Retirement Allowance Plan (RAP)
RAP Closed to All New Participants
Effective July 1, 2018, the Retirement Allowance Plan (RAP) closed to all new participants. As of that date, any part-time or temporary employees who work the minimum required hours (1,000) in a plan year will become eligible to participate in the Basic and Matching Plans.
If you were a participant in the RAP on June 30, 2018, you will remain in that Plan and continue to accrue a benefit for the years in which you work 1,000 hours.
For more information about this change, please refer to the FAQ.
The benefit amount under the RAP is based on a percentage of salary for each year of coverage under the plan. The formula used to calculate the annual RAP benefit is:
Final average pay × Years of RAP participation × 1.25% (.0125)
Your “final average pay” is the average of your highest 5 years of earnings out of your last 10 years of participation in the RAP.
Benefits, payable to you for life, are available only upon retirement or termination from all Penn/UPHS entities. Reduced benefits are available beginning at age 55; full benefits are available at age 65.
You’re fully vested in your RAP benefits after completing 1,000 hours of service per year for 5 years. Being vested means you own the money in your account even if you leave the University.
You can supplement the RAP by making tax-deferred contributions through the Supplemental Retirement Annuity (SRA) Plan.
Retirement Call Center
Questions? Contact Human Resources: 215-898-1327.