Social Security recipients and their spouses are eligible at age 65 for Medicare health insurance. If an employee has 10 or more years of service in a full-time benefit-eligible position, he/she may retire as early as age 59½, and continue participation in the group health insurance plan until age 65, at which time Medicare coverage begins. Assuming the employee meets the qualifications, the University’s retiree health benefit plan that is in effect at that time will then be available at age 65. Retiree health insurance benefits are determined by date of hire.
For employees hired before April 1, 2003 who retire after July 1, 2008, the University will provide up to a total of $35,000 for you (and up to an additional $35,000 for eligible spouses) toward your health care at retirement. The University makes its contributions to an EMERITI health savings account in annual installments once you retire. You can then use these funds to purchase a Medicare Supplement plan or Part D Prescription drug plan offered by Aetna through the EMERITI program, for reimbursement of premiums paid for coverage through another carrier, for Medicare premiums and/or to cover out-of-pocket medical expenses.
For employees hired on or after April 1, 2003, the University makes monthly contributions to the EMERITI Program for all full-time employees who have attained age 40 and have completed two years of benefit eligible service. The University contributions, along with any voluntary contribution you make, are invested through Fidelity. You may direct these investments to either a Fidelity Freedom Fund that closest meets your retirement age or Fidelity’s Retirement Money Market Portfolio.
If an employee has worked full-time for six or more consecutive years immediately preceding his/her retirement (as defined above), the employee’s children will remain eligible for the educational grant benefit.
If an employee has worked full-time for six or more consecutive years immediately preceding his/her separation due to disability, the employee’s children will remain eligible for the educational grant benefit provided that the disabled employee continues to meet the disability definition under the University’s long term disability program.