Program Overview

Starting July 1, 2021, Johns Hopkins University is launching a voluntary Senior Faculty Transition Program (“Transition Program”) for all eligible full-time full professors (tenured faculty or faculty in the School of Medicine with a contract to retirement) that offers a one-time opportunity to receive a range of financial incentives. Faculty who elect to participate in the Transition Program will receive a financial incentive package designed to facilitate and support their transition from employment with the University. All eligible faculty who voluntarily elect to participate in the Transition Program must sign the two Transition Program agreements, and must retire from the University on or before June 30, 2022. Participants may select a retirement date that falls at any time during the window, i.e. at any time between July 1, 2021 and June 30, 2022.

Eligibility

Eligible faculty must be full-time full professors (tenured faculty or faculty in the School of Medicine with a contract to retirement) employed by the University at one of the following schools: Johns Hopkins School of Medicine, Bloomberg School of Public Health, the Johns Hopkins School of Nursing, the Krieger School of Arts and Sciences, the Whiting School of Engineering, the Carey Business School and the School for Advanced International Studies; must be age 67 or older by July 1, 2021; must have at least ten years of full-time continuous service to the University at the time of eligibility; and must be in good standing.

Transition Program Incentive Package

Participants will receive a package of benefits designed to aid and support faculty in their transition from employment with the University.  All monetary benefits are considered taxable income and will be reduced by applicable federal and state withholding and payroll taxes.  The Transition Program includes the following benefits:

• Transition Cost Benefit: Participants will receive a one-time payment equal to 10% of academic base salary paid after signing the first Transition Program agreement, to cover the cost of financial planning services and other costs associated with their transition.
• Incentive Payment: Participants will receive 100% of their academic base annual salary.  The Incentive Payment will be paid after participants sign the second Transition Program agreement and in two equal installments.  The first 50% will be paid in a lump sum in the first January after the participant’s separation date, and the second 50% will be paid in a lump sum in the second January after the participant’s separation date.
• Healthcare Cost Incentive Payment: Participants will receive a payment designed to help cover costs of retiree medical benefits. The total amount of the Healthcare Cost Incentive Payment is $10,000, paid in two equal lump sum payments of $5,000.  The first $5,000 will be paid in a lump sum after participants sign the second Transition Program agreement.  The second $5,000 will be paid in a lump sum in the second January after the participant’s separation date (along with the second 50% Incentive Payment, as described above).
• Medicare/Medigap exchange counseling benefit: Participants will receive an individual Medicare/Medigap exchange counseling benefit to assist them is selecting appropriate medical insurance.
• Academy at Johns Hopkins membership: Participants will be eligible to become members of the Academy at Johns Hopkins emeriti colleges (Homewood or East Baltimore), and will be eligible for all resources and services provided by the Academies.

Phased Option

With the consent of their Department chair, Transition Program participants may elect to reduce effort to as low as 30% after enrollment and remain eligible to receive full Johns Hopkins health and welfare benefits that are made available to full-time faculty members until their separation.  Salary would be reduced to reflect effort.  Effort/teaching commitments to be individually negotiated based on Departmental needs/faculty preference).

How to Apply

Faculty who wish to participate in the Transition Program should contact Jennifer Van Beek at jvanbeek@jhmi.edu who can confirm eligibility and answer questions. Eligible faculty should submit a signed First Agreement to Jennifer Van Beek at jvanbeek@jhmi.edu no later than June 30, 2022. The Provost’s Office will then forward the first Transition Program agreement to be signed by the eligible faculty member and then by the Provost. An individual’s participation in the Transition Program will be confirmed if and when both the individual and the Provost have signed the first Transition Program agreement. No rights accrue under the Transition Program unless and until both parties have signed the first and second Transition Program agreements, and they have become effective under their terms.

Additional Resources

The Johns Hopkins Benefits Office can provide individual information and arrange personal meetings to discuss the University’s health & welfare programs for retirees.  Please contact the Benefits Service Center at 410-516-2000.

Important Disclosures: The Transition Program will be governed by the terms of the Johns Hopkins University Voluntary Window Separation Plan, a copy of which will be made available to all eligible faculty.  The University reserves the right to determine employee eligibility for the Transition Program, to interpret and apply Transition Program provisions in all instances, and to suspend, amend, modify and/or terminate the Transition Program and any associated benefits at any time in its sole discretion.  The provisions of the Transition Program documents, and any employee benefit or compensation plan documents associated with the Transition Program, and all University actions in administering, interpreting and applying such program and plan documents, will continue to control.  If you have questions concerning the Transition Program please contact Jennifer Van Beek at jvanbeek@jhmi.edu.