Welcome to Arkansas State University!

Program Overview

Eligibility

Who is eligible for early retirement?

Full-time Faculty and Staff employees of Arkansas State University are eligible to apply for the 2024 Optional Voluntary Retirement Program (OVRIP) if, as of June 30, 2024, the employee:

  • Is at least 60 years of age, and
  • Has at least 10 years of continuous full-time service* with the university

*An employee’s years of service will be counted from the first full day of continuous full-time employment at A-State as a staff or faculty employee. Breaks in service during employment and prior years of service in another State of Arkansas agency or institution will not be counted for the OVRP service (i.e. teaching assistant, adjunct faculty, or other hourly rated position).

  • Employees in grant-funded positions are not eligible for the Program.

Retirement Payout

The Retirement Payout is 50% of the employee's annual base salary for 2024 (exclusive of other compensation, fringe benefits, bonus, and enhancements).

The maximum payment to any employee is limited to 50% of their annual salary and is distributed into two equal payments on July 1, 2024, and July 1, 2025, into a 403(b).

The total amount available for distribution is determined in compliance with Arkansas code. If the total of the employee's payout exceeds the allowable amount, the payments will be reduced proportionally.

A-State does not guarantee the maximum payout allowed for this program.  Participation levels in the program may reduce the employee payout amount.


Employee Benefits

Medical Plan Continuation

Retirees who have not reached the age of 65 or become Medicare-eligible may elect the following:

Medical:

  • The employee will have the option to continue their current medical plan until age 65 or until they become Medicare-eligible.
  • This includes the option to continue coverage for the employee's spouse and eligible dependents.
  • The premium is one-half of the total cost. One-half of the total cost consists of one-half of the A-State paid premium and one-half of the employee paid premium.

Dental/Vision:

  • The employee will also have the option to continue participation in dental and/or vision insurance at the full premium cost.
  • This includes the option to continue coverage for the employee's spouse and eligible dependents, if they are covered at the time the employee retires.


Direct draft payments must be established through Payroll Services prior to retirement.

Additional Benefits

Retiree status offers individuals:

  • A-State paid life insurance and accidental death and dismemberment (AD&D) benefits equal to the scheduled amount at the time of the retirement continue at no cost to the retiree until age 65 or becomes Medicare-eligible.
  • Tuition discounts for the retiree, the retiree’s spouse and unmarried eligible dependent children in the amount in effect for existing University employees.
  • May retain one A-State campus parking permit through Parking Services.
  • One free, lowest-cost reserved season ticket to all athletic and university-sponsored events held on campus.
  • Library borrowing privileges.

Life and AD&D, Tuition Discounts, and Medical Insurance at ½ cost are for so long as the financial condition of the university allows.

Unused Paid Sick Leave

Unused paid sick leave will be paid separately from the OVRIP payment. The amount paid to the employee or beneficiary will not exceed $7,500 upon retirement. Compensation will be paid in the amounts authorized by Arkansas law in effect on date of retirement.

Compensation of unused sick leave time is calculated per Arkansas Statutes and Codes 21-4-501:

Sick Leave Days Accumulated Receive Amount  Equal To
At least 50 but < 60 50% of accrued days x 50% of daily salary*
At least 60 but < 70 60% of accrued days x 60% of daily salary*
At least 70 but < 80 70% of accrued days x 70% of daily salary*
80 or more 80% of accrued days x 80% of daily salary*

*Accrued (sick leave) days are rounded to the nearest day

*Employee's Daily Salary = Annual Salary/260

Unused Paid Annual Leave Time

Employees who elect to retire will be paid for their remaining annual leave hours up to a maximum of 240 hours.

  • Amount paid will be equal to the individual’s hourly rate of pay times the number of eligible annual leave hours.
  • Any remaining annual leave hours over the maximum number allowed will be forfeited.
  • Annual leave payment will be paid separately from the OVRIP payment.

Reemployment with A-State

  • Future employment with A-State is not guaranteed.
  • Must exhaust the number of days for which he/she was awarded annual leave pay upon separation.
  • Some retirement programs (i.e. APERS, ATRS) may have a specified waiting period before an employee may return to work.

Additional Resources

Medicare - Get general or claims-specific Medicare information and make changes to your Medicare coverage. If you need help in a language other than English or Spanish, say “Agent” to talk to a customer service representative.

1-800-MEDICARE or 1-800-633-4227
http://www.Medicare.gov

East Arkansas Area Agency on Aging  - Provides assistance in completing the Medicare process and other related aging guidance.

870-972-5980
http://www.e4aonline.com

Social Security Administration  - Complete Medicare process, find out if you’re eligible for Medicare Part A and/or Part B and how to enroll, apply for Extra Help with Medicare prescription drug costs, ask questions about Part A and Part B premiums.

866-842-7369
1809 Latourette Drive
Jonesboro, AR 72404
www.socialsecurity.gov

TIAA-CREF - Appointments available in-person or virtually. Use the link below to schedule.

https://www.tiaa.org/schedulenow
800-842-2733

VALIC

800-488-2542
https://www.valic.com/home_3240_422903.html

APERS

800-682-7377
http://www.apers.org

ATRS

800-666-2877
http://artrs.gov/