Retirement Incentive Plan: What is the Retirement Incentive Plan?
The Retirement Incentive Plan (RIP) is a state-approved voluntary incentive program that allows state agencies to realign resources and/or permanently downsize. The decision to implement a voluntary incentive program at Clemson University is made by a vice president (VP), division head or dean and is based on the strategic business needs and priorities of the college/division. Approval is based on the college/division’s ability to demonstrate recurring cost savings. The RIP is designed to provide an incentive to employees participating in the SC State Retirement System Plan (SCRS) or the Police Officers Retirement System Plan (PORS) to retire (or retire early) within a timeframe established by the program. The RIP allows the University to purchase service credit on behalf of employees who are currently eligible to retire or will be made eligible to retire by the RIP-purchased service credit. Purchased service credit shall not exceed one year’s base salary in cost. Participation is at the discretion of each eligible employee.