Retirement
Official retirement status is calculated using a points system 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 but are required to pay 100 percent of the monthly premium; the university will make no contribution to the health insurance premium.
Life Insurance
Employees who retired prior to June 30, 2011 will continue to be provided term life insurance by the university in the amount of $5,000.00. Employees falling short of the 65 points are not eligible for university-paid life insurance benefits.
Identification Cards
Identification cards are issued without charge to all retirees. They should be carried as a convenience to both the retiree and to university security. The card may be used to borrow books at the library and to be admitted to many campus activities free of charge.
Tuition
Tuition benefits equaling one hundred percent 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 email account to all officially retired faculty and staff.
Frequently Asked Questions
How do I start my social security retirement benefits?
You must apply for benefits, as they will not start until you file an application. To file an application, you can call the Social Security Administration at 800-772-1213. Your application can be taken over the phone or you can arrange for an appointment at any social security office.
Do I need to provide any documents when I sign up for social security?
Yes. You will need your social security card (or a record of your social security number), your birth certificate, marriage certificate (if signing up on a spouse's record), your most recent W2 and 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.
When do I file for social security benefits?
File your application at least three months before the date you want retirement benefits to begin but not earlier than four months before you reach age 62. In any event contact social security during the three 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.
How will I receive my social security benefits payments?
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.
If I work while receiving benefits, will I still pay social security and Medicare taxes?
Yes, you will still pay regardless of your age.
Where can I get more information about social security and Medicare?
You can obtain publications free of charge at any social security office. You can also call the Social Security Administration at 800-772-1213.