What are the age/service requirements for retirement and access to retiree benefits from the University of Delaware?
- any age and 30 years of service
- age 55 and 20 years of service
- age 60 and 15 years of service
- age 65 and 10 years of service
You must enter into a Retirement Agreement with the University, and continue employment with the University until your retirement date.
You should provide written notice to your chair/director and Human Resources at least six months prior to the anticipated beginning date of phased retirement or retirement leave, as described in Section 9.8 of the Collective Bargaining Agreement.
Retirement dates for faculty on an academic year appointment are May 31, August 31 or January 15. Retirement dates for faculty on a fiscal year appointment are June 30 and December 31.
No. After you have entered into your Retirement Agreement with the University, the terms of your Retirement Agreement cannot be changed for any reason.
Retiring Faculty shall receive at the time of retirement a one-time payment at the rate of two and one-half percent of annual base salary for each year of University service. The payment cannot exceed 100% of annual base salary. The payment be included in your final pay from the University.
Will I still get the Lump-Sum Benefit if I quit working for the University after I enter into my Retirement Agreement but before my agreed-upon Retirement Date?
If you quit working for the University before your Retirement Date you will not receive the lump-sum payment even if you have met the age and service requirements as of the date you terminate employment.
Will I still get the Lump-Sum Benefit if I provide a six-month notice of my retirement and forego all of the leave options?
Yes, if you met the age and service requirements for retirement.
At the retiree’s discretion, full-time faculty members will receive a one-semester pre-retirement leave at full salary with full benefits or a full year leave at seventy-five percent salary and with full benefits prior to the date of retirement. (Please note that both leave options include full-time University benefits; however, some benefits such as the retirement savings plan, life and disability insurance will be adjusted in relationship to any change in salary.) In place of a retirement leave, you may elect a phased retirement of three years in length (see Section 9.8 of the CBA for details).
The recipient of a sabbatical leave is required to return to the University of Delaware for at least one full year's service at the conclusion of a sabbatical earned after six years’ service, or one-half year at the conclusion of a sabbatical awarded after three years' service.
Faculty on pre-retirement leave may not be employed elsewhere since they remain full time employees at the University of Delaware until the date of retirement.
If you die after signing the Retirement Agreement but before your retirement date, your designated beneficiary or estate will get your benefit. In addition, your surviving dependents will be eligible for the other retiree benefits (such as health coverage) provided for under the CBA if, on the date of your death, you meet the age and service requirements set out in the CBA.
You designate a beneficiary by completing a Faculty Lump-Sum Benefit Beneficiary Designation Election Form ("Election") and filing the Election with Human Resources. You will be required to complete this Election at the time that you sign your Retirement Agreement. You may change your Election at any time by completing and filing a new Election with Human Resources. The Election on file with Human Resources at the time of your death will be the form that is followed.
Yes. You may defer all or a portion of your benefit under the 403(b) and/or 457(b) Plans as long as you have not already met the contribution limits for the year, as explained under the terms of each plan.