Voluntary Buyout Program

The VBP has been established in an effort to address current economic challenges in a way that is consistent with our vision. The program is offered to regular, benefits-eligible employees who have a minimum of six months of University service as of April 1, 2009, and who are not in an excluded job type or University function. Interested employees will have from March 30-May 15, 2009 to review and submit an application to Human Resources. Employees approved for the VBP will work through June 30, 2009 and will be paid their severance pay on July 31, 2009.

VBP Severance Package

• Payment equal to three months base salary
• Payment of $500 for each year of University service; partial months will be rounded up
• Payment equivalent to next scheduled longevity payment
• Payment equal to six months of University’s portion of monthly health insurance
• Tuition for up to 2 years at a State of Tennessee higher education institution for employee only; maximum benefit is $5,400 per year for two years