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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 Letter, PRI 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.
| Phased Retirement Incentive (PRI) | Early Retirement Incentive (ERI) | All Ranks Phased Retirement (ARPR) | |
|---|---|---|---|
| Benefits | Retain 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 |
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|
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| Duration | 2 or 3 years | 12 – 18 months | 1 – 3 years |
| Full-Time Equivalent Percentage | Sample full-time equivalent percentage for 3 year phased retirement* Year 1 – 75% 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 *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 *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 Payment | PRI 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.
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