55.39 - Retiree Benefits
Last updated: July 01, 2020
A. General. A retiree may qualify for certain UI retiree benefits by meeting the retirement criteria stated in FSH 3730. UI retirement benefits are subject to Regents’ approval and may be altered or discontinued at any time. [ed. 12-18, 7-20]
A-1. Life Insurance. The university retiree death benefit is available to Tier 1 retirees only and in a set amount based on Plan Documents at the time of retirement. [rev. 12-18, 7-20]
A-2. Health Benefits. Retirees who qualify may continue medical coverage for themselves as well as for their qualified dependents after retirement. Health coverage for qualified retirees is provided in a Retiree Medical Plan. The retiree must accept Medicare Part A and B coverage when first eligible. If Medicare Part A and B coverage is not accepted when the member first becomes eligible, coverage under the UI Retiree Medical Plan will cease and rights of participation in the Plan will forever be forfeited. Once Medicare coverage is accepted, it becomes primary under the retiree program and benefits with Medicare are coordinated on a carved-out basis. See Summary Plan Description for Retiree Medical Benefits at Benefits Website for more information. There is no open enrollment period for retirees. Adding or dropping dependents requires a qualified life event change. [ed. 12-18, 7-20]
B. Process. The prospective retiree must meet with Benefit Services prior to retirement to determine eligibility for retiree medical and life insurance, as well as other benefits.
B-1. Confirm Life Insurance Beneficiary Data. At the time of retirement, the prospective retiree must review and update his or her beneficiary data. These documents are maintained on file in Benefit Services and may be reviewed at any time. Current beneficiary addresses are very important, as is notifying your beneficiary of the available benefit. [ed. 12-18, 7-20]
B-2. Payments Statements for the retiree medical plan for either a qualified self-pay retiree and any dependents are sent to the retiree at the address on file. Failure to pay contributions may result in cancellation of coverage and may affect eligibility for continued participation. [ed. 12-18, 7-20]