Retirement Benefits
- Eligibility for Retirement from the University
- Retiree Benefits
- Withdrawing Money from Your Retirement Accounts
Employees interested in retiring from the University should contact the Benefits Department at (801) 581-7447 to schedule an appointment with their Benefit Counselor. Appointments should be scheduled at least three months prior to the planned retirement date in order to complete all necessary paperwork prior to retirement.
ELIGIBILITY FOR RETIREMENT FROM THE UNIVERSITYFull Retirement: (PPM 2-10)
This option allows faculty and staff members to retire from the University while maintaining ID privileges and University health care coverage at the retiree's expense.Minimum Requirements:
- You must be age 60 or older.
- You must have the following years of service with the University:
- 30 or more; or
- 20 or more years of service with the University working in a position that qualifies for participation in the Public Safety URS Retirement Plan.
- You must have completed five years of continuous service for the University immediately prior to retirement.
Benefits:
- You may maintain health coverage in the Retiree Health Care Plan and dental coverage for up to 18 months at the full cost.
- A retiree ID card will be available entitling the retired member and spouse to all applicable benefits
University of Utah Policy also provides for early retirement and phased retirement. These options are only available to those who qualify and receive approval from their departments. Contact your Benefit Counselor at (801) 581-7447 if you are interested in more information on these options.
For information on termination and conversion of your University employee benefits at retirement, please see the University Benefits at Retirement notice.
Retiree Health Care Plan
University Retirees in Full Retirement may remain enrolled in medical and dental coverage through the University by enrolling in the Retiree Health Care Plan. (Phased Retirees and those enrolled in the Early Retirement Incentive Program continue enrollment in the Employee Health Care Plan.)
Coverage in the Retiree Health Care Plan is similar to that in the Employee Health Care Plan. A Plan H Medicare Supplement Option is also available through the University. For coverage and cost information, see the Coverage Summary; or for detailed coverage information, see the Retiree Health Care Plan Summary Plan Description.
Retirees and their covered dependents who are eligible for Medicare must enroll in Medicare Parts A and B. The Retiree Health Care Plan pays benefits as a secondary health plan for those eligible for Medicare, whether or not the individual is actually enrolled in Medicare.
Medicare Part D Prescription Drug Coverage is included in the University Retiree Health Care Plan through Regence Life & Health ("RLH") Medicare Script™ for those eligible for Medicare. Prescription drug coverage for members not eligible is processed through RegenceRX (www.regencerx.com). For information on Medicare Script prescription drug coverage for those eligible for Medicare, please see the Important Notice Regarding Prescription Drug Coverage and Medicare or see the RLH Medicare Script website.
Employees should complete a Retiree Health Care Plan Enrollment Form prior to retirement in order to avoid a break in coverage. In addition, each employee and dependent eligible for Medicare must complete a separate Medicare Script Enrollment Form (the form is submitted to the University Benefits Department and premiums for coverage are paid through the Retiree Health Care Plan.)
A Benefit Counselor in the University's Benefits Department will assist you in completing these and other retirement forms. Contact the Benefits Department at (801) 581-7447 to schedule an appointment or to ask questions about available coverage.
Retirees and their enrolled dependents who become eligible for Medicare after enrolling in the Retiree Health Care Plan must complete a Medicare Script Enrollment Form prior to the date they become eligible for Medicare in order to avoid a loss of prescription drug coverage and possible Medicare late enrollment penalties.
Retirees may pay for health care coverage monthly or sign up for automatic withdrawal.
Other Retiree Benefits- Reduced tuition benefit of 50%
- Retiree ID card with a lifetime validation free of charge
- Bookstore discount (excluding computers)
- Use of the physical education facilities
- Use of those Union Building facilities requiring an ID card such as movies, bowling, billiards, lectures, etc.
- Discounts on season athletic tickets, theater tickets, and travel series tickets
- Parking with purchase of appropriate sticker
- Privileges at University library facilities
- Continued membership in the University Credit Union
WITHDRAWING MONEY FROM YOUR RETIREMENT ACCOUNTS
To begin taking withdrawals from your retirement accounts, contact the appropriate provider's customer service department. Withdrawals from some accounts may be subject to a 10% IRS early withdrawal penalty if you are under age 59½ at the time of the withdrawal. Check with the investment provider for specific information.
| AIG Valic | (801) 521-9922 |
| Chase Insurance (formerly Kemper) |
(801) 272-6000 |
| Fidelity Investments | (800) 343-0860 |
| MetLife | (801) 277-8788 |
| TIAA-CREF | (800) 842-2776 883-5100 (in Salt Lake City) |
| Utah Retirement Systems | (801) 366-7700 (800) 695-4877 |
| Vanguard Group | (800) 523-1188 |
For additional information on retiring from the University, contact the University Benefits Department at (801) 581-7447.