Retirement Policy
Eligibility for Retirement
Benefits-eligible faculty and staff are eligible to be classified as a university retiree, provided they have reached age 55, are in good standing, and have at least 10 years of continuous benefits-eligible service immediately preceding the employee’s retirement date. Service is considered continuous if there is less than a three-month break in service.
Early Retiree Benefits
Retirees who satisfy the retiree eligibility criteria above, and are between the ages of 55 and 65, are eligible to continue participation in the university’s medical and dental plans.
The University will contribute 50 percent of the cost of the premium for individual or family medical and dental insurance coverage, and the retiree will contribute the remaining 50 percent of the cost of the premium.
The retiree may remain in the plan until age 65. At age 65, the retiree must transfer to Medicare.
When the retiree reaches age 65 and transfers to Medicare, a spouse or same-sex spousal equivalent who is under age 65, and any eligible dependent children, may remain on the medical/dental plans provided the retiree pays 100 percent of the premium.
A spouse or same-sex spousal equivalent may remain in the plan until age 65. At age 65, the spouse or same-sex spousal equivalent must transfer to Medicare.
Dependent children may remain on the plans until age 19, or until age 25 if they are attending college as a full-time student. Documentation of dependency and student status is required.
Retiree Benefits and Privileges
- Retiree identification card
- Parking
- Library use
- Bookstore discounts
- Use of Cabot Center Physical Education facilities during unscheduled hours
- Marino Recreation Center & Badger/Rosen SquashBusters membership at the retiree rate
- Honorary Faculty Center membership
- Use of dining facilities
- Two free tickets for each on-campus athletic event, dramatic production, musical and other student performance presented by the Center for the Arts
- Full-tuition scholarship for two courses per academic term for a university retiree and/or spouse or same-sex spousal equivalent (provided a Same-Sex Spousal Equivalency Certification is on file with HRM Benefits)
- Full-tuition scholarship to dependent children who qualify for admission to one of the programs leading to a degree in any of the university’s colleges or graduate schools. Dependent children are not eligible for tuition scholarships for continuing education programs. For complete details, please refer to the Tuition Waiver Policy.
- Occasional seminars sponsored by the university for retirees