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Administrative PoliciesSeries: 500Policy Number: 516 Policy Name: Benefits - Eligible Retirement Adoption Date: 5/99 Revision Date: 5/00 Policy Text: Full-time employees who have completed ten (10) or more years of continuous benefits-eligible employment at UCA and who are age 59.5 or older or full-time employees who have completed twenty-eight (28) cumulative years or more years of benefits-eligible employment with UCA at any age shall be eligible for basic benefits-eligible retirement. Employees who intend to retire are strongly encouraged to provide, at a minimum, a ninety (90) day written notice. For faculty, retirement shall begin, at the earliest, at the end of the semester in which notification is provided. For staff, retirement shall begin, at the earliest, at the end of the notification period. Retirement means termination of all employment with the university. A year of service is defined as a nine-month full-time faculty assignment, twelve-month full-time faculty assignment or twelve-month full time administrative or staff assignment. Completed years may be achieved using any combination of years of full-time faculty or administrative/staff service. Except for periods of approved leave without pay, partial years of service shall not be considered. Further, for employees qualifying with the twenty-eight cumulative years requirement, no less than five of those years must be completed continuously and immediately prior to retirement. Prior employment periods of less than two continuous years shall not be considered. Qualified retirees shall be eligible to continue participation in health and dental insurance plans which are available to active employees. Retirees may purchase health insurance for themselves and their eligible dependents at the same premium rates as those paid by active employees. From age 65 until age 70 the university will contribute toward medicare supplemental coverage for the retiree. At age 70, the retiree pays the entire cost of coverage. At age 65, coverage for dependents will end. Future retirees hired before January 1, 1999, will receive $15,000 in retiree life insurance until age 80. At age 80 all coverage ends. Retirees hired after December 31, 1998, will receive no retiree life insurance coverage. The life insurance plans for current retirees and employees who qualified for retirement as of December 31, 1998, will continue. Retirees shall be eligible for lifetime passes to athletic events, university athletic and theatre facilities and to other university-sponsored events. Retirees shall be eligible for lifetime passes to the library, free retiree parking decals and other miscellaneous benefits which the university may elect to provide.
Comments and suggestions about Administrative Policies are appreciated. |
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