Page 20 - University of the South-2022-Benefit Guide REVISED 3.30.22 FSA WAIT PERIOD

RETIREMENT PLANS (continued)

Emeriti Retirement Healthcare Program • Life Insurance. Retirees are eligible for $5,000 of
group term life insurance paid by the University.
The Emeriti Consortium is a non-profit program,
developed by higher education leaders through the • Certain retired employees are also eligible for health
support of the Andrew W. Mellon Foundation, to provide expense assistance, independent of whether they
health insurance during retirement years. were eligible to retire with standard retirement
benefits (see next section).
Eligible employees may make voluntary contributions to
an Emeriti Health Account. Funds accumulated in an • Lease Fee Discount. Retirees continue to receive
Emeriti Health Account can be used to offset the cost of the same discount on lease fees that they had
future retiree medical expenses. while employed. When the retiree dies, their
widow/widowers continue to receive the discount
As a member of the Consortium, the University will as long as they do not remarry.
contribute to an Emeriti Health Savings Account for
employees who hold regular positions that are, at • Access to Facilities and Public Events. Retirees
minimum, half-time and full-time employees who are continue to access facilities such as duPont Library,
over 40 years old and have five years of continuous the Fowler Center, the golf course, and tennis
service with the University. courts, and to attend public events such as athletic
and concert series, under the same terms and fees
Post-Retirement Benefits as employees.
An employee is eligible for standard retirement benefits
if the employee has attained either (a) 65 years of age
and has completed at least 10 consecutive years of full-
time service, or (b) 62 years of age and the sum of age
and years of full-time service is at least 80.
Eligible employees receive the following standard
benefits upon retirement:
• Health Insurance at Full Cost Until 65. Retirees may
continue to participate in the University Health Plan
until age 65, selecting among the same options for
themselves and/or their families, paying the full cost
(University and employee premiums). Only those
retirees (and dependents) who are enrolled in the
health plan on the date of retirement may continue in
the plan; retirees who drop the University's plan may
not reenroll.

• Educational Benefits. Retirees and their eligible
spouses and dependent children are eligible for
educational benefits on the same basis as current
employees.

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