to the date of your separation. This payment will be included with your incentive payment on Friday, July 21, 2023.

 No, you must be in the office on the last business day prior to your separation date (June 30, 2023).

Unused sick days, floating holidays, and summer hours will be forfeited and therefore not be paid out upon separation.

No, the incentive payments are not eligible for employee contributions or the employer match.

If you are enrolled in the 403(b) Plan, your elected contributions and match will be taken on your final regular paycheck. All employee contributions and the university match are fully vested. Upon termination from the University, if your 403(b) Plan balance is over $1,000, you may leave the balance invested in the Plan, or you may request a distribution. Contact your fund sponsor (Fidelity and/or TIAA) directly to review your account balance and discuss your distribution options. 

•  Fidelity: (800) 343-0860 or www.netbenefits.com/depaul

•  TIAA: (800) 842-2776 or www.tiaa.org

Employees who separate from the University and have an outstanding loan balance will continue to be responsible for making loan payments. Payments will continue uninterrupted via the method and frequency the employee established with the fund sponsor. Outstanding loan balances can be fully repaid at any time with no penalties. Any prepayments will reduce the dollar amount of the future payments, but not the number of payments due. Employees with outstanding loan balances should contact Fidelity or TIAA if they have further questions. 

•  Fidelity: (800) 343-0860 or www.netbenefits.com/depaul

•  TIAA: (800) 842-2776 or www.tiaa.org

In order to reach the maximum 2023 deferral limit of $22,500, you can defer up to 100% of your eligible pay prior to your separation date. (If you are at least age 50, you can defer an additional $7,500.) Visit netbenefits.com/depaul to log into your account and view your deferral rate or make changes. You can also request assistance with calculating your savings rate by sending an inquiry to the Benefits Team.

Contributions to a Healthcare FSA will stop as of your last paycheck. Eligible Healthcare FSA claims can be incurred through the end of the month in which you terminate. Under COBRA rules, you may choose to continue to participate in the Healthcare FSA after separation. Contributions will be made on an after-tax basis. 

The dependent care flexible spending account ends on your separation date (June 30, 2023) and cannot be continued through COBRA. Although you cannot make any further contributions to the plan after your final paycheck, you may continue to submit the eligible expenses that were incurred prior to your last date of employment for up to 90 days proceeding your last day of employment.  More detailed information can be found in the Flexible Spending Account SPD.

Participation in the Transportation Program ends on your separation date (June 30, 2023). If you made contributions into a parking account and have a remaining balance at the time you leave the University, you can continue submitting claims through the end of the plan year in which you separate. Contact HealthEquity/WageWorks at (877) 924-3967 for additional details.

Your coverage for life insurance ends at 5:00 p.m. on your separation date (June 30, 2023). However, you do have the option to convert or port your life insurance coverage. 

When you convert coverage, you switch to an individual insurance policy. When you port coverage, you switch to a group-like plan maintained by the insurance company. Evidence of Insurability is not required for conversion or porting.

You have 31 days from the date your group coverage terminates (your separation date) to apply for insurance conversion or porting with The Hartford and pay your first premium. Please contact the Benefits Team at (312) 362-8232 or send an inquiry to the Benefits Team as soon as possible if you would like conversion and/or portability paperwork sent to you.

Group accidental death and dismemberment (AD&D) insurance coverage, if you elected it, will end at 5:00 p.m. on your separation date (June 30, 2023). This coverage is not available for conversion or porting by separating employees.

The Long-Term Disability coverage will end at 5:00 p.m. on your separation date (June 30, 2023). You have 31 days from the date your group coverage terminates (your last day of employment) to apply for insurance conversion with The Hartford and pay your first premium. Please contact the Benefits Team at (312) 362-8232 or send an inquiry to the Benefits Team as soon as possible if you would like conversion paperwork.

Participants may be ineligible for unemployment compensation due to: 1) the voluntary nature of the program, 2) the provision of the voluntary separation incentive, and 3) access or withdrawal of 403(b) Plan savings. 

Eligible employees who are currently enrolled in DePaul medical plans will receive fully subsidized medical coverage for the remainder of calendar year 2023. The subsidized coverage will be based on an employee’s current insurance plan (HMO, PPO, CDHP).

Your dental and vision benefits will end on June 30, 2023. You may elect to continue these benefits under the COBRA program by paying monthly premiums to HealthEquity/WageWorks.  Details about cost can be found on the 2023 COBRA Rate Sheet for Dental and Vision.

An eligible employee and their eligible dependents (spouse/unrelated SDA, children) who were enrolled as students at DePaul and receiving a tuition waiver at the time the employee separated from DePaul under the university's Severance Pay Plan for Staff Employees may continue to receive tuition benefits until the end of the term in which the employee's separation occurs, plus one additional term. For VSIP participants, the additional term can be the summer 2023 or fall 2023 term. Tuition Exchange Program scholarships that were awarded prior to separation will end as of June 30, 2023.  

Access to BlueSky and your email will end as of your separation date (June 30, 2023). You will not have access to the shared drives or folders, or other university owned software after your separation.

No, the complexity of wiping the devices to remove DePaul data and DePaul licensed software is too complicated a task to achieve in such a short time. Devices should be returned to your supervisor.

In most cases these requests can be accommodated with supervisor approval. Employees should email Laurie Krauel in Procurement at procurement@depaul.edu and CC their supervisor. 

After a 6-month break in service, staff members who participate in the VSIP may be considered for re-employment by DePaul University in an adjunct faculty position if they have previously been employed by the University in that capacity. Pay will be offered at the normal adjunct rates.

Rehire decisions will be made by the Dean with permission of the Provost on a case-by-case basis, and will depend on the College/Department’s needs and the individual’s qualifications.

However, you may not return to employment in:

•  A full-time staff position

•  A part-time staff position

•  A temporary position 

•  A student employee position

You also may not be hired as an individual contractor.

You may submit electronic versions of the signed Expression of Interest form.

To submit the Severance Agreement and General Release, an original signed version will need to be submitted in person or by mail to the Office of Human Resources no later than 5:00 p.m. on June 8, 2023. The Office of Human Resources is located in the Daley Building, Suite 1300, 14 East Jackson Blvd.

No, a notary signature is not required on your Separation Agreement. You may have it notarized if you wish, but it is fully enforceable without the notary signature.

Employees have seven days after signing the Severance Agreement to revoke their decision. Notice of revocation must be in writing and delivered to the Office of Human Resources no later than 5:00 p.m. on the seventh day after signing.

Yes. If you plan to participate in VSIP and separate from the University on June 30, you will need to complete all performance appraisals for your direct reports. Failure to do so may delay your severance payout.

For any questions not specifically addressed, please contact the Benefits Team at (312) 362-8232 or send an inquiry to the Benefits Team.