RETIREMENT                                                                                                                              
Official retirement status is to be calculated using a points system that is based on a combination of age and years of service. To be eligible for official retirement status, an employee must be a minimum of 55 years of age and complete a minimum of five years of full-time continuous service with a total of 65 points.

Benefits
Health Insurance: Employees who officially retire may choose to continue to participate in the university group health plan at the monthly premium rate established annually. Current retirees and those who will officially retire by 5/31/08 will continue to receive the benefit of cost sharing with the University at the 60/40 rate. Officially retired employees who retire between 6/01/08 and 5/31/2011 will receive the benefit of cost sharing at a 50/50 rate. There will be no contribution by Stetson University for anyone who officially retires after 5/31/2011. Employees who officially retire after 5/31/2011 will be able to continue on Stetson University's Health Insurance plan, but would be require to 100% premium.

Life Insurance: The University will continue to provide term life insurance to officially retired faculty and staff in the amount of $5,000.00. Employees falling short of the 65 points are not eligible for university paid life insurance benefits. Retiree Life insurance benefit will end as of 5/31/2011.

Identification Cards: Identification cards are issued without charge to all retirees. These photo cards should be carried as a convenience to both the retiree and University security. The card may be used for borrowing books at the Library and to be admitted to many campus activities free of charge.

Tuition: Tuition benefits equaling 100% of the regular tuition charge for attendance in any program at the University will be granted to eligible retirees, and their immediate family members. Benefits do not include room, board, general fee, or other fees and charges.

Email Account: The University will continue to provide a campus e-mail account to all officially retired faculty and staff.      

Frequently asked questions about Social Security

Q. How do I start my Social Security Retirement Benefits?
A. You must apply as benefits will not start until you file an application. To file an application, you can call the Social Security Administration at 1-800-772-1213. Your application can be taken over the phone or you can arrange for an appointment at any Social Security Office.

Q. Do I need to provide any documents when I sign up for Social Security?
A. Yes. You will need: your Social Security Card or a record of your number your birth certificate marriage certificate (if signing up on a spouse’s record) your most recent W-2 a check or any papers that show your bank account number if you wish to have your Social Security payment deposited directly into your bank account
Do not put off applying if you do not currently have all the documents. They can be provided later.

Q. When do I file for Social Security benefits?
A. File your application at least three (3) months before the date you want retirement benefits to begin but not earlier than four (4) months before you reach age 62. In any event contact Social Security during the three (3) months before age 65 to be sure you apply for Medicare coverage at the appropriate time. There are cost penalties for applying for Medicare after the initial eligibility period. Social Security can explain these to you.

Q. How will I receive my Social Security benefits payments?
A. Your payments will be made by direct deposit to your bank account. If you do not have a deposit account with a financial institution and can provide certification of such, your payments can be paid by check through the mail.

Q. If I work while receiving benefits, will I still pay Social Security and Medicare taxes?
A. Yes, you will still pay regardless of your age.

Q. Where can I get more information about Social Security and Medicare? A. You can obtain publications free of charge at any Social Security office. You can call Social Security at 1-800-772-1213.

Social Security Administration

Internal Revenue Service

IRS Forms and Publications

Medicare

TIAA-CREF