Update: Details on plan and release of rights here.
Thanks to an anonymous reader for forwarding this sketch of the plan, which looks like it was devised by VP Brad Shelton.
Word is that, in addition to one year salary, the university will also pay PEBB costs for single coverage for the number of years necessary to get the retiree to age 65 and medicare. All paid as a lump sum, all taxable.
Among other peculiarities, this scheme does not appear to offer any additional emoluments to the tenured faculty, who are normally the targets of these proposals – because of their job security, higher pay, and existing TRP options.