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Voluntary Retirement Incentive Plan

The Voluntary Retirement Incentive Plan (VRIP) is an optional, one-time opportunity for eligible faculty and professional staff, excluding any professional staff member who is affiliated with a collective bargaining unit, to apply for retirement. View the information below and the Frequently Asked Questions for details.

Plan Applications

Timeline

March 20, 2017: Window to apply for VRIP opens. Follow the instructions below to participate.

  1. Submit your plan application to participate in the Voluntary Retirement Incentive Plan (applications are linked above under the "Plan Applications" heading)
    • Completed and signed Election and General Release of Claims should be submitted to the Office of Human Resources by the deadline of May 22, 2017
      Human Resources
      Attention: Voluntary Retirement Incentive Plan
      3201 Arch St, Suite 430
      Philadelphia, PA 19104
  2. Within 24 hours, you will receive an email confirmation from Human Resources. A retirement package will be attached to your confirmation with next steps to process your retirement, including a:
    1. Retiree Letter
    2. Retiree Benefits Enrollment Form
    3. Life Insurance Certificate
    4. Life Insurance Beneficiary Change Form
    5. Medicare Part B Employer Statement (this form will only be included if you and/or your spouse are Medicare age (65 or older))
  3. If you are going to transition to the Drexel Retiree Benefit plan, you will need to complete and return the Retiree Benefits Enrollment Form to Human Resources by May 27, 2017. In order to be enrolled in the Drexel sponsored Personal Choice 65 PPO Medicare Advantage plan, Medicare Parts A & B need to be in effect as of the date your benefits would be eligible. For those retiring 6/30/17, Medicare needs to be effective 7/1/17, and for those retiring 8/31/17 it needs to be effective 9/1/17. Please be aware that Medicare can request up to a 60-day lead time to have your application processed by your requested effective date. A delay in enrollment into Medicare Parts A and/or B will result in a delay in enrollment into the Personal Choice 65 plan.
  4. The transition from active employee benefits to retiree benefits cannot occur until your department has submitted a Personnel Action Form (PAF) to Human Resources. This should happen as soon as administratively possible. Once the form is received, the system will be updated with the new elections within 7-10 business days. The vendors will be notified and, if required, new ID cards will be issued. Note that the Personal Choice 65 PPO will be the only plan to issue new ID cards for the medical and prescription plans for those who are Medicare eligible. All other cards will remain valid.
  5. COBRA packages for dependent children will be mailed out from Conexis once your record is updated from Active to Retired.
  6. Invoices for the retiree benefit coverage will be mailed to your home from Conexis. Note that there may be a delay in receiving your first invoice due to the timing in which the invoices are sent.

Applicants may revoke their application at any time up to seven days after signing the Separation Agreement. Eligible faculty and professional staff who decline to participate or who revoke an application to participate will not be treated any differently than any other similarly situated employee.

May 22, 2017: Deadline to apply for VRIP

  • A note for those over age 65: In order to be eligible for the Drexel sponsored Personal Choice 65 PPO Medicare Advantage plan as a retiree, Medicare Parts A & B need to be in effect as of the date your benefits would be eligible. For those retiring 6/30/17, Medicare needs to be effective 7/1/17, and for those retiring 8/31/17 it needs to be effective 9/1/17. Please be aware that Medicare can request up to a 60-day lead time to have your application processed by your requested effective date. A delay in enrollment into Medicare Parts A and/or B will result in a delay in enrollment into the Personal Choice 65 plan.

June 30, 2017: Retirement date if participating in VRIP

August 31, 2017: Retirement date for 9-month faculty if participating in the VRIP

Retirement Incentive

Faculty

  • Tenured Faculty: 75% buyout for tenured faculty who retire by June 30, 2017 (August 31, 2017 for 9-month faculty)
  • Non-Tenured Faculty: Retirement bonus of 3 months' salary for faculty who retire by June 30, 2017

Professional Staff

  • Retirement bonus of 3 months' salary for professional staff who retire by June 30, 2017

Medical Benefits

Premium Subsidy

Faculty and professional staff who retire by June 30, 2017 (August 31, 2017 for 9-month faculty) will be eligible to receive a subsidy of $300 per month (and $300 per month for a spouse/domestic partner) to offset their medical benefit premiums. After June 30, 2017, the medical benefit subsidy will no longer be offered to Drexel retirees.

Plans Offered

Rate Summary

Under 65 Medical Plans Offered

Over 65 Medical Plan: 2017 Personal Choice 65 PPO

Dental Plans Offered

Davis Vision Plan Offered