Employee Retirement Gifts
William & Mary 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 believe honoring their dedication and service is essential.
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 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, tickets 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 of up to $600 at the time of retirement.
