2023 Tenure Buyout Program – Retiree Benefits
This website contains information for employees that are approved to participate in the Tenured Faculty Transition Policy (TFTP) with a tenure relinquishment date of August 31, 2023. If you have questions about your eligibility for the program, please visit the TFTP page or contact the Office of Faculty Advancement at facultyaffairs@drexel.edu.
Human Resources is here to help you as you prepare to transition to retirement. Explore the resources on this page to learn more about Drexel’s retiree benefits. We strongly encourage you to review the FAQs and checklist, and schedule a one-on-one consultation should you feel that you need additional guidance.
FAQs, Checklist, & Medicare Application Tip Sheet
Individual Consultations
Schedule one-on-one consultations with:
Health Advocate: The healthcare experts at Health Advocate can answer your questions about Medicare and other post-retirement health care options. Schedule a consultation by calling 1.866.695.8622.
SupportLinc: Drexel’s EAP provider, SupportLinc, offers counseling, support, and resources during and after your transition to retirement. Connect with a SupportLinc representative by calling 1.888.881.5462.
Drexel’s Office of Faculty Advancement and HR: Representatives from the Office of Faculty Advancement and Human Resources are available to answer questions about the Tenured Faculty Transition Policy (TFTP) program, tenure buyout payment, and your benefits after retiring. Email facultyaffairs@drexel.edu to make an appointment.
TIAA: Contact TIAA to discuss retirement and financial planning, including your Drexel 403(b) and 457(b) account.
- 403(b) Defined Contribution Retirement Plan
For general questions, contact TIAA participant services at 800.842.2252. To schedule an individual consultation with a TIAA financial consultant visit TIAA.org/schedulenow-drexel or call 800.732.8353.
- 457(b) Deferred Compensation Plan
Within 60 days of your separation from employment, you must elect to take a distribution from your 457(b) account or postpone distribution to a later date. If you do not make an election within 60 days, your account will be automatically paid to you as a single lump-sum payment.
Schedule a consultation with TIAA Financial Consultant for the 457(b) plan, Sabrina Evenosky, by calling 267.675.8161 or sign up for an appointment online at TIAA.org/schedulenow-drexel.
Note: If you intend to continue your employment with Drexel in a part-time, adjunct, temporary, casual, or per-diem capacity, please contact the Drexel HR Service Center at hr@drexel.edu to schedule a meeting with a Drexel retirement benefit consultant to understand how this impacts your plan eligibility and distribution options.
Key Dates
| One-on-One Consultations |
TBD |
| Connect With Social Security on Medicare Part B Enrollment |
June 1 (this allows 60 days advance notice for processing) |
| Drexel Retiree Benefit Enrollment Form Deadline |
July 31 |
| Addendum to the Election and General Release of Claims Deadline |
Aug. 31 |
| Date of Retirement |
Aug. 31 |
| Last Day of Active Employee Benefits |
Aug. 31 |
| First Day of Retiree Benefits |
Sept. 1 |
| Tenure Buyout Program |
Sept. 15, 2023, or Jan. 15, 2024 |
Informational Materials
2023 Retiree Benefit Plans and Rates