Insurance Continuation
Eligible Faculty, Administrative, and Support Staff whose combined age and years of service total 75 and who retire from Williams at age 58 or older with their final 10 years of service in a benefit-eligible position may continue to participate in College health, dental, vision, health savings account, and basic/supplemental life insurance plans on the same basis as active employees. You can continue to participate in the healthcare flexible spending account until the end of the calendar year in which you retire. You will continue to pay your contributions on a monthly basis.
Your enrollment in accidental death & dismemberment, short-term disability, long-term disability insurance, long-term care insurance, retirement plan contributions, and dependent care flexible spending account will end as of your last active day of work. You will no longer be eligible for the employee tuition benefit.
Coverage as a Regular Retiree (age 65)
Early retiree benefits will end when you reach age 65 and become eligible for Medicare (the first day of the month you turn 65).
- Health: You may choose to enroll in Medicare Part B and/or Medicare Supplemental (Medigap) insurance and are eligible for the Retiree Health Insurance Benefit.
- Dental and Vision: You will be eligible to continue coverage through COBRA.
- Spouse Continuation: If, when the early retiree reaches age 65, his or her spouse is younger than 65, the spouse may continue coverage until they attain the age of 65, or for 10 years, whichever occurs first. The spouse must pay the full premium for this continued coverage.
- Health Savings Account: Your contributions end but your account remains open.
- Life Insurance: Your basic coverage reduces to $5,000 as a regular retiree – see Life & AD&d Booklet for Retirees.
- Supplemental/Spouse/Dependent Life Insurances: Your coverage ends.
Eligibility for dependent tuition grant benefit, employee assistance program, and college ID cards continue for early and regular retirees.