ISU Professional and Scientific staff who are facing position eliminations due to current economic conditions have a variety of resources available to help with the transition. Dismissal procedures are outlined in the ISU Policy Library section titled “Dismissal, Reorganization or Financial Conditions – P&S,” available online at http://policy.iastate.edu/policy/ps/dismissal/reorg/

The Policy lists steps that are required in the dismissal process, opportunities to apply for other university positions, policies for being rehired if an eliminated position is refilled within two years, and rights to outplacement services.

Employees who receive layoff notices will also receive an informational sheet outlining important information related to vacation, sick leave, health and dental insurance including COBRA coverage, Flexible Spending Accounts, Life Insurance, Long Term Care Insurance, the Vision Eyewear Plan, and the Employee Assistance Program.

The informational sheet also will include information on unemployment benefits, retirement benefits and eligibility, and job listings at ISU and elsewhere.

Employees who receive a layoff notice and who are interested in other positions at the University are urged to contact the Human Resources Office as soon as possible after receiving notice, at (515) 294-4800 or hrshelp@iastate.edu to express an interest in available openings.

To help reduce the impact of the budget reductions, the University offered a Retirement Incentive Option to employees who have reached age 60 and have been employed at the University for 10 years or more (age 50 and 20 years for Extension employees who are in federal retirement programs). Details are available at http://www.hrs.iastate.edu/benefits/RIO.shtml 

Application for the program was required by June 30, 2009, with retirement by Jan. 31, 2010. Discussion is under way about offering a similar program for the FY11 budget year.

Retirement without the Incentive Option also is available to employees who are age 55 or older. This might be considered by employees who want to continue on the University’s health or life insurance plans as retirees (paying their own premiums), or those who want to take withdrawals from retirement accounts. Employees who want help assessing the benefits of retirement vs. layoff should contact the Benefits Office at (515) 294-4800.

Retirement plan providers can be reached at the following phone numbers for information on their programs:

Iowa Public Employees Retirement System (IPERS): (515) 281-0020 or 1-800-622-3849; 7:30 a.m.–5 p.m. CT, Monday–Friday. 

TIAA-CREF – General questions or to arrange an appointment at the local TIAA-CREF office, 1-800-732-8353

VALIC Retirement – General questions or to arrange an appointment with the local VALIC agent, 1-800-892-5558 Ext. 89828

Other links that may be useful to terminated employees include the following: