UpDate - Vol. 15, No. 30, Page FB-3 May 2, 1996 New Retiree Benefit Initiatives The University is enhancing its retiree benefit options effective July 1, 1996. The new options will include a Retiree Dental Expense Assistance Plan and Retiree Life Insurance Program. The retiree dental option will be offered to ALL eligible University of Delaware retirees meeting the University's age and service criteria: age 65 with five years' service, age 55 with 15 years' service or any age with 30 years' service. The life insurance option will be extended ONLY to employees retiring on or after July 1, 1996, who also meet the above age and service requirements. Retirees electing either the dental and/or life insurance options will pay the full cost of coverage. RETIREE DENTAL EXPENSE ASSISTANCE PLAN All current retirees and eligible dependents, as well as those retiring on or after July 1, 1996, will have a one-time opportunity to enroll in this plan. The Benefits Office will send enrollment materials to all current retirees, including information about the coverage and cost of the dental plan. Interested retirees must enroll no later than June 14, 1996, with coverage beginning on July 1, 1996. After June 14, only new retirees may enroll in the retiree dental expense assistance plan and must do so prior to their retirement date. The coverage provided in the Retiree Dental Expense Assistance Plan is the same as that offered to active employees. In addition, retirees enrolling in the plan will be able to use the MetLife Preferred Dentist Program, which can help lower out-of-pocket dental expenses. Detailed information is available in the Benefits Office. For the 1996-97 plan year, the monthly cost to the retiree for this coverage is as follows: Retiree only - $24.50 per month Retiree and Spouse- -$46.90 per month Retiree and Family - $77.14 per month All payments will be made on a quarterly basis in advance of coverage. For example, if you elect retiree and spouse coverage, your first payment will be $140.70 to cover premiums for the months of July, August, and September. RETIREE LIFE INSURANCE PROGRAM Eligible employees retiring on or after July 1, 1996, will be offered a one-time opportunity to enroll in the Retiree Life Insurance Program. This special program, offered through the Teachers Insurance Annuity Association (TIAA), allows retirees specific options for continuing all or part of their University group life insurance coverage. The coverage is decreasing term insurance and the cost is fully paid by the retiree. Rates are based on the amount of the insurance and the age of the retiree. Amounts and rates will change for various age groups throughout retirement. This program is a voluntary supplement to the $5,000 retiree death benefit provided by either the State Pension Plan or the University. For details on this new retiree benefit option, call the Benefits Office at 831-2913.