The Faculty Voluntary Retirement Incentive Program offers enhanced benefits not otherwise available through your retirement plan. 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:
- Plan Payments: Receive 4% of your base pay per year of Wright State service (as of May 31, 2020), with a maximum of 25 years of service, in three installments, paid over two years; capped at $85,000.
- Healthcare benefit: Receive a Retiree Health Reimbursement Account (RHRA), contribution from the university of $5,000 per year for three years to use toward eligible health expenses, such as purchasing coverage either outside or inside the university and paying for deductible, copayment and coinsurance costs for medical, prescription drugs, dental and/or vision.
- Maximum offer: The total amount of the offer (pay continuation and Healthcare benefit enhancement) is capped at $100,000.
In addition, for those interested in continuing to receive healthcare coverage for themselves and/or eligible dependents under one of the Wright State plans (i.e., PPO 80/20, HDHP, Dental, and Vision)1, the university will provide a special subsidized COBRA rate that will cover 50% of the COBRA rate for up to three years.
Enhanced Benefits Are Protected in Case of Death: Participants will designate beneficiaries for plan payments. For the RHRA, your enrolled spouse and/or eligible dependents will automatically become your beneficiary. You will be required to designate these individuals in the FVRIP election materials.
1Healthcare plans and COBRA premiums are subject to change annually.
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.