Calculating Your Total Benefit

The pay continuation and contribution to the Health Reimbursement Account (HRA) are the key components of the program. 

Pay Continuation

The amount of your pay continuation is determined using a formula that takes into account your final annual base pay as of August 1, 2016, and your years of Wright State service.  Payments will be made in 3 installments: on January 31, 2017, December 29, 2017, and December 31, 2018.

Total Benefit Calculator (Excel)

Let’s Look at an Example

Rowdy Raider’s annual base pay as of August 1, 2016, is $89,500 and he has 17 years of Wright State service. 

As calculated below, Rowdy will receive 3 installment payments of $20,287 as pay continuation. In addition, Rowdy will receive $5,000 per year for 3 years in the form of a contribution to a Health Reimbursement Account (HRA).

Rowdy will receive a total of $75,860 from the university. These are benefits he would otherwise not be eligible to receive under the university’s normal retirement program.

Pay Continuation

Step 1:

$89,500

X

0.04 (or 4%)

=

$3,580

Enter annual base pay as of August 1, 2016       Total

Step 2:

$3,580

X

17

=

$60,860

Enter total from Step 1   Enter years of WSU service, capped at 25   Pay Continuation Total*
(Not to exceed $85,000)
Step 3

$60,860

divided by

3

=

$20,287

Enter total from Step 2
(Not to exceed $85,000)
      Amount of each payment, paid in 3 installments
Step 4:

$15,000

divided by

3

=

$5,000

Enter total HRA contribution       Amount of HRA per year for 3 years

Step 5:

$75,000

Total benefit capped at $100,000

Add total from Step 2 plus total HRA contribution  

 

This information provides you with details of the Voluntary Retirement Incentive Program available from Wright State University. More complete information about the offer can be found in the official plan documents.  If there are any differences between this information and the official plan documents, the official plan documents shall govern.