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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 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.
| Phased Retirement Program (PRP) | Early Retirement Incentive Program (ERIP) | |
|---|---|---|
| Eligibility |
|
|
| Duration | 2 or 3 years | 12-18 months |
| Effort | Suggested 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 PRP period, full-time equivalent percentage 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, full-time equivalent percentage 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 Payment | PRP 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. |
| Benefits | 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. | 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.
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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