Those considering retirement should contact the benefits staff in Human Resources to discuss benefits coverage. Planning for retirement is an important decision and should be made with as much information as possible. It can also take time to set in motion, we encourage individuals to reach out and start planning as early as possible.
Eligibility for retirement is based on a combination of minimum age and a minimum number of years of service. Criteria for retirement are:
- Minimum age of 58
- Ten years or more of service
- The total combination of age and years of service equals at least 75.
Benefit eligibility: Staff who meet the above criteria and have been in a fully benefitted position for the immediately prior 10 years of service, may continue to participate in the same health, dental, vision, and tuition grant benefits on the same basis as an active employee until age 65. Basic life insurance reduces to $5,000. Individuals who retire before age 65 are considered “early retirees.” See Early Retiree Benefits.
Upon reaching age 65, health, dental, vision insurance ends. Basic life insurance is $5,000. The retiree is eligible for the Retiree Health Insurance Benefit.
When the early retiree reaches age 65, if the spouse is younger than 65, the spouse may continue coverage until they attain age 65. The spouse will be billed for the full premium for this continued coverage.
An additional perk for retirees: Retirees, their spouses, and eligible dependents are able to obtain a college ID, allowing continued access to library resources, athletic facilities, and campus events.