The Voluntary Retirement Incentive Program offers enhanced benefits not otherwise available through your retirement plan(s) and post-retirement medical coverage. This opportunity will allow you to retire with greater benefits than you would receive under the current retirement provisions.
The features of the program are as follows:
- Pay continuation: A payment equal to 4% of his/her Base Pay per full year of Wright State service, up to a maximum of 25 years, payable in three substantially equal installments; capped at $85,000.
- Medical benefit: Receive a Health Reimbursement Account, or HRA, contribution from the university of $5,000 per year for three years to use toward eligible health expenses, such as purchasing coverage outside the university and paying for deductible, copayment and coinsurance costs for medical services and prescription drugs.
- Maximum offer: The total amount of the offer (pay continuation and medical benefit enhancement) is capped at $100,000.
In addition, for those interested in continuing to receive medical coverage for themselves and eligible dependents under one of the Wright State medical plans (i.e. AAUP PPO 90/10 Plan, PPO 90/10 Plan, AAUP PPO 80/20 Plan, PPO 80/20 Plan, AAUP HDHP Plan or HDHP Plan)*, the university will provide a special subsidized COBRA rate that will cover 50% of the COBRA rate for up the three years.
As is standard practice and pursuant to the university’s policy, employees will be paid for any unused, accrued sick time (with 10 years of state service) and/or accrued vacation after their employment with the university ends. Details are explained in the Wright Path to Retirement brochure.
*Medical plans are subject to change annually.
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.