A message from Senior Vice President and Chief Human Resources Officer Megan Weyler, dated June 17, 2024

In alignment with the University’s long-term strategic and financial goals, Drexel is preparing to offer a voluntary retirement incentive plan (VRIP) this fall that will allow eligible faculty and professional staff who may be contemplating retirement to transition with financial and other incentives, while also providing opportunities for them to remain connected to the University if they desire.

The complete program details are available on the Human Resources (HR) website. Eligible faculty and professional staff will be receiving personalized packets via email from vrip@drexel.edu outlining their eligibility under the program. Participation in the VRIP is completely voluntary, and individuals applying for the plan must meet all requirements. We will be offering information sessions and one-on-one consultations from June through September to help answer any questions you may have. The first election window will open on September 23. Retirements will take effect for professional staff on January 31, 2025, and for faculty on June 30, 2025.

This VRIP differs in some significant ways from prior programs of its kind offered at Drexel:

• Incentives: In addition to a salary payout based on age and years of service, the plan also provides a Health Reimbursement Arrangement Account fully funded by Drexel and a discounted tuition scholarship benefit.
• Financial Threshold: The VRIP represents a significant one-time cost to the University to implement, so due to the current budget constraints, Drexel is not able to offer unlimited access to these incentives. The plan will be capped at $25 million.
• Election Process: Eligible participants will receive a point total based on their years of service and age. Those with higher point totals will be given earlier access to apply, and incentives will be awarded on a first-come, first-served basis. The election window will close on November 15, 2024, or when the financial threshold is reached – whichever comes first.

We have spent months designing this plan in response to the feedback we have received from faculty and professional staff who have expressed an increased interest in retirement as the University takes steps to transform its academic and administrative structure to strengthen Drexel’s position for the future. We want to thank all who contributed their input, as it has aided in the design of the plan and its accompanying materials.

All faculty and professional staff who may be eligible for the VRIP are encouraged to consult the HR website and review their personalized information packets for complete details. The email inbox for all inquiries related to the plan is vrip@drexel.edu. Drexel Human Resources is here to support you throughout this process.