Fall 2020 Update

Fall 2020 Update: Wright State University’s Dayton and Lake Campuses plan to return to teaching for 2020 Fall Semester on August 24 with a dynamic and flexible mixture of in-person and remote courses. Read more about our Right Here. Wright State. This Fall. plan.

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.