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Planning to Retire–EXEMPT Staff and Faculty

Human Resources

Retirement Information

For faculty and exempt staff considering or who have decided to retire from the University, this page offers everything they need to know about the process and the steps they need to take for a smooth transition to retirement.

As always, members of the Total Rewards Team are here to answer questions and guide employees through this significant stage in their life and career.

Congratulations on reaching this important milestone, and sincerest thanks for working and contributing to the 91Ô­´´.

Ready to have a conversation about retirement? Providing at least six months' notice is strongly recommended to ensure sufficient time to process retirement requests. Please complete a to schedule time with a retirement specialist.

Thinking about Retiring?

Benefits, Resources, and Important Next Steps

Retirement is a significant milestone, and the 91Ô­´´ is committed to supporting faculty and eligible (403b) exempt staff as they plan for this transition. This site provides an overview of retiree eligibility, available benefits, and key resources to help you prepare.

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To ensure a smooth transition, please contact Human Resources at hrhelp@udel.edu at least six months prior to your intended retirement date. Faculty members should consult the Collective Bargaining Agreement for specific retirement timelines and guidelines.

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State Employee Pension Program (SEPP)

For eligibility criteria, visit State Employee’s Pension Planning. Ìý

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403b Retiree Eligibility

Faculty and eligible (403b) exempt staff who meet the University’s age and service requirementsÌýmay be eligible for the following benefits:

  • Medical, dental, and vision insurance
  • Retiree life insurance
  • A University-sponsored death benefit
  • Educational benefits
  • 91Ô­´´ ID card
  • Wellness Dollars
  • Parking privileges for retirees

Retirement Benefits

HEALTH INSURANCE INFORMATION

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MEDICARE PLAN FOR RETIREES 65 AND OVER

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METLIFE DENTALÌý

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NVA VISION

HELPFUL RESOURCES

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SECURE DOCUMENT SUBMISSION

  • Please use theÌýÌýto provide HR with important documents. Log-in with your Employee ID and password and follow the directions on the form.Ìý Ìý

Retiree Criteria/Eligibility

Effective January 1, 2024, individuals will be subject to theÌýRule of 75Ìýeligibility criteria:

  • any age and 30 benefits-eligible years of service
  • age and service when combined equal 75 (must be at least age 55 when combined with service; must have at least 10 benefits-eligible years of service when combined with age)

Examples

ÌýAgeServiceTotal91Ô­´´ Retirement EligibleReason
Example 155.025.080.0YesAge + Service is at least 75
Example 265.010.075.0YesAge + Service is at least 75
Example 354.032.086.0YesService > 30
Example 468.08.076.0NoService years < 10
Example 553.521.575.0NoAge < 55

Note:ÌýA vested employee under the State Employees' Pension Plan cannot collect a pension from the State of Delaware until the employee is no longer an active employee with the 91Ô­´´.

Retirement Toolkit

403(b) Retirement ToolkitÌý Ìý

Please contact Human Resources at least four months in advance of your proposed retirement date.

  • Medicare Eligibility and Enrollment (Updated site coming soon)

Important: Please use theÌýÌýto provide HR with important documents. Log-in with your Employee ID and password and follow the directions on the form.

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Financial Planning Resources

  • The 91Ô­´´ Financial Planning Center is a free resource to provide financial education and personalized guidance to both 91Ô­´´ employees and students. Employees can schedule one-on-one sessions with a Certified Financial Planner (CFP) for personalized coaching on retirement planning, investment and tax planning, and general financial decision-making. These sessions also serve as a learning opportunity for senior students in the Financial Planning major, who will observe the meetings to gain hands-on experience in financial planning and client communication. The Financial Planning Center is located on STAR Campus in the FinTech Innovation Hub. To learn more and to schedule your meeting, please visit
  • TIAA: Register for sessions atÌýÌýor by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). We look forward to working with you.

Medicare Eligibility

Medicare Coverage

Faculty and eligible exempt staff who are age 65 or older, or who will turn age 65 at the time of retirement, are required to enroll in Medicare Parts A and B as their primary medical coverage. Enrollment must occur three months (90 days) prior to the anticipated retirement date.

Applications may be submitted online through the (SSA) website. Employees can create an online account to apply for Medicare benefits and track the status of their application; An acceptance letter can be printed prior to receiving the Medicare card; Medicare cards are typically mailed approximately 30 days after the application is approved.

Employees who prefer to speak with a Social Security representative may schedule an appointment by calling 1‑800‑772‑1213.

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Medicare Resources:

For information about Medicare enrollment, visit the Social Security Administration website atÌý.

Additional details about Medicare plans and coverage options can be found at .

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Additional Information

If an employee and/or spouse is turning age 65 while currently active and benefits-eligible at 91Ô­´´, they are not required to enroll in Medicare Part B (Medical). They can retain 91Ô­´´ benefits as their primary coverage at the current rates. However, it is recommended that they enroll in Medicare Part A (Hospitalization) upon turning age 65, but 91Ô­´´ benefits remain primary. If the spouse is not yet Medicare-eligible, they can remain in the active employee plan as well.

If an active and benefits-eligible employee/spouse elects to enroll in Medicare Parts A and B as their primary coverage, their 91Ô­´´ coverage will be terminated.ÌýÌýThey will not be eligible to enroll in the Medicare Supplement plan until they retire.Ìý Therefore, they will have to seek supplemental coverage externally, including prescription coverage. It is important to note that if this option is selected, they will no longer have coverage through 91Ô­´´/State of Delaware.

3 months prior to an active employee and/or spouse turning age 65, the 91Ô­´´ Retirement Team sends a notification to the employee/spouse called the TEFRA/DEFRA notification. We are required to inform employees/spouses of the opportunity to 1) retain enrollment in the current health care plan as provided by the 91Ô­´´/State of Delaware Group Health Insurance Program (GHIP) or 2) enroll in Medicare as the primary insurer. The employee should complete the TEFRA/DEFRA letter indicating that they want to stay on 91Ô­´´â€™s coverage and return it to hrhelp@udel.edu.

When an employee age 65 or older is planning to retire, they should apply for Medicare Part B about 90 days prior to their scheduled retirement date. Medicare Parts A and B will become primary upon retirement. If the spouse is age 65 or older, they are also required to apply for Medicare Parts A and B. When the employee retires, our office will provide verification that the employee and/or spouse have been on 91Ô­´´â€™s active coverage, so no penalty will be assessed. The State of Delaware and 91Ô­´´ offer an optional Medicare supplemental plan which can include prescription coverage (Medicare Part D).

If the retiring employee or spouse is under age 65, they would be offered the opportunity to remain in the non-Medicare plan at the current rates.

Additional information on Medicare can be obtained at your local Social Security Administration Office, on , or by contacting the State of Delaware, (DMAB), or at 1-800-336-9500.

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Additional Resources

Retirement Planning Resources

Medicare

91Ô­´´-eligible(or becoming eligible) employees should enroll in Medicare Parts A and B as early as three months prior to their anticipated retirement date. Employees can apply for Medicare Parts A and B (at Social Security). It’s the easiest and fastest way to sign up! Employees can create an account online, apply for benefits and track the progress of their application. They can even print the acceptance letter in advance of receiving their card. Medicare cards are automatically mailed about 30 days after an application is approved.

Retirement Financial Planning Resources

Meet with a TIAA financial consultant at 91Ô­´´

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No matter where you are in life—just getting started or planning for retirement—a session with a TIAA Financial consultant can help you create a plan for your goals. And, it’s at no additional cost as a part of your retirement plan. You’ll get answers to these questions and more:

  • Am I invested in the right mix of investments to help meet my goals?
  • Am I saving enough to create the retirement income I need?
  • How do I take income from my retirement account once I stop working?

Register for sessions atÌýÌýor by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). We look forward to working with you.

Interested in Returning to Work Part-Time at 91Ô­´´?

Attention 91Ô­´´ retirees, the Talent Encore Program, designed exclusively for you, lets you return to work part-time to meet short-term needs of all 91Ô­´´ departments. You’re invited to put your skills and rich 91Ô­´´ knowledge back to work with part-time, temporary assignments. If you’re interested, please and a member of the Talent Acquisition Team or a specific department will contact you if an assignment becomes available in your area of interest. If you have questions about the program, email Lori Koval, Director of Talent Acquisition and Employment.

PLEASE NOTE: Retirees of pension plans administered by the Delaware Public Employees’ Retirement System (DPERS) are limited in their ability to return to work for an organization while continuing to receive a monthly pension. To determine if working for the Talent Encore Program will impact you,

Retirement Exit Survey

Share your thoughts about your working experience at 91Ô­´´ by completing the or for an in-person interview, please call 302-831-2171 or email, employee-relations@udel.edu.

Faculty Retirement Notification Guidelines

Your retirement agreement should be signed at least six months prior to the beginning of your anticipated date of retirement or phased retirement. Please contact Human Resources when you are ready to begin this process.

Information about retirement options for faculty are located in section 9.7 of the in effect between the University and the American Association of University Professors (AAUP), 91Ô­´´ Chapter.

FAQS

91Ô­´´ Faculty Retiree Healthcare Coverage

HR

Total Rewards

Connect

550 S. College Ave., Suite 201, Newark, DE 19713   hrhelp@udel.edu Phone 302-831-2171