Academic Retirement Incentive Program (ARIP)

Wayne State University is pleased to announce the implementation of an Academic Retirement Incentive Program (ARIP) during 2009-2010. A summary of the ARIP program is provided below:

Eligibility

Age 60+ with 10 years of continuous service as of May 17, 2010 and
- 9 and 12 month tenured and tenure track faculty or
- Administrators who have retreat rights to a tenured position or
- Academic Staff who have tenure

Program Benefits

Incentive Payment equal to 50% of the annual salary as of May 17, 2010

Annual salary is defined as the permanent salary excluding all attachments and extra service assignments (adjusted to a 9- month basis if retreat rights are to a 9-month position)

The employee can elect one of the following options to receive the incentive:

1. Receive a one-time lump sum taxable payment without retirement plan contribution

2. Allocate the incentive payment (100%) to a tax favored Health Reimbursement Arrangement (HRA) with a 10 year duration

3. Divide the incentive payment between the lump-sum payment and HRA account (in 10% increments)

Five years of subsidized medical coverage on the WSU retiree group plans to the same extent as employees (retirees will be billed an amount equivalent to the active employee contribution)

WSU retiree medical coverage is primary for retirees and dependents less than age 65

WSU retiree medical coverage is secondary to Medicare for retirees and their dependents age 65 and up

Retiree Term Life Insurance coverage of $25,000
50% Dependent Tuition Reduction
Personal Counseling Sessions with TIAA-CREF and/or Fidelity advisors for anyone considering participating in the program. Click this link to schedule an appointment: /hr/tcw/retirement-savings/403b-contact-info.pdf
Other Retiree benefits as appropriate to all retirees

Program Information