Benefit Calculation
Plan payments and contribution to the Retiree Health Reimbursement Account (RHRA) are the key components of the program. Your total plan payment plus the total RHRA contribution from the university will not exceed $100,000.
The amount of your plan payments is determined using a formula that takes into account your base pay and years of Wright State service up to 25 years as of May 31, 2020.
Total Benefit Calculator (Excel)
Let’s Look at an Example
Rowdy Raider’s base pay as of May 31, 2020, is $89,500 and he has 17 years of Wright State service.
As calculated below, Rowdy will receive $20,287 paid in three installments. In addition, Rowdy will receive $5,000 per year for three years in the form of a contribution to a Retiree Health Reimbursement Account (RHRA).
Rowdy will receive a total of $75,860 from the university. These are enhanced benefits he would otherwise not be eligible to receive under the university’s normal retirement program.
| Step 1: | ||||
| $89,500 Annual base pay as of 5/31/2020 |
X | 0.04 (0r 4%) | = | $3,580 Total |
| Step 2: | ||||
| $3,580 Total from Step 1 |
X | 17 Years of WSU service capped at 25 as of 5/31/2020 |
= | $60,680 Total Plan Payments (not to exceed $85,000) |
| Step 3: | ||||
| $60,860 Total from Step 2 (not to exceed $85,000) |
divided by | 3 | = | $20,287 Amount of each payment, paid in 3 installments |
| Step 4: | ||||
| $15,000 | divided by | 3 | = | $5,000 Amount of RHRA per year for 3 years |
| Step 5: | ||||
| $75,860 Add total from Step 2 plus total RHRA contribution |
Total shall not exceed $100,000 |
This information provides details of the Faculty 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.
