 To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

 “Consideration”: ◦ Essential for a binding contract. ◦ Something of value to the parties. ◦ Exchanged for the performance by the other party. ◦ Cannot be something already entitled.  Example: With respect to faculty, the consideration would be relinquishing tenure rights in exchange for the incentive payment.

 Exit incentive based on retirement eligibility: 1. Non-discriminatory. 2. Written in plain language. 3. Voluntary whether or not accepted. 4. Provide sufficient time to consult an attorney. 5. Allow sufficient time to change their mind.

 "That portion of the employer's organization from which the employer chose the persons who would be offered consideration for the signing of a waiver and those who would not be offered consideration for the signing of a waiver." 29 C.F.R. § (f)(3) (B).

 A VEIP can be tailored: ◦ Focus on specific departments. ◦ Preserving critical talent in some areas. ◦ Targeting surplus talent in other areas. ◦ Work very closely with Legal Affairs.