Faculty Voluntary Separation Program Option B Enhanced Appendix J Offer
On this page:
- Retirement Dates and Bonus Incentive Calculation
- Bonus Incentive Payments
- Healthcare
- Additional Benefits
- Current Benefits Offered to Retiree
- Taxation of this Offer
This option is available for eligible employees to elect retirement.
Existing Appendix J from CBA is still applicable and is being enhanced with the following Bonus Incentive Payment and other benefits.
Retirement Dates and Bonus Incentive Calculation
|
Retirement Date |
Bonus Incentive Payment |
Appendix J Teaching |
|---|---|---|
|
On or before December 31, 2021 |
100% of base salary |
Start Fall 2022 |
|
On or before May 31, 2022 |
50% of base salary |
Start Fall 2022 |
|
On or before May 31, 2023 |
25% of base salary |
Start Fall 2023 |
Maximum Bonus Incentive Payment: $200,000
Participants may request and the University may grant a request as to the number of years of teaching: one (1), two (2), or three (3) years.
Bonus Incentive Payments
- First payment: 50% by December 31, 2021
- Second Payment: 50% by March 15, 2022
Healthcare
If currently enrolled in the healthcare plans as of April 8, 2021, and will not be eligible for Medicare upon your retirement, you have the choice of these two options:
- An additional one-time taxable payment of $10,000 to help defray the cost of medical expenses, processed along with your first Bonus Incentive Payment by December 31, 2021, OR
- If you continue to choose group health benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the University shall pay the employer portion of the COBRA healthcare for a period of eighteen (18) consecutive months beginning with the month following your exit date.
You must continue to pay the active employee portion of the COBRA healthcare costs during the 18-month period. These rates are subject to change annually.
Additional Benefits
You have the option to select up to five (5) additional benefits, listed below if you have a minimum of ten (10) YOCS as of your retirement date:
- Emeritus Faculty Status in accordance with Article 34 of the CBA
- Use of office or lab space, for up to three (3) years, on a space-available basis, and at the discretion of the applicable Chair and/or Dean
- Continued Departmental involvement, for up to three (3) years, as determined by the applicable Chair
- Complimentary Parking Pass for up to three (3) years
- Membership to the University Fitness Center for up to three (3) years
- Season tickets to intercollegiate sports events for up to three (3) years
- A twenty-five percent (25%) discount on WSU clothing and gift items, school supplies, and general reading books at the University Bookstore for up to three (3) years.
Current Benefits Offered to Retiree
Participation in and receipt of any and all other retirement plans and benefits offered to a retiree shall remain unchanged, including but not limited to:
- the right to purchase continuation of health care coverage as required under applicable federal law;
- cash out of sick leave and/or vacation, if qualified,
- educational benefits as set forth in University Policy 8320, if qualified, and
- other benefits normally extended to separated or retired employees.
Such benefits are not offered under this Plan and are not subject to the Code Section 409A regulations governing “window programs.”
Taxation of this Offer
Given the taxation issues associated with this offer as noted in the plan document, the University advises you to consult with your tax, legal, or accounting advisor regarding your particular tax situation.
The University does not provide tax, legal, or accounting advice.
This information provides you with details of this 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.
