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 have completed the expression of interest form and returned 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

HR hosted a series of on-campus Information Sessions to review the details of the program and retirement benefits offered by the University. Multnomah Group presented on retirement planning.  Benefit vendors, DePaul Emeritus Society, and members of the DePaul HR Benefits team were available for questions.

Person sitting at desk looking at a computer

Webinars

Separate webinars for faculty and staff were held on April 3. The webinars included the HR general overview and the Multnomah Group presentation, and a Q&A segment. View the presentation slides from the webinar for faculty and staff.

Benefits sign in HR office

Benefits office hours

If you have additional questions after the information sessions, you can also contact a Benefits Specialist at hrbenefits@depaul.edu or ext. 28232.


Information about election to retire

In order to receive an election packet, an eligible employee must have completed the expression of interest form and returned 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 took place on Thursday, April 4, 2019. A recording of this webinar will be coming soon.  View Information Forum slides​.


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
April 3, 2019 HR informational webinar
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 after signing their separation agreement to revoke their decision.