To be eligible for the Faculty Voluntary Retirement Incentive Program, faculty members must be eligible to take their retirement benefit, reduced or unreduced by:
- June 30, 2020
Retirement eligibility is defined by the system or plan in which faculty members participate are as follows:
The State Teachers Retirement System, or STRS, defines retirement eligible as:
- In the Defined Benefit Plan and Combined Plan: At any age with 33 years of service or age 65 with five years of service for an unreduced retirement benefit, and at any age with 30 years of service, age 55 with 28 years of service or age 60 with five years of service for a reduced retirement benefit.
- In the Defined Contribution Plan: At age 50 with any service requirement.
- The Alternative Retirement Plan, or ARP, defines retirement eligible as age 59½ with any service requirement.
Those not eligible include faculty who previously retired from the university; those who provided written retirement notice prior to January 27, 2020; adjunct faculty; STEM school faculty; and special contract faculty.
Eligibility for the program is open to the first 60 faculty members who submit their application. Anyone thereafter will be reviewed on a case-by-case basis based upon an evaluation of other faculty losses stemming from this endeavor and student enrollment in college departments.
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.