Employees age 55 or older with 10 years of service may retire from the University and have the option to continue some of their benefits.
Continuation of Health/Dental Insurance
Retirees may retain their Health and Dental Coverage but are responsible for the full premium cost. Retirees must make payments directly to the health/dental providers; automatic withdrawal is available.
Faculty, P&S, and Supervisory Merit employees must be 55 or older with 10 years of service to continue health and dental coverage. The surviving spouse of a UNI Retiree is allowed to continue coverage unless they are eligible for another employer group plan.
Merit employees must be 55 or older with 10 years of service and begin taking retirement income from TIAA-CREF or IPERS to continue health and dental coverage. You and your eligible dependents can continue on a State health plan and dental plan if you and your dependents are on the plan at the time of retirement. You cannot change plans at the time of retirement. It is important to make this change during the open enrollment period prior to your retirement.
For both groups, after retirement, Medicare is the primary carrier when you and/or your spouse are eligible. You must enroll in both Part A and Part B of Medicare when eligible. If you discontinue either the health or dental plan, you cannot enroll later.
If you elected vision insurance, your coverage will end at the end of the month following your last date of employment. There are no options for continuing coverage.
You may continue 1/3 of your regular coverage by paying the premium if you have been employed at UNI for ten years or more. If you continue coverage through June 30 following age 70 you will have paid up coverage. The paid up death benefit will be $4,000 for faculty and $2,000 for all other employees. Your current beneficiary designation(s) will be used unless you elect to change it.
Long Term Disability Insurance
Coverage ends on the last working day. There are no options for continuing coverage.
Flexible Spending Account
Participation ends on the last day of the month in which you retire unless you make special arrangements with the Human Resource Services Office to withhold additional contributions from your final paycheck. Arrangements should be made prior to the 15th of the month in which you retire.
Unused Accrued Vacation
For P&S and Merit, you will receive pay for all accrued vacation. The total compensations 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. Payout is subject to Federal and State income tax withholding, FICA and Medicare tax and TIAA-CREF. IPERS is not withheld.
If you are over the age of 55 and apply to begin at least minimum retirement benefits (TIAA-CREF of IPERS), you are eligible to receive a payout of your unused 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. You will receive payment with your final paycheck. Payment is subject to Federal and State income tax withholding, FICA, Medicare tax and TIAA-CREF. IPERS is not withheld.
Faculty and P&S employees who have 20 or more years of creditable service in higher education with at least 10 years of meritorious service with UNI may apply for Emeritus Status.