2021 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, 2021. 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, attend a virtual information session, 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 is available to answer questions about the TFTP program, tenure buyout payment, and your benefits after retiring. Email facultyaffairs@drexel.edu to make an appointment.
Your retirement vendor: Contact your retirement vendor to discuss retirement and financial planning, including your Drexel 403(b) or 457(b) account.
Key Dates
| Virtual Session - "Drexel Retiree Health Benefits Overview" |
June 15 |
| Virtual Session - "Transitioning to Personal Choice 65 PPO" |
June 29 |
| Connect With Social Security on Medicare Part B Enrollment |
July 1 (this allows 60 days advance notice for processing) |
| Virtual Session: "Work and Lifestyle Transitions" |
July 6 |
| Drexel Retiree Benefit Enrollment Form Deadline |
July 30 |
| Payment Date Selection Form Deadline |
Aug. 1 |
| 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 Payment |
Sept. 15, 2021, or Jan. 15, 2022 |
Virtual Information Sessions and Materials
We will be hosting a series of virtual benefit sessions to help you understand your benefit options and plan for retirement. You must register in Career Pathway to receive the Zoom link. To access Career Pathway:
- Log in to DrexelOne and select the Employee tab.
- Select the Career Pathway link.
- Click on the Calendar of Events icon on the homepage, locate the event, and follow the instructions to register.
Date and Time: June 15, 2021, 12-1 p.m.
Location: Online via Zoom, register through Career Pathway
Join us virtually as Drexel Human Resources presents an overview of benefits available to retirees. During this session we will discuss who is eligible for benefits as a retiree, what the benefits are and how to go about transitioning to Medicare Part B and signing up for the Drexel Personal Choice plan. At the end of the session, we will offer a Q&A allowing questions you may have that you need clarity on. We look forward to seeing you!
Date and Time: June 29, 2021, 12-1 p.m.
Location: Online via Zoom, register through Career Pathway
Join us virtually as Drexel Human Resources and Independence Blue Cross discuss the benefits available through the Personal Choice 65 PPO plan offered to Medicare Eligible retirees and spouses/partners. This presentation will help attendees understand how their health coverage will change when moving from their current plan to the Personal Choice 65 plan. We will also touch on Medicare Basics and provide guidance on how to sign up for the Drexel Personal Choice plan. At the end of the session, we will offer a Q&A. We look forward to seeing you!
Date and Time: July 6, 2021, 12-1 p.m.
Location: Online via Zoom, register through Career Pathway
Retirement is a process that involves more than financial planning. This session will cover resources available to you, and your family/household members, that will allow you to take a pro-active approach to working through the emotional side of retirement. The emotions and realities that occur after the “honeymoon” often takes retirees by surprise. Join us to learn more about strategies that you can take to help turn your vision of retirement into a healthy reality.
2021 Retiree Benefit Plans and Rates