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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 ERI Department Director Template LetterPRI Department Director Template Letter and ARPR 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.

Senior Faculty Transition Program: Three Program Options

 Phased Retirement Incentive (PRI)Early Retirement Incentive (ERI)All Ranks Phased Retirement (ARPR)
BenefitsRetain full-time employee equivalent Medical and University Benefits during transition period of 2-3 years. 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 during transition period of 12-18 months. 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 during transition period of 1-3 years. University contribution to the 403b retirement plan will be proportional to base salary in effect at the time of the contribution.
Eligibility
  • Full Professors in SOM who are employed and paid completely by SOM
  • 10 + years of full-time continuous service
  • In good standing
  • Employed at 100% full-time equivalent
  • Elect anytime between 65-70.5 years of age
  • Full Professors in SOM who are employed and paid completely by SOM
  • 10 + years of full-time continuous service
  • In good standing
  • Employed at least 50% full-time equivalent
  • Elect anytime between 65-70.5 years of age
  • All ranks of faculty in SOM who are employed and paid completely by SOM
  • 10+ years of full-time continuous service
  • In good standing
  • Employed at least 75% full-time equivalent
  • Elect anytime at age 65 or older
Duration2 or 3 years12 – 18 months1 – 3 years
Full-Time Equivalent Percentage

Sample full-time equivalent percentage for 3 year phased retirement*

Year 1 – 75% full-time equivalent
Year 2 – 50% full-time equivalent
Year 3 – 30% full-time equivalent

*During PRI period, full-time equivalent percentage can be no less than 30%. FTE must be mutually agreed upon in a binding agreement between faculty and Department Director.

Sample full-time equivalent percentage for 18 month early retirement*

First 12 months – 50% full-time equivalent
Months 13 – 18 – 30% full-time equivalent

*During ERI period, full-time equivalent percentage can be no less than 30%. FTE must be mutually agreed upon in a binding agreement between faculty and Department Director.

Sample full-time equivalent percentage for 3 year phased retirement*

Year 1 – 60% full-time equivalent
Year 2 – 50% full-time equivalent
Year 3 – 30% full-time equivalent

*During ARPR period, full-time equivalent percentage can be no less than 30%. FTE must be mutually agreed upon between faculty and Department Director.

Incentive PaymentPRI 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 PRI agreement.ERI 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 ERI agreement.This program option does not have an incentive payment.

The University expressly reserves discretion and the right to cancel or make changes to any of the Senior Faculty Transition Program options at any time.

Additional Resources