Policy Number: 4-103
Policy Name: Retiree Benefits
Revisions: June 5, 2001; May 1, 2002; October, 2006; July 1, 2008
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:
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.
BENEFITS AT RETIREMENT
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.
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