Human Resources > ERIP

Early Retirement Incentive Program


Lincoln Park Quad and flowers  

Program overview

The University is offering an Early Retirement Incentive Program (ERIP) for full-time faculty and staff who meet the eligibility criteria to participate. This voluntary incentive program will position the university to continue to focus on its mission of making an extraordinary education accessible to its students. The program includes a valuable package of benefits which recognizes the service and contributions of faculty and staff who have made a long-standing commitment to DePaul.

Notification of eligibility: Employees who meet the eligibility criteria received program packets on March 12, 2019. These packets included details about the program and applicable retiree benefits.

Important note: In order to receive an election packet, an eligible employee must complete the expression of interest form and return it to the Office of Human Resources by April 8, 2019.


Lincoln Park Quad and flowers

Faculty - Frequently Asked Questions

Faculty eligibility criteria:
    1. Tenured
    2. Age 62 as of June 30, 2019
    3. 10 years of cumulative full-time service as of June 30, 2019
Faculty incentive calculation:
    1. Two times 2018 W-2 gross wages
    2. Payout subject to applicable income taxes
    3. The incentive payment will be paid out on July 12, 2019


Pediastrians on a wide sidewalk in the park

Staff - Frequently Asked Questions

Staff eligibility criteria:
    1. Full-time exempt or non-exempt
    2. Age 62 as of June 30, 2019
    3. 10 years of cumulative full-time service at June 30, 2019
Staff incentive calculation:
    1. One times 2018 W-2 gross wages
    2. Payout subject to applicable income taxes
    3. Vacation payout for full 2019 vacation accrual, less any vacation time taken during 2019
    4. The incentive payment will be paid out on July 12, 2019

Information Sessions

Sign up for an ERIP information session here. During the first 30 minutes of each session, representatives from the Office of Human Resources will review the details of the program and retirement benefits offered by the University. Multnomah Group will give a presentation on retirement planning for an hour. For the remainder of each session, benefit vendors and members of the DePaul HR Benefits team will be available for questions.
  • On Campus Sessions - Lincoln Park Campus
    Date: March 18, 2019
    Location: McGowan South (1110 W. Belden Ave.), 1st floor, room 105
    Times: 2:00 – 4:30pm (for Faculty) / 4:30 – 7:00pm (for Staff)
  • On Campus Sessions - Loop Campus
    Date: April 2, 2019
    Location: Lewis Center (25 E. Jackson Blvd.), 10th floor, room 1001
    Times: 2:00 – 4:30pm (for Faculty) / 4:30 – 7:00pm (for Staff)

List of vendors at information sessions:

  • BlueCross BlueShield
  • Fidelity
  • TIAA
  • Multnomah
  • Members of the DePaul HR Benefits team

Person sitting at desk looking at a computer

Webinars

If you can't make it to an on-campus information session, please sign up for the webinar. There will be separate webinars for faculty and staff on April 3, 2019.

  • Times: April 3, 2019.  10:00 – 11:30am (for Faculty) / 12:00 – 1:30pm (for Staff)
  • Register for faculty / staff webinar
Benefits sign in HR office

Benefits office hours

If you have additional questions after the information sessions, we will be offering office hours on Thursdays and Fridays from March 21, 2019 to April 12, 2019.

To schedule an appointment click here.  You can also contact a Benefits Specialist at hrbenefits@depaul.edu or ext. 28232.


Webinar note: The webinars will include the HR general overview and the Multnomah Group presentation, and a Q&A segment. Representatives from BCBS, Fidelity and TIAA will not be at the webinar, but are available generally by contacting the numbers on the benefit vendor contact list.


Information about election to retire

In order to receive an election packet, an eligible employee must complete the expression of interest form and return it to the Office of Human Resources by April 8, 2019.

On April 19, 2019, all eligible faculty and staff who have submitted the expression of interest form will receive separation agreements. A signed separation agreement must be received by June 3, 2019 for participants to receive the incentive payment which will be paid out on July 12, 2019.


BlueCross BlueShield Medicare Advantage Plan Information Forum

An informational forum for the BCBS Medicare Advantage Plan will take place on Thursday, April 4, 2019.

Additional information:
Blue Cross Medicare Advantage Plan informational forum
Thursday, April 4, 2019
1:00 pm | Central Daylight Time (Chicago, GMT-05:00) | 2 hrs
Meeting number: 625 146 328

Add to this forum to your calendar here


Important Dates

Date What's happening
March 12, 2019 Program packets mailed to eligible faculty and staff
March 18, 2019 and April 2, 2019 Retirement information sessions
Sign up for retirement information session
April 3, 2019 HR informational webinar
Register for webinar: faculty / staff
April 4, 2019 BCBS Medicare Advantage Plan webinar
   April 19, 2019 Faculty and staff participating in the program will receive a separation agreement from the university. The review period is 45 days, closing June 3, 2019 (the deadline for returning the agreement)
June 3, 2019 Deadline for returning separation agreements back to the Office of Human Resources
June 30, 2019 Retirement effective date under the program
July 12, 2019 Payout date for Early Retirement Incentive Program

* There is an official “revocation period” offered to faculty and staff who choose to participate in the program. Employees will have seven days from the day their separation agreement was submitted to revoke their decision.