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Senior Faculty Retirement Resources

Senior Faculty Transition Programs

As of Nov. 1, 2017, the Johns Hopkins University School of Medicine is introducing a new Senior Faculty Transition Program (SFTP), which will offer two distinct pathways to retirement. The new retirement options and the development of this website were a result of 2016 recommendations made by the Dean’s Task Force on Senior Faculty Support and Transitions.

The SFTP is currently being offered to school of medicine faculty meeting the eligibility criteria that are outlined in the table below. For more information on the SFTP, please refer to the Senior Faculty Retirements Options Outline and the SFTP Frequently Asked Questions document. Please see provided ERIP Department Director Template Letter and PRP Department Director Template Letter for your review. Any questions on eligibility for the SFTP should be directed to the SFTP Coordinator, Jennifer Van Beek at SOMRetirement@jhmi.edu.

Retirement Plans: JHU SOM Phased Retirement Plan & Early Retirement Incentive Plan

 Phased Retirement Program (PRP)Early Retirement Incentive Program (ERIP)
Eligibility
  • Full professors1 in SOM who are employed and paid by JHU
  • 10+ years of full-time continuous service
  • In good standing
  • 100% full-time equivalent effort
  • Elect anytime between 65-69 years of age
  • One time 6 month election period if 70+ years of are
  • Execute a binding PRP agreement at least two years, but not more than three years, before retirement date
  • Full professors2 in SOM who are employed and paid by JHU
  • 10+ years of full-time continuous service
  • In good standing
  • At least 50% full-time equivalent effort
  • Elect anytime between 65-69 years of age
  • One time 6 month election period if 70+ years of age
  • Execute a binding ERIP agreement at least one full year, but not more than eighteen months, before retirement date
Duration2 or 3 years12-18 months
EffortSuggested effort for 3 year phased retirement*

Year 1 – 75%
Year 2 – 50%
Year 3 – 30%

(*During PRP period, effort can be no less than 30%, to be mutually agreed upon in a binding agreement between faculty and Department Director and attached to the PRP agreement)
During ERIP period, effort can be no less than 30%, to be mutually agreed upon in a binding agreement between faculty and Department Director and attached to the ERIP agreement.
Incentive PaymentPRP participants will receive a one-time payment of $100,000, less applicable tax withholdings, when they resign and retire from Johns Hopkins upon successful completion of the PRP agreement.ERIP participants will receive a one-time payment of $100,000, less applicable tax withholdings, when they resign and retire from Johns Hopkins upon successful completion of the ERIP agreement.
BenefitsRetain full-time employee equivalent Medical and University Benefits; University contribution to the 403b retirement plan will be proportional to base salary in effect at the time of the contribution.Retain full-time employee equivalent Medical and University Benefits; University contribution to the 403b retirement plan will be proportional to base salary in effect at the time of the contribution.

1A limited number of SOM Associate Professors who have contracts to retirement are also eligible for this new Program.
2A limited number of SOM Associate Professors who have contracts to retirement are also eligible for this new Program.