Section: Personnel
Policy Number: 4-103
Policy Name: Retiree Benefits
Date: 1997
Revisions: June 5, 2001; May 1, 2002; October, 2006; July 1, 2008

POLICY

Employees who wish to retire should contact the HR-Benefits Office at least three months in advance of their retirement date. Assistance will be provided in filing applications and coordinating required documents.

REQUIREMENTS FOR UNIVERSITY RETIREE BENEFITS

The University provides retiree benefits to those who qualify under one of the following age/service criteria:

  • any age and 30 years of service
  • age 55 and 20 years of service
  • age 60 and 15 years of service
  • age 65 and 10years of service

Individuals hired before July 1, 2008, will continue to be eligible for retiree benefits under the following age/service requirements until June 30, 2013, after which they will be subject to the above age/service eligibility criteria.

  • any age and 30 years of service
  • age 55 and 15 years of service
  • age 65 and 5 years of service

BENEFITS AT RETIREMENT

  • Blood Bank Membership
  • $7,000 Death Benefit
  • Dental Insurance
  • Educational Benefits
  • Health Insurance
  • Life Insurance
  • Vision Insurance
  • Miscellaneous:
    • ID card privileges
    • Parking Sticker

State of Delaware Pension Plan participants receive blood bank, health insurance, dental insurance, vision insurance, and a $7,000 death benefit through the Delaware Employees' Pension Plan. Pension plan participants must satisfy the Office of Pension's age/service requirements and benefits cost-sharing criteria.

PRIOR SERVICE

The University will include prior employment for purposes of meeting retirement eligibility providing the duration of the service is five years or more. Prior University service of less than five years will be restored only after the individual works for a minimum of five consecutive years. However, where a break in service is four months or less, the 5- year service requirement will be waived and all eligible prior service will be restored. Only permanent employment of 50% time or more as a faculty, professional, salaried or hourly staff employee will be considered.

Note: Upon retirement, individuals receive payment for unused vacation. The retiree's department completes the paperwork to separate each individual from the University and confirms unused vacation pay on the Job Employment Data form (JED).

Submitted By: HR-Benefits