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My Benefits | Retiring from UNI

 

Retiring from UNI

A Helpful Employee Guide

Retiring from UNI Presentation

Retiring from UNI - The Basics

Eligibility Criteria to Retire From the University

  • Age 55 or older
  • 10 or more years of non-temporary, active service
  • For more information on eligibility, view the Employment Policy 4.20.

Provide a Retirement Letter

  • A copy of the retirement letter should be provided to your department and Human Resource Services. If sending by email it is a requirement that it be sent from your uni.edu email address.
  • The retirement letter must be dated and include the date of retirement and your signature.
  • Staff are expected to give a minimum of 30 days notice.
  • Faculty are expected to notify their department head or dean before class assignments are made for the upcoming semester.
  • Employees who give insufficient notice may not be eligible for rehire.
  • For more information, view the Employment Policy 4.18.

Emeritus Status - Administrators, Faculty and P&S Employees

  • Administrators, Faculty and P&S employees who have a minimum of twenty years of creditable full-time or part-time service in higher education including a minimum accumulation of ten 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.
  • For more information, visit the 4.21 Emeritus/a Status policy and if interested complete the online form.

Accrued Benefit Payout

Sick Leave

  • The total payout will be the number of hours accrued on the date of retirement multiplied by the hourly wage rate up to a maximum of $2,000.
  • Payout is usually made with the final paycheck, however depending on receipt of the form the payout may be the month following the final paycheck.
  • Payment is subject to Federal and State income tax withholding, FICA, Medicare tax and TIAA. IPERS is not withheld.

Unused Accrued Vacation - P&S and Merit Employees

  • You will receive a payout for all accrued vacation.
  • The total payout will be the number of hours accrued on the date of retirement multiplied by your hourly wage.
  • Payout is usually made with the final paycheck, however depending on receipt of the form the payout may be the month following the final paycheck.
  • Payout is subject to Federal and State income tax withholding, FICA and Medicare tax and TIAA. IPERS is not withheld.

Benefits Coverage End

Employer Paid Insurance

  • 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 and/or dental coverage should begin on the first day of the following month.

Retiring from UNI

Therese Callaghan

Human Resource Services

Retirement Planning Coordinator

Revised December 2019

Retirement Eligibility

  • 55 Age Minimum Age
  • 10 Years Non-temporary UNI Service

Retiring from UNI - The Basics

Progress

 

Retirement Letter Review

  • 1Prepare It

    @UNI Email or Letter Staff 30 days advance Faculty before next semester assignments
  • 2Review It

    Remember Retirement Date
  • 3Send It

    Department Human Resource Services

Retiring from UNI - The Basics

Progress

 

Chapter 1 Quiz

How years of non-temporary service at UNI must you have to be eligible to retire?

What are the three steps for an official retirement letter?

Retiring from UNI - The Basics

Progress

 

Maximum Sick Leave PayoutAll Retirees

$2,000
$0 Taxes and TIAA contributions will be withheld, IPERS contributions are not.

Accrued Benefit Payout

Progress

 

Vacation PayoutP&S and Merit

You will receive a payout for all accrued vacation.

Taxes and TIAA contributions will be withheld, IPERS contributions are not.

$

Payout may be the month following the final paycheck.

Accrued Benefit Payout

Progress

 

Vacation Usage Before RetirementP&S and Merit

Wood filled office desk with monthly calendar with the date of the 12th circled in red

You must work the last day.

 

Large amounts of vacation cannot be used to extend your retirement date.

 

Accrued Benefit Payout

Progress

 

Chapter 2 Quiz

What is the maximum dollar amount of Sick Leave hours that can be paid out at retirement?

Accrued Benefit Payout

Progress

 

Health and Dental Coverage Ends

  • Faculty
    December 31 Or June 30 (Typically)
  • Staff
    End of retirement month

Health and Dental Coverage Ends

Progress

 

Health Insurance Options

OptionAge
55 - 64
Age
65+
UNI Comprehensive Health Insurance PlansYesYes
Healthcare.govYesNo
Spouse/Domestic Partner's Health PlanYesYes
Medicare Supplement & Medicare Part DNoYes
Medicare AdvantageNoYes
Wellmark Blue Cross Blue Shield Medicare Group Program FNoYes
Group Prescription Drug PlanNoYes

Health Insurance Options

Progress

 

Retirement Health Insurance Resources

  •  
    Medicare Specialists Senior Health Insurance Information Program (SHIIP)
  •  
    Quarterly Campus Events Medicare 101
    Social Security 101

Health Insurance Options

Progress

 

Health Insurance Options Retired Age 55-64

  • $ h
    o
    p
  • UNI Insurance You pay for the full cost of the premiums. Includes prescription drug coverage and one eye exam per year.
    A
  • Government Marketplace
    B
  • Spouse/DP's Health Plan
    C

Health Insurance Options

Progress

 

Health Insurance Options: Option 1 Age 65+

Coverage is similar to Medicare Supplement Insurance (Medigap)

  • Medicare
    Part A Hospital
    Coverage
  • +
  • Medicare
    Part B Medical
    Coverage
  • +
  • UNI
    Insurance Comprehensive Coverage
 
  1. PrimaryMedicare will become the primary payer on all claims
  2. SecondaryUNI will pay secondary on all claims

Health Insurance Options

Progress

 

Health Insurance Options: Option 2 Age 65+

Combination of Medicare parts and a prescription drug plan.

  • Medicare
    Part A Figure lying on a hospital bed Hospital
    Coverage
  • +
  • Medicare
    Part B Medical kit with handle Medical
    Coverage
  • +
  • UNI
    Supplement Bandages forming an x shape Medicare Group Program F
  • +
  • Part D Or Group Prescription Plan Two pills next to eachother Prescription
    Coverage
 
  1. PrimaryMedicare will become the primary payer on all claims
  2. SecondarySupplemental will pay secondary on all claims

Health Insurance Options

Progress

 

Health Insurance Options: Option 3 Age 65+

Combination of all Medicare parts and helps pay for copayments, coinsurance, and deductibles.

  • Medicare
    Part A Figure lying on a hospital bed Hospital
    Coverage
  • +
  • Medicare
    Part B Medical kit with handle Medical
    Coverage
  • +
  • Supplement
    Plan Bandages forming an x shape Medigap
    Coverage
  • +
  • Part D Two pills next to eachother Prescription
    Coverage
 
  1. PrimaryMedicare will become the primary payer on all claims
  2. SecondarySupplemental will pay secondary on all claims

Health Insurance Options

Progress

 

Health Insurance Options: Option 4 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.

Health Insurance Options

Progress

 

Health Insurance

Plan Comparison
Considerations

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

Health Insurance Options

Progress

 

Dental Insurance

Continuation of Coverage

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

Includes the DeltaVision discount program.

Dental Insurance

Progress

 

Life Insurance & VTL

Continuation of Coverage

Option to continue Term Life or Universal Life Policy with no medical questions.

Life Insurance & VTL

Progress

 

Retiring from UNI Timeline

Start planning for a successful retirement from UNI.

UNI Campanile arial view

Retiring from UNI Timeline

Progress

 

Retirement Timeline

5-10 Years from Retirement
 
Meet with your Financial Planner, a TIAA consultant or IPERS representative.
 
Create a budget for retirement by estimating your income and expenses.
 
Estimate your future medical costs.
Check your Social Security benefits at www.ssa.gov/mybenefits.

Retiring from UNI Timeline

Progress

 

Retirement Timeline

1 Year Prior to Retirement
 
Schedule a retirement meeting with HRS.
 
Meet again with your Financial Planner, a TIAA consultant or IPERS representative.
 
Order an estimate of your Social Security benefits through Social Security.
Attend: SHIIP, Social Security & Various Retirement Readiness sessions on campus.

Retiring from UNI Timeline

Progress

 

Retirement Timeline

3 Months Prior to Retirement
 
Gather forms from TIAA, IPERS and/or TDA vendor.
 
Contact your local hospital group, insurance agent or healthcare.gov if you're age 55-64.
 
Schedule a meeting with a SHIIP counselor for assistance with Medicare if you're age 65+.
Contact your local Social Security office for benefits and to enroll in Medicare Parts A&B.

Retiring from UNI Timeline

Progress

 

Retirement Timeline

1 Month Prior to Retirement
 
Complete and mail all forms to begin your retirement income and insurance.
Contact HRS to setup an appointment to complete final benefits paperwork once final decisions have been made on health and dental insurance.

Retiring from UNI Timeline

Progress

 

Chapter 6 Quiz

When should you schedule a meeting with HR?

Retiring from UNI Timeline

Progress

 

Benefits That May be Continued at Retirement

  • The health and dental plan for retirees is the same plan offered to all employees.
  • Premium payments will be made directly to the insurance vendors.
  • Retirees may drop their coverage at any time, however, they will not be able to re-enroll in the future.
  • If a spouse is covered under the plan at the time of the retiree’s death, they are allowed to continue coverage unless they are eligible for another employer group plan.

Health Insurance

Available Health Insurance Options
OptionAge 55 - 64Age 65+
UNI Comprehensive Health Insurance PlansYesYes
Healthcare.govYesNo
Spouse/Domestic Partner's Health PlanYesYes
Medicare Supplement & Medicare Part DNoYes
Medicare AdvantageNoYes
Wellmark Blue Cross Blue Shield Medicare Group Program FNoYes
Group Prescription Drug PlanNoYes

Before Age 65 Retiree Health Insurance Options

  • You may continue coverage through one of the UNI comprehensive health insurance plans (e.g., UNI PPO or UNI Blue Advantage).
  • You may enroll in a healthcare.gov plan. After answering a few questions on their website you will be able to preview plan options and rates before applying.
  • You may enroll into your spouse/domestic partner's health plan.

Medicare Eligible Retiree Health Insurance Options

You will need to sign up for Medicare Part A (if you are not currently enrolled) and Part B.

In addition to your Medicare Part A and Part B Plan you may need a supplemental plan.

  • You may enroll in a UNI comprehensive health insurance plan
    • Medicare Parts A & B will become your primary health insurance (i.e. Medicare Parts A & B pays for your medical expenses first).
    • UNI comprehensive health insurance plans include creditable prescription drug coverage and one eye exam per year. Benefits under these plans are the same as the plan benefits offered prior to becoming Medicare-eligible and for active employees.
    • Retirees may continue with their UNI comprehensive health insurance plan coverage after they become eligible for Medicare.
    • Since Medicare pays for your medical expenses first, your retiree coverage under the UNI comprehensive health insurance plans is likely to be similar to coverage under the UNI sponsored Wellmark Blue Cross Blue Shield Medicare Group Program F, Medicare Supplement Insurance (Medigap) or Medicare Advantage. These plans can be significantly less expensive than the UNI comprehensive health insurance plans.
    • Retirees must submit proof that they have Medicare Part A & B to Wellmark BCBS.
    • If you do not elect to continue coverage with a UNI comprehensive health insurance plan coverage for your spouse and dependents through UNI will be cancelled. The waiver is indefinite.
  • You may enroll in a UNI sponsored Wellmark Blue Cross Blue Shield Medicare Group Program F. You also have the option of enrolling in a separate group prescription drug plan for an additional cost.
    • If covering a spouse, your spouse must be Medicare eligible to be covered under the Group Program F.
    • Prescriptions are not included in Group Program F. You may enroll in a separate prescription drug plan for an additional cost or Medicare Part D.
    • If you waive coverage for Group Program F and the group prescription drug plan you will not be able to reenroll at a later date. The waiver is indefinite.
  • You may enroll into your spouse/domestic partner's health plan.
  • You may enroll in a non-UNI sponsored Medicare supplemental insurance (Medigap) and Part D (prescription) plan.
  • You may enroll in a non-UNI sponsored Medicare Advantage plan.

For a quick comparison of plans offered at retirement, please visit our retired webpage.

Ending UNI Retiree Comprehensive Health Insurance

  • You may end coverage at any time by completing the Health and Dental Form to waive coverage.
  • Coverage will end the last day of the month during the month you are ending coverage. New coverage will need to begin the 1st of the next month.
  • Once you end coverage you may not reenroll into the UNI plans at a later date.
  • If you end coverage, coverage on spouses and dependents will end at the same time.

Contact Information for Questions Regarding Medicare

  • Launch Map Icon
    Waterloo Social Security Office
    3121 Greyhound Drive
    Waterloo, IA 50701
    Phone: (888) 456-9554
    Monday, Tuesday, Thursday and Friday 9:00 a.m. – 4:00 p.m.
    Wednesday 9:00 a.m. – 12:00 p.m.
  • Senior Health Insurance Information Program (SHIIP)
    Phone: (800) 351-4664
    Web: https://shiip.iowa.gov/
    SHIIP services outside of Iowa: https://shiip.iowa.gov/States.aspx
  • Medicare
    Phone: (800) 633-4227
    Web: https://www.medicare.gov/

Dental Benefits

UNI Sponsored Dental Insurance:

Individual Dental Insurance

Many insurance companies offer individual insurance plans for retirees. You may:

  1. Contact a local insurance agent for plan recommendations.
  2. Ask your dental provider who they recommend for a plan.

Ending UNI Sponsored Retiree Dental Insurance

  • You may end coverage at any time by completing the Health and Dental Form to waive coverage.
  • Coverage will end the last day of the month during the month you are ending coverage. New coverage will need to begin the 1st of the next month.
  • Once you end coverage you may not reenroll into the UNI plans at a later date.
  • If you end coverage, coverage on spouses and dependents will end at the same time.

Life Insurance

  • Your life insurance coverage ends the day after you retire.
  • You have the option of porting (continuing a term life policy to age 70) or converting (continuing a universal life policy) your group term life insurance coverage to an individual policy. For an application and rates visit principal.com/uni, or contact Principal directly. For questions on Portability: 800-986-3343 x76398. For questions on Conversion: 800-986-3343 x79994.

Returning to Work

If 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 of half-time or greater, and earn an annual salary of $7,800 or more at the university and receive TIAA distributions.

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, 2018

An employee may not return to work as an independent contractor during the bona fide retirement period. (The first four months the employee receives an IPERS retirement benefit payment) Also, the employee may not enter into a written or oral agreement to perform services as an independent contractor until at least one benefit payment has been received from IPERS.

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.

Once the retiree coverage is waived, the retiree cannot re-enroll in retirement coverage.

An employee can only retire from UNI once.