2025 Tenure Buyout Program – Retiree Benefits
This website contains information for faculty members that are approved to participate in the Tenured Faculty Transition Policy (TFTP) or Phased Retirement with a tenure relinquishment date of August 31, 2025. If you have questions about your eligibility for the program, please visit the TFTP page or contact the Office of Faculty Advancement and Inclusion at facultyaffairs@drexel.edu.
If you are participating in the TFTP but your expected retirement date is not in this current plan year, this page can be used as a reference, but the rates and health plans offered may be different for your retirement plan year. You will be contacted in the spring leading up to your retirement date to discuss how to transition into retirement.
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, checklist, and schedule a one-on-one consultation should you feel that you need additional guidance.
Helpful Resources
Individual Consultations
Joint consultations are available with the Office of Faculty Advancement and Human Resources Benefits Consultants, as needed. To schedule an appointment, please email Michelle Wall at mkw28@drexel.edu.
You may also schedule one-on-one consultations with:
Health Advocate: The healthcare experts at Health Advocate can answer your questions about Medicare and the application process, 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 before your transition into retirement. Connect with a SupportLinc representative directly by calling 1.888.881.5462.
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.
Continuing Employment With Drexel During Retirement
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 may impact your plan eligibility and distribution options.
As a working retiree you may not be able to take a distribution from your 403(b) account as a regular retiree would. As a working retiree, you are considered an active employee and therefore are only eligible for in-service distributions from your account if you are at least 59 ½. Required minimum distributions (RMD) while an active employee (working retiree) is not allowed even if you are of the RMD age.
Access to your 457(b) funds will also be suspended while you have a status of working retiree. Once you terminate all employment with the University, you will have access to the 457(b) account and have 60 days from your final employment date to take a distribution or postpone to a later date.
Key Dates
| One-on-One Consultations |
Available upon request |
| 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 Payment |
Sept. 15 or Jan. 15 |
2025 Retiree Benefit Plans and Rates
Medical and Prescription Coverage
Drexel University offers a Medicare Advantage plan to retirees and/or spouses who are Medicare eligible called the Blue Medicare Advantage Secure Preferred PPO (Secure Preferred PPO). This plan offers benefits beyond original Medicare and includes benefits only available to Blue Cross Medicare Advantage plan members. To qualify for this plan, you must be enrolled in both Medicare parts A & B. You are responsible for payment of the monthly Medicare Part B premium in addition to the monthly cost of the plan offered by Drexel, if applicable. For details on the cost for Medicare Part B, please visit medicare.gov.
The Secure Preferred PPO website allows members to look up network doctors and view up-to-date formulary information.
- Questions about the Secure Preferred PPO can be directed to the First Impressions Welcome Center at 844.451.2069.
- Group Number: PA010GRS
- Sydney Health App [PDF]
Medical and Prescription Coverage
Drexel University offers four medical coverage options (PPO Basic, PPO High, Consumer Directed Health Plan, Point of Service), allowing retirees under age 65 to pick the best plan for them. The same prescription drug coverage, provided by IBX, is included in each plan regardless of which medical option you select. A summary document of each of these plans can be found below.
You can manage both your medical and prescription benefits online by registering at ibx.com:
- Medical: The Independence Blue Cross website allows members to search for participating providers, print out temporary ID cards, request new ID cards, and view processed claims.
- Prescription: The Independence Blue Cross website allows members to order prescriptions to be delivered by mail, price and compare drugs, and access health and medication information.
Standalone dental and vision coverage is also available to retirees and spouses/partners; these plans are the same plans that are offered to active employees, so they should look familiar for newer or prospective. Retirees are responsible for 100 percent of the plan premium.
Dental Coverage
Drexel University offers employees three dental options: a Base, a Preferred and a DHMO plan, through CIGNA. These plans provide a solid base of preventive and restorative services.
Vision Coverage
Davis Vision
Drexel's vision plan is offered to retirees both over and under 65 through Davis Vision, administered through Independence Blue Cross. The plan has an annual benefit frequency and offers coverage for such services as eye exams, frames, lenses, contact lenses, as well as discounts on select eye care supplies. Davis Vision provides a schedule of both in-network and out-of-network vision care services, and members can search for preferred Davis Vision providers under the Find a Doctor section of the Independence Blue Cross website. A summary document and out-of-network Davis Vision claim form are below:
Vision Benefit through Secure Preferred PPO Plan
Retirees insured through the Secure Preferred PPO have a vision benefit available every two years. Members must use a Blue View Vision provider. Refer to the Secure Preferred PPO 2025 Medical Plan Summary [PDF] for more information regarding the vision benefits.
To locate a Blue View Vision provider, log into your account at bluemedadvgrhs.com or visit the Sydney Health app [PDF]. You can also call the member services number on the back of your identification card for assistance in locating a Blue View Vision provider.
For vision claims processed out-of-network, members can request a reimbursement by attaching receipts and completing the PDF out-of-network form online or by email, or you may print and mail or fax it to: