Employee Retirement Gifts
William & Mary (W&M) highly esteems and actively promotes the recognition of retiring staff members who have devoted a significant portion of their careers to the university. We deeply value their contributions and commitment, and we believe it is essential to honor their dedication and service.
Awards/Gifts
A dean, department head, director, or an individual officially representing the university may offer a nontaxable retirement gift of tangible personal property*, to any one employee, provided that the value does not exceed $600, in recognition of the employee's retirement from the university. Such retirement gifts can only be procured using Local Funds.
To uphold compliance with the Internal Revenue Service's qualified plan regulations and to ensure fair treatment of all employees, the retirement gift policy will be uniformly applied across all departments. Awards will not surpass the specified amounts outlined below:
Length of Service |
Maximum Amount |
| 5 to 10 years | $150 |
| 11 to 15 years | $300 |
| 16 to 20 years | $450 |
| Over 20 years of service | $600 |
*Tangible Personal Property is a physical item that does not include cash, cash equivalents, gift cards, gift coupons, or gift certificates (other than arrangements conferring only the right to select and receive tangible personal property from a limited assortment of items preselected or preapproved by the employee). Also excluded are vacations, meals, lodging, ticket to theater, or sporting events, stocks, bonds, other securities, and other similar items.
Length of Service
Length of Service will be determined using an effective date of December 31. For example, an employee who retires in June 2024 with a hire date in July 2000 will have served 24 years and would therefore be eligible to receive a retirement gift with a value up to $600 at the time of retirement.
