Retirement Eligibility & Benefits
Policy Number: HR-21
Effective Date: October 2017
Responsible Officer: President, Academy of Natural Sciences of Drexel University
This policy was established to define the eligibility for and benefits provided to retired Faculty and Professional Staff Members of the Academy of Natural Sciences of Drexel University.
This policy applies to all eligible Faculty and Professional Staff Members, who have completed 10 years of full time consecutive service with the Academy of Natural Sciences of Drexel University and are age 55 or older, if hired before September 1, 2013, or who have completed 15 years of full time consecutive service with Drexel University and are age 60 or older if hired on or after September 1, 2013, excluding any Professional Staff Member who is affiliated with a collective bargaining unit. Full time consecutive service (10 or 15 years) is strictly services with the Academy of Natural Sciences of Drexel University following the partnership commencement on July 1, 2012. Consecutive service does not include employment with The Academy of Natural Sciences of Drexel University prior to July 1, 2012.
Implementation of this policy is the responsibility of the individual supervisor with guidance from the supervisor's HR Partner.
The President of the Academy of Natural Sciences of Drexel University is the official responsible for the administration of this policy.
The Academy of Natural Sciences of Drexel University authorizes special retiree benefits for eligible Faculty and Professional Staff Members.
Faculty Member is defined as an individual employed by the Academy of Natural Sciences of Drexel University in a tenured, tenure-track, non-tenured track or adjunct position who teaches at any college, school, center or institute. A Faculty Member also is deemed to be exempt under the provisions of the Fair Labor Standards Act (FLSA) and/or applicable state law.
Full-time Faculty Member is defined as a full-time status which must equal a teaching load of 12 credit hours per term.
Professional Staff Member is defined as an individual employed in any non-faculty category by the Academy of Natural Sciences of Drexel University, including an individual who is deemed to be either exempt or non-exempt under the provisions of the FLSA and/or applicable state law.
Eligible retired Faculty and Professional Staff Members will be entitled to receive the following benefits:
- Unused sick leave is not paid upon separation from employment, with the exception that Professional Staff Members retiring from the Academy at or after age 65, will be paid for accrued but unused sick leave up to a maximum of 35 days.
- Health Insurance (Medical plus Prescription Drug)
- Eligible retirees will be able to purchase the group Medical/Rx coverage the university has negotiated, but will pay 100 percent of the cost. Additional voluntary benefit coverage offered includes:
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.
- 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 Retiree 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.
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 reenroll.
If the spouse of record dies, a new spouse is not eligible for coverage through Drexel University.
Other dependents are not eligible for coverage.
If a Retiree returns to work in a benefits eligible position, his or her retiree benefits cease during employment while the former retiree is eligible for benefits provided to active employees. Upon a subsequent termination of employment, retiree benefits will be determined by the applicable policy in place at that time.
RIGHT TO AMEND
The information contained in the policy reflects the current benefits and eligibility for retired Faculty and Professional Staff Members of the Academy. The Academy reserves the right to amend or terminate the benefits at any time.
AT-WILL EMPLOYMENT NOT AFFECTED
Notwithstanding anything to the contrary stated in this policy, nothing herein is intended to alter the at-will status of any Professional Staff Member. The Academy of Natural Sciences of Drexel University at all times retains the right to terminate any Professional Staff Member at any time for any lawful reason, or for no reason at all.