Retirement

Retiree Policies & Benefits

          Retiree Benefits

ELIGIBILITY REQUIREMENTS:

Active, benefits-eligible staff and faculty are eligible for retiree benefits if they meet one of the following criteria as of the date of retirement.

  • will have completed at least 20 years of benefits-eligible service at the College and are a minimum of 55 years of age

OR

  • will have completed at least 10 years of benefits-eligible service at the College and are a minimum of 60 years of age.

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TERMS:

Any staff or faculty member who meets the eligibility requirements for retiree benefits and elects to retire will be bound by the "Terms" of this policy and by the plan document of the plans referenced in this policy. 

Staff or faculty who meet the eligibility requirements of this program who elect to retire will be official retirees of the College.

Faculty members must follow Faculty Handbook guidelines for giving notice to retire. Staff and administrators must follow the Employee Handbook guidelines for giving notice to retire.

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RETIREE BENEFITS:

Medical Benefits

Medical benefits in lieu of COBRA will be available to a retiree and his/her eligible dependents, until the retiree reaches age 65 or until eligible for Medicare, whichever occurs first, provided he/she is enrolled in the College’s medical plan at the time of retirement and he/she is not eligible for coverage through another employer. The College contribution toward medical benefits for the retiree and his/her dependents is outlined below:

Medical benefits for the retiree:

The College will pay the full cost of coverage for the retiree from the date of retirement up to age 65 or Medicare eligibility (whichever occurs first) for those retirees who were hired before January 1, 2007.

Medical benefits will cease if a retiree is eligible for benefits through employment with another employer. It is the responsibility of the retiree to notify the Employee Benefits and Work/Life department if this occurs. 

Medical benefits for the retiree’s eligible dependents:

Retirees may continue coverage for eligible dependents in lieu of COBRA who are covered under the College’s medical plan at the time of retirement by paying the COBRA equivalent rate for coverage. When a retiree reaches age 65 or becomes Medicare eligible, or becomes eligible for coverage through another employer, COBRA coverage will be extended to any COBRA eligible dependents still covered under the group plan. 

Medical Plan Opt-out provision:

At the time of retirement, the retiree may decline to be covered under the retiree medical coverage. The cash opt-out provision cannot be requested if a retiree from Ithaca College plans to continue working elsewhere and will be eligible for medical coverage through another employer within the first four months of retirement. A one-time, taxable cash allowance not to exceed $5000 will be calculated on the basis of the opt-out amount for active employees, times the number of years (maximum of 10 years) that the retiree would have been eligible for coverage under the program. The retiree will relinquish any rights to enroll in the future after choosing the cash opt-out option. The cash opt-out option can only be requested at the time of retirement and is not available after the retirement date.

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Dental Benefits

Dental benefits will be available to the retiree in lieu of COBRA until age 65 or Medicare eligibility, whichever occurs first, provided he/she is enrolled in the College’s dental plan at the time of retirement. The retiree is responsible for the full cost of dental coverage for him/herself or any eligible dependents at the COBRA equivalent rate. Dental benefits will cease if a retiree is eligible for dental benefits through employment with another employer. It is the responsibility of the retiree to notify the Employee Benefits and Work/Life department if this occurs. 

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Educational Benefits

Tuition remission for the retiree and any eligible dependents:

Tuition remission benefits will continue to be available to the retiree (up to 8 credit hours per semester) and any eligible dependents whether enrolled or not at the College as of the retirement date provided eligibility requirements have been met. Tuition remission benefits will be available pursuant to the provisions of the tuition remission program. See www.ithaca.edu/hr/benefits/education/ for additional information.

Tuition cash awards:

Cash award benefits are available to those dependents who are enrolled in an accredited institution at the time the employee retires and in accordance with the provisions of the cash awards program. See www.ithaca.edu/hr/benefits/education/ for additional information. 

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Life Insurance

The College will continue a life insurance benefit of $5,000 for a retiree. Retirees have the option of converting any part of the life insurance policy that was in effect prior to retirement above the $5,000. Conversion must be elected within 31 days of the date of retirement

The Employee Benefits and Work/Life department must be notified if during the course of retirement a retiree finds it necessary to change their beneficiary election. To do so, please complete this form.

Additional Retiree Benefits

Retirees are always welcome to come to the College and use the facilities by presenting their College ID card, including the library.

Use of the Wellness Clinic is free to retirees.

A retiree's e-mail account will continue to be available to the retiree.

Retirees may obtain a parking permit each year by contacting the Department of Parking and Traffic Services.

Flexible Spending Accounts: If you have a FSA as of the date you retire, you may continue to submit claims for expenses incurred up to your last day worked. The plan year is January 1 through December 31. You have a grace period - ending on March 15th - to submit paperwork for expenses incurred up to your retirement date during the previous plan year.

Vacation Time: Staff members are eligible for payment of unused vacation paid time away upon retirement.

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