During the notice period, Organizational Support, in coordination with the manager, will identify any comparable vacant positions within the Medical Center for employees who have been displaced. Displaced employees will be expected to interview for these positions. The displaced employee will be given preference over external candidates. However, the hiring official is not obligated to offer the position to the displaced employee if they do not meet the qualifications for the position. The employment termination date will be the last day of the notice period.
Severance payments begin after the last day of the notice period.
Employees with partial years of service will have that service rounded up to the next highest year for the purpose of determining the severance benefit. Partial years of service will not affect leave accrual or years toward service for retirement purposes. In lieu of receiving health insurance, life insurance, and severance money, any eligible full-time employee who is a vested member of the VRS, and who is at least 50 years of age, may elect to use the total value of these benefits to have the Commonwealth purchase years to be credited for retirement purposes to either the employee's age or creditable service, or divided between age and creditable service. The number of years of age or creditable service to be purchased shall be equal to the amount obtained by dividing the cash value of the severance money, health and life insurance benefits to which the employee would be eligible, by the cost of each year of age or creditable service. Employees interested in retirement are encouraged to contact the University Benefits Office or the Virginia Retirement System for further information.