| 9.01 |
Employees may choose to
retire from the university at any age; there is no mandatory age for retirement.
However, there are certain benefits and tax provisions that apply that employees
should be aware of:
| a. |
Retiring employees must be at least
age 55 with 5 or more years of service to the university to be eligible for
conversion to retiree health insurance for the retiring employee, eligible
spouse and dependent children.
|
| b. |
Retiring employees can avoid tax
penalties on retirement income after age 59½.
|
| c. |
Retiring employees are eligible
to apply for Social Security benefits at age 62 and qualify for Medicare
benefits at age 65.
|
|
| 9.02 |
The Social Security
Administration and the retirement plan provider should be notified approximately
two months before retirement to ensure a smooth transition. Contact Human
Resources for assistance in this process.
|
| 9.03 |
The university encourages
a continuing relationship with retirees by
| a. |
issuing, upon request, a retiree
ID card for use of on-campus services;
|
| b. |
mailing university publications
such as Catalyst and Contact (upon request);
|
| c. |
granting tuition remission benefits
to retirees who have attained age 55 and been employed at the university
for at least five years (refer to Policy B.
9.00);
|
| d. |
encouraging the retired employee
to consider continuing to perform work for the university on a temporary
or sporadic basis.
|
| e. |
bestowing membership in the 25-Year
Club for those retirees who have achieved 25 or more years of service with
the university.
|
|
