Expanded eligibility for retiree benefits offered

Expanded eligibility for retiree benefits have been implemented effective July 1.

Under the previous eligibility for the “Rule of 65,” an employee had to be age 55 or older and completed 10 or more years of current consecutive benefits-eligible service. For clarification, benefits eligible service is 50 percent or more of the full-time workload for a faculty member and 20 hours or more per week for a staff member.

Under the new eligibility, or the Rule of 65, an employee must meet any combination of age and years of current consecutive benefits-eligible service that equals 65 or more with two minimum requirements: 1) age 55 and 2) five years of benefits-eligible service.

“The Rule of 65 will expand our retiree health enrollment pool and will help to recruit senior faculty and staff members,” said Tom Lauman, director of benefits.

Some examples of those employees who will be eligible under the Rule of 65 who are not currently eligible are as follows:

Age 56 and nine years of service; age 57 and eight years of service; age 58 and seven years of service; age 59 and six years of service; and age 60 or older and five years of service.

The following are the major benefits that are available to our eligible retirees:

Access to lifetime health insurance at the full monthly premium cost per retiree $500-$600 pre-65; $200-$225 post-65; $5,000 paid-up life insurance policy if purchasing optional term life insurance at date of retirement; dependent child tuition assistance; and free bank fees for the Retirement Medical Savings Account.

Should you have any questions about this new eligibility for retiree benefits, please contact your benefits department.