To Our Faculty:
As the end of the semester approaches, we want to update you regarding an opportunity that will become available in the new year: a Voluntary Retirement Incentive Program (VRIP) for eligible faculty who choose to step down from their roles as of July 1, 2022.
As the uncertainty of the pandemic continues, the news remains full of stories about individuals reappraising their lives and considering new possibilities. Like the 2020 staff incentive program, this option benefits faculty interested in the next steps in their life.
You can find additional details regarding this program on this page of the Office of the Provost website; below are some of the most salient details:
- Timeline: The university will begin accepting applications Tuesday, Jan. 4, 2022, with a final deadline of Monday, Feb. 28, 2022, or when 50 applications have been received—whichever comes first.
- Eligibility I: Faculty must be tenured with a minimum of 10 years of service at CWRU. Their age plus years of service as of June 30 must total at least 75. In addition, at least 75% of the faculty member’s salary must be paid by Case Western Reserve University (as opposed to by grants or other forms of external support).
- Eligibility II: No more than two faculty per department may participate, and the university total participation cannot exceed 50. Applicants will be accepted on a first-come, first-served basis. Faculty who have indicated in writing that they planned to retire prior to Jan. 4, 2022, are not eligible for the incentive program.
- Incentive I: Faculty members who participate will receive a lump sum payment equal to one year of salary plus an amount equal to the cost of 24 months of the university’s current retiree Medicare supplement premium for single coverage ($579/month). For example, a faculty member with a salary of $100,000 per year would receive a lump sum of $113,896, which would be taxable as regular income.
- Incentive II: Participating faculty will continue to have full access to campus facilities such as libraries and athletic centers. They also remain eligible for university tuition benefits.
Later this month, deans will contact eligible faculty within their schools and hold group meetings to provide additional information about the program. Faculty with individual questions about health care coverage can contact Director of Benefits Amy Sheldon at 216.368.5000 or firstname.lastname@example.org.
Those with questions about retirement accounts may contact their respective carriers (TIAA-CREF at 800.842.2776 or Vanguard at 800.523.1181).
We thank you in advance for considering this opportunity.
Eric W. Kaler
Ben Vinson III
Provost and Executive Vice President