Retirement Eligibility & Benefits
Policy Number: HR-21
Effective Date: July 2003
Responsible Officer: Senior Vice President of Student Life & Administrative Services
This policy was established to define the eligibility for and benefits provided to retired employees of the University.
Drexel University authorizes special retiree benefits for eligible Faculty, Administrative, Professional and Support Staff employees.
Eligible employees are those who have completed 10 (ten) years of full time consecutive service after the age of 45.
Eligible retired employees will be entitled to receive the following benefits:
A). University paid Group Life Insurance in the amount of $4500 payable upon death of the retiree.
B). Health Insurance – Drexel University will pay for Medicare Eligible employees (age 65 and older), up to $400 per month, and up to an additional $400 for the spouse of record at the time that the employee retires. For those not Medicare eligible at the time of retirement, Drexel University will pay 50% of the premium for the retiree and spouse of record at the time that the employee retires. Drexel's cost is limited to the premium amount, if that amount is less than $400.
If the retiree is under 65 years of age, the plan elected must be the plan that the retiree was enrolled in during the calendar year in which the termination date falls. If the retiree is not enrolled as of the date of retirement, enrollment is available at open enrollment or if the retiree loses coverage with another plan, if enrollment paperwork is completed within 30 days of the loss of coverage.
The retiree and his/her spouse of record have the right to change their election during Open Enrollment, subject to health plan rules and the following limits. The Retiree and spouse of record may enroll or disenroll at other times due to certain life events, subject to the limitation in the above paragraph. If a retiree and/or spouse of record does not enroll, or chooses to disenroll at any time, enrollment/reenrollment will be available only if the retiree and/or spouse of record have been continuously covered in another health plan (other than Medicare) in the interim. This rule also applies to enrollment/reenrollment during the Open Enrollment period. Proof will be required.
The spouse of record of a deceased retiree, if enrolled in the plan at the time of the retiree's death, is eligible to continue coverage on the same payment basis as above. After the death of the retiree, if the dependent has never enrolled or drops the coverage (disenrolls), he/she may not re-enroll.
If the spouse of record dies, a new spouse is not eligible for coverage through Drexel University .
Other dependents are not eligible for coverage
*Dental and Vision coverage – This coverage is available to retirees at their own cost.
*Tuition Remission – Available for the retiree, spouse and dependent children at the level for which the retiree was entitled on the date of retirement.
*Retirees may request a courtesy I.D. Card.
*University Club membership for life for a one time dues payment is available. Retirees are responsible for any charges for services received.
*Retirees may pay for parking at the discretion of the parking office, subject to availability and necessity.
IV. RIGHT TO AMEND
The information contained in the policy reflects the current benefits and eligibility for retired employees of the University. The University reserves the right to amend or terminate the benefits at any time.
Inquires regarding this policy can be directed to the Human Resources Department