Pre 1996 Hires
Post-retirement benefits are available to those hired, full-time, on or before September 30, 2000.
Qualified Retirees are those who meet the 75-year rule. This rule states that the age plus a minimum of 10 years of full-time service must total 75 years in order to be considered a qualified retiree.
Qualified Retirees are eligible for the following benefits:
Medical Coverage (if retired prior to August 31, 2005)
Over 65 years of age
The University will provide retiree coverage at no cost to qualified retirees; however, retirees who were enrolled in the 100/70 plan will be required to pay a monthly premium. The Aetna Medicare Advantage PPO Plan coverage will become the only coverage. If a retiree desires coverage for a spouse, he/she may do so by continuing employee + 1 coverage and paying the required additional premium.
Medical Coverage (if retired after August 31, 2005)
Under 65 years of age
University coverage will remain primary and the retiree is required to contribute towards medical coverage for oneself while in retirement. The retiree鈥檚 contribution will be the same cost share dollar amount (for the medical plan selected) as immediately prior to retirement without being subject to future increases in premium. If the retiree desires to have coverage for a spouse, he/she may do so by continuing family coverage and paying the required premiums.
Over 65 years of age
The University will provide retiree coverage for our retirees. The retiree is required to contribute towards medical coverage for oneself while in retirement. The retiree鈥檚 contribution will be the same cost share dollar amount (for the medical plan selected) as immediately prior to retirement without being subject to future increases in premium.
The Aetna Medicare Advantage PPO Plan coverage will become the only coverage. If a retiree desires coverage for a spouse, he/she may do so by continuing employee + 1 coverage and paying the required additional premium.
Medicare - Part B
The University will reimburse qualified retirees, age 65 or over, for the standard monthly Medicare Part B premium. Reimbursement is provided on a monthly basis and will begin the month following receipt of a copy of the Medicare Part B card and confirmation of the retiree鈥檚 monthly Part B base premium. No retroactive reimbursement will be made. Direct deposit is available for this reimbursement.
If a qualified retiree鈥檚 annual base premium increases, he/she is responsible to promptly provide the documentation, from Social Security/Medicare that shows the new base premium amount, to the University Benefits office. No retroactive reimbursement will be made.
Dental
Retiree has the option to continue on the CIGNA Dental plan for 24 months following his/her retirement date. Once the 24 months has ceased, retirees have the option to continue on COBRA for an additional 18 months (for a combined maximum of 42 months of coverage). The retiree pays for the full cost of this coverage.
Life Insurance
Non-Contributory Life Insurance is provided to our qualified retirees at an amount equal to their last full time base annual salary up to $150,000. Effective July 1, 2007, non-contributory life insurance is provided to our qualified retirees at an amount equal to their last full time base annual salary up to $100,000. The amount of the policy will decrease by 10% of the original amount on the first of each July following the date of retirement. It will continue to decrease until the amount is equal to the greater of 40% of the original amount or $2500.
Tuition Remission
Qualified retirees, their spouses and children under the age of 24 are eligible to receive full tuition remission for undergraduate/graduate courses at the University, except for Special Programs, (such as the Executive Business Program (EMBA), the Law School, all doctoral programs, the MS in Finance for Professionals, the Physician鈥檚 Assistant Program, etc.). Special Programs qualify for a 50% remission benefit for children under the age of 24. (Please contact Student Accounts for information concerning programs that are considered to be Special Programs.)
For a child age 24+, full tuition remission toward completion of an undergraduate degree if he/she matriculated prior to turning age 24 or 50% tuition remission for undergraduate/graduate courses at the University and 25% tuition remission for Special Programs.
On-campus tuition remission benefits for a dependent child terminate at the end of the semester in which he/she turns age 30.
Non-credit or certificate courses/programs are not covered, nor is a qualified retiree eligible to participate in the tuition exchange program or the off-campus tuition reimbursement program.
Rehired Employees
If a full-time employee who was previously eligible for but did not meet the Rule of 75 terminates full-time employment, and is rehired full-time after a year (12 month) break from full-time service, the employee will no longer be eligible for rule of 75 benefits regardless of subsequent service.
If a full-time employee who was previously eligible for but did not meet the Rule of 75 terminates full-time employment, and is rehired full-time within a year (12 month) break from full-time service, the employee will be eligible for rule of 75 benefits.
If a full-time employee who was previously eligible for and did meet the Rule of 75 terminates/retires from full-time employment (qualified retiree), and is rehired full-time, upon his/her subsequent termination/retirement date, he/she will continue to be considered a qualified retiree; however, the retiree鈥檚 medical plan contribution will be the same cost share dollar amount as immediately prior to latest retirement date without being subject to future increases in premium.