A SAU faculty or staff member who has had ten years of service and who is at least 55 years of age may elect early retirement at the end of a contract or fiscal year or other time approved by the president with the following benefits:
- Health Insurance Options (depending on age and years of service):
- Each option ends at age 65, or the age for Medicare to begin. If this Medicare policy changes, the early retirement plan will be updated to reflect age changes in Medicare eligibility.
Option A: A retiree from age 55-61 may remain a member of the health insurance group until age 65 with the premium paid by the retiring faculty or staff member.
Option B: A retiree (at age 62 or after, up to 65) may remain a member of the health insurance group, and the University will contribute to the health insurance plan of the retiree a monthly matching amount up to $504 per month.
Option C: A retiree whose age (55-65) and years of service (minimum of 10) total 75 or more may remain a member of the health insurance group, and the University will contribute to the health insurance plan of the retiree a monthly matching amount up to $504 per month.
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- With each of the above options, a retiree may continue to provide coverage for the spouse or other dependents at the retiree’s expense until the spouse reaches age 65. Other dependent coverage may be maintained as provided in the health insurance contract. They will be required to pay the full cost of the Employee/Dependent Plan less $504 per month. If the spouse/dependents want to continue their coverage after the retiree leaves the plan, they will be required to pay the full cost of the plan.
- For a Retiree After June 30, 2014
- The retiree will receive a monthly matching amount of $504 a month to offset the charges for continuing their health insurance in retirement.
- If that retiree wants to continue the coverage for their spouse, then they will be required to pay the full cost of the employee/spouse plan less $504 a month. If the spouse wants to continue the plan after the retiree leaves the plan, they will be required to pay the full cost of a single plan.
- Retiree Group Insurance Option – For retirees in the 3/8 time plan or the less than ½ time appointment. SAU will contribute toward a Medi-gap policy. Contact the Office of Human Resources for specific amounts. No other healthcare benefits are available.
- Life Insurance – A retiree may remain a member of the University’s group life insurance plan until age 70. The faculty or staff member will pay the cost of this insurance. Coverage will $50,000 and subject to all other limitations of the policy covering the University, such as reduction of benefits at a specific age, currently 35% reduction at age 65.
- Admission to University Events – A retiree on request will be issued an identification card which will permit entry to University-sponsored events on the same basis as current faculty and staff.
- Library – A retiree retains the same library privileges as current faculty and staff.
- Parking Permits – A retiree may contact the Business Office for parking permits at no cost.