Retirement
If you are planning to retire from the University, there are several steps you should take to ensure that you receive all of the benefits to which you are entitled in your retirement.
- Visit Retiree Medical Plan for a description of the plan and how it works.
- No more than 60 days before your planned retirement date, contact the Benefits Office to schedule an appointment with a Benefits Specialist. They can assist you in completing the appropriate paperwork and choosing retiree medical coverage.
- 30 days before you retire, contact your departmental administrator to let him or her know your retirement date.
- On your last day of employment, return your University key(s), pagers, campus card, and any other University property to your departmental administrator.
Retiree Medical Eligibility
The Retiree Medical Plan is available to University employees who were either
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Employed prior to January 1, 2005 in a continuous benefits-eligible position and are at least age 55 when employment terminates, or
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Employed on or after January 1, 2005, are at least age 55 and have completed at least 10 years of continuous benefits-eligible service when employment terminates.
Medicare-eligible individuals must be enrolled in both Medicare Part A and Medicare Part B and not enrolled in Medicare Part D to be enrolled in the Retiree Medical Plan.
Medical, Dental and/or Vision
Upon retirement, you may postpone your enrollment in the Retiree Medical Plan if you have coverage under another employer's medical plan (for example, if you are covered under your working spouse's medical plan).
- If you are age 65 or older: You should choose medical coverage for you and your dependents from the medical options available to eligible retirees age 65 or older. In addition, you should contact Social Security to enroll in Medicare Part A and Part B.
- If you are under age 65: You may choose medical coverage for you and your dependents from the medical options available to eligible retirees under age 65, or you can choose to continue your employee medical, dental and/or vision coverage through COBRA.
COBRA
You have 60 days to elect COBRA, from the date you receive the continuation materials in the mail from Discovery Benefits, Inc. (COBRA administrator) . Once you receive the materials in the mail, complete the necessary paperwork and return it to DBI with your payment. Your COBRA coverage will take effect retroactive to the date your employee coverage ends once you have made payment to DBI.
Contact Discovery Benefits, Inc. at (866)451-3399 regarding questions about COBRA coverage after you have applied.
Please Note:Your University-provided employee coverage ends on the last day of the month you retire. If you started employment with the University prior to July 1, 1987 and you have not had a break in coverage, your coverage continues for an additional month after the end of the month you retire through COBRA.
If you're eligible for Medicare (age 65 and above), you will be penalized by Medicare if you choose COBRA rather than retiree health coverage for yourself as soon as you retire.
Short-Term Disability
Your coverage ends on your last day of employment (the date you retire).
Long-Term Disability, Group Life Insurance and/or Personal Accident Insurance
- You can choose to convert your coverage into an individual policy.
- You must submit your application within 31 days from the date you retire.
- Complete and return the form(s) directly to Sun Life.
- Your University participation in these plans stops on the last day of the month you retire.
Flexible Spending Accounts (FSAs)
If you maintain a flexible spending account, be sure to file a claim with HealthEquity (WageWorks) for reimbursement of claims incurred before the date you terminate employment. For a health care account, you may claim your annual amount up to the amount of claims incurred before your employment terminates. You can always claim up to 100% of the balance of your dependent care account for a given calendar year
File your claims as soon as possible, but you have until June 30th after the close of the calendar year in which your employment ends to file claims.
Please Note: Health care claims incurred after your termination date are not eligible for reimbursement. If you have more money than claims incurred in your health care account at your termination date, you may elect COBRA paying in after tax dollars to WageWorks, for reimbursement of the unused money in your flex account. Contact HealthEquity (WageWorks) at 877.822.9091 for more information.
Qualified Transportation Program
Your participation in this program ends on the last day of the month in which you leave the University.
Retirement Benefits
You may choose to receive all or part of your benefit under the University’s retirement plans after your employment has ended.
Please Note: If you transfer from the University to the Hospitals, your employment will not be considered to have ended for this purpose.
You may elect to receive your benefit under the Contributory Retirement Plan (CRP), the defined contribution part of the Retirement Income Plan for Employees (ERIP) and the Supplemental Retirement Program (SRP) (collectively, these are the “defined contribution” plans) in any of the following forms:
- Tax-deferred rollover to an IRA or another employer’s retirement plan
- Lump-sum distribution
- Installment payments
- An annuity.
You may elect to receive your benefit under the defined benefit portion of ERIP in any of the following forms:
- Tax-deferred rollover to an IRA or another employer’s retirement plan
- Lump-sum distribution
- An annuity.
If you prefer, you may leave your retirement funds with TIAA until such time as you are ready to receive them.
You may choose to receive all or part of your benefit anytime after you leave the University. There is no deadline by which you must make your decision. You are not required to take a distribution from the defined contribution plans until April 1 of the calendar year following the calendar year in which you attain age 70½. You are not required to take a distribution from the defined benefit portion of ERIP until you attain age 65.
When you are ready to begin receiving payments under the defined contribution plans, you should contact TIAA at (800)842-2776 to obtain the requisite paperwork. TIAA representatives will provide you with detailed information regarding the alternative forms of payment available to you and the tax consequences of each form.
When you are ready to begin receiving payments under the defined benefit portion of ERIP, you should contact Benefits at (773)702-9634.
Other Benefits
Child Care Referral, Educational Assistance, Elder Care Consultation and Referral, Staff and Faculty Assistance
- Your participation ends on your last day of work.
- Your accrued vacation is paid out with your last paycheck.