Retire From UNI

Employees must be 55 years of age or older and have 10 or more years of non-temporary, active service.

Staff

Staff must retire on a working day (non-holiday) and must work on their last day of employment. Staff may not use vacation on their last day or use vacation to extend their retirement date.

Faculty

Faculty retiring at the end of the fall semester will normally use a December 31 retirement date. For a spring retirement date, faculty will normally use a June 1 retirement date.

Summer and Winter Appointments*: If a faculty member is retiring following a summer or winter appointment that is for teaching specifically, a retirement date of 3 business days after the end of the summer appointment should be used to allow for 3 days for grading (e.g. faculty member SMR appointment is for teaching the July session that ends July 30, the retirement date would be three business days following the end of the summer appointment).

For faculty summer or winter appointments that are not for teaching, the retirement date would coincide with the last date that the activity ends (e.g. A faculty member is assisting with summer internships that ends on August 5, the retirement date would be August 5).

*Faculty entered in a phased agreement must retire at the end of their agreement. Employees who have resigned or retired cannot be rehired prior to the beginning of the next pay period following their termination date.

Staff are asked to provide 30 days notice of retirement. Faculty are asked to notify their department head and/or dean before class assignments are made for the upcoming semester. A retirement letter should be provided to your supervisor/department head, and a copy provided to Human Resource Services. The letter should be dated, provide a date of retirement, and signed. If the retirement letter is in email it should be sent from the employee’s uni.edu email address. It can be emailed to hrs-benefits@uni.edu or mailed to 27 Gilchrist Hall, 0034.

Faculty and Staff that have entered a phased retirement agreement must retire at the end of their phased retirement agreement. No additional notice is required unless the faculty or staff member wishes to end their phased retirement agreement early. In this case a retirement letter will be required.

Administrators, Faculty and P&S employees who have a minimum of 20 years of creditable full-time or part-time service in higher education including a minimum accumulation of 10 years of service at the University of Northern Iowa may apply for Emeritus Status. Faculty must have at least 10 years of meritorious service at UNI.

*Interested Faculty and Staff should complete the form once eligible and when a retirement date has been established. Status completion is subject to all levels of approval and may require several months to complete.

Vacation

All accrued vacation is paid out in full, with the total hours of accrual multiplied by the hourly wage.

Sick Leave

Sick leave is paid out to a maximum of $2,000 per Iowa Code, with the total hours of accrual multiplied by the hourly wage. Both vacation and sick leave payouts are typically made with the final paycheck. However, it may need to be payed out the month following retirement depending on the retirement date, form completion, and processed timecards.

Employer paid coverage for health, dental, and vision will end the last day of the month in which you are retiring. Contributions to the university sponsored TIAA retirement plan will cease upon final payouts. Employer paid life and long term disability Insurance will end on the last day worked. New health, dental, and/or Medicare and Medicare supplements should begin on the first day following the month in which the employee retires.

Learn More:

1. UNI Retiree Premiums
2. UNI Retiree Health Plan Comparison
3. UNI Retiree Dental Plan
4. UNI Retiree Dental Plan 2 Summary Plan Description

Enroll:

1. Comprehensive Health and/or Dental
2. Wellmark Automatic Withdrawal Authorization
3. Delta Dental Automatic Withdrawal Authorization

Access:

1. Wellmark BC/BS
2. Delta Dental

Same plan, you pay for the full cost of the premiums.

Includes the DeltaVision® discount program.

Retirees enrolled in Delta Dental of Iowa are automatically eligible for the vision discount program through DeltaVision® at no extra cost. A list of participating providers may be found at deltadentalia.com. You may also ask providers whether they have a participating agreement with Delta Dental, or contact Delta Dental at 800-544-0718 to inquire about the status of specific providers.

Retirees who decide to waive coverage through UNI may continue coverage through a spouse/domestic partner’s health plan. Enrollment in plans through healthcare.gov is another additional option. Retirees may also choose to work with an insurance broker to obtain and purchase additional coverage options.

Retirees age 65 and older will need to enroll in Medicare Part A (if not already enrolled) and Part B. To enroll in Part B without penalty, retirees should work with Human Resource Services in completing an application and affidavit using Social Security form number CMS-L564. Human Resource Services must sign the affidavit. Medicare becomes your primary insurance in retirement.

Medicare will become your primary health insurance in retirement and covers approximately 80% of all health care expenses in retirement. To provide coverage for the 20% that Medicare does not cover, retirees may elect the Wellmark Blue Cross Blue Shield Program F, Medicare Supplements available in the marketplace, or a Medicare Advantage plan (if eligible).

When enrolling in the Wellmark Blue Cross Blue Shield Program F, a Medicare Supplement plan, or a Medicare Advantage Plan retirees will also want to consider a prescription drug plan. UNI offers an optional group prescription drug plan through Wellmark to complement the group Program F plan. There are many prescription drug options available in the marketplace, along with Medicare Part D.

Important Resources

1. Wellmark BC/BS Group Retiree Program F Overview
2. Wellmark BC/BS Group Prescription Drug Plan Overview
3. Group Program F*
4. Group Prescription Drug Plan*
5. Group Prescription Drug Plan: Payment Enrollment (online)
6. Group Prescription Drug Plan: Payment Enrollment (form)
7. Social Security (SSA) or Call 888-456-9554
8. Senior Health Insurance Information Program (SHIIP) or Call 800-351-4664
9. Medicare or Call 800-633-4227
10. Medicare and You Handbook

Option 1 Age 65+: Combination of Medicare parts and a prescription drug plan.

Option 2 Age 65+: Combination of all Medicare parts and helps pay for copayments, coinsurance, and deductibles.

Option 3 Age 65+: Medicare Advantage -- A type of Medicare health plan offered by a private company that provides all of your Part A and Part B benefits.

• Most Medicare Advantage Plans offer prescription drug coverage.
• Medigap policies can't work with Medicare Advantage Plans.

Plan Comparison Considerations

• Premiums
• Network
• Deductibles
• Co-pays
• Coinsurance
• Prescription Drug Costs
• Maximum Out-of-Pocket
• Maximum Out-of-Pocket costs for prescriptions

Life insurance coverage ends the day following retirement.

Iowa Retired School Personnel Association (IRSPA)

An IRSPA membership provides access to supplemental retiree benefits through Association Member Benefits Advisor (AMBA). Among the benefits offered are dental and vision plans. Learn more at irspa.org.

New Dental Choice

Principal Financial is offering a membership dental discount plan called New Dental Choice. This gives you immediate discounts for dental procedures at participating dentists. Learn more at NewDentalChoice.com

UNI is required under federal law to offer covered employees and their covered family members the opportunity to temporarily extend group coverage of health, dental, vision, and health care flexible spending accounts.

Employees may end UNI comprehensive coverage for health, dental, Group Program F, or Group Prescription Drug coverage at any time. Waived coverage will end the last day of the month you are ending coverage. New coverage should be effective the first day of the following month in which the coverage ended. Once coverage is ended you may not re-enroll at a later date. If you end coverage, coverage on spouses and dependents will end at the same time.

Please keep your personal contact information up-to-date with Human Resource Services. All information regarding your benefits will always be sent to the last known address we have on file.

Consult with your tax advisor regarding regulatory changes to retirement plan savings and distributions. Iowa House File 2317 provides tax relief for certain retirement incomes as well as other income tax bracket adjustments. Now is a great time to meet with your financial advisor, or an IPERS or TIAA consultant, to see how the changes may impact your income and savings plans. An online request for tax guidance is also available through the Iowa Department of Revenue.

If a retiree returns and is eligible for benefits, they can either:

1. Select the active employee benefits and waive retiree coverage
   or
2. Waive the active employee benefits and continue with the retiree benefits.

An employee can only retire from UNI once. Once the retiree coverage has been waived, the retiree cannot re-enroll in retirement coverage.

TIAA

IIf a retiree returns to work at UNI and previously participated in TIAA, they cannot return in a TIAA eligible position and receive distributions. Therefore, even if the employee is now participating in IPERS, they cannot hold a non-temporary appointment at the university and receive TIAA distributions.

IPERS

If a new employee has retired and previously participated in IPERS at UNI or another state agency, they cannot receive IPERS distributions if they earn an annual salary of $30,000 or more at any state agency. It is necessary to establish a clear separation from IPERS-covered employment after retirement. This includes not allowing a retired member from becoming an independent contractor for their former IPERS-covered employers during a bona fide retirement period. For more information on retirement restrictions with IPERS members returning to work, please visit the IPERS website.

IPERS Update Effective July 1, 2023

IPERS retirees can work as an independent contractor for, or work in a non-IPERS-covered position with, an IPERS-covered employer after receipt of one retirement benefit payment. Retirees can also enter into a written or verbal agreement to perform services as an employee, independent contractor or volunteer for an IPERS-covered employer after receipt of one retirement benefit payment. The previous requirement was four months. Returning to work information for retirees is available on the IPERS returning to work webpage.

Learn more about steps to guide you one year, months prior, and days leading up to your retirement date.