Page 21 - University of the South-2022-Benefit Guide REVISED 3.30.22 FSA WAIT PERIOD

RETIREMENT PLANS (continued)

Contributions for Post-Retirement Financial Advising Program
Health Expenses The University has partnered with CAPTRUST to offer
Certain retired employees are also eligible for health complimentary, individual financial advising to all of our
expense assistance, independent of whether they were employees. While this service’s primary goal is to
eligible to retire with standard retirement benefits. assist you and your family with retirement planning
(including investment advising), you are also welcome
Retirees who are 65 and older are not eligible to to discuss any outside investments, household
participate in the University Health Plan. However, the budgeting, debt reduction, etc. and include family
University has established certain benefits to assist members in your advising session as you are
eligible retirees with health expenses after age 65, comfortable.
through contributions to VEBA funds in Emeriti health
accounts, which may be used to offset the cost of You are encouraged to schedule an appointment with
retiree medical expenses. The Emeriti program one of CAPTRUST’s Certified Financial Advisors,
combines tax-advantaged savings with access to either telephonically via their call center or in-person
group retiree health insurance. via our institution’s dedicated advisor. Scheduling
contact information is located at the University’s Office
For those employed by the University and aged at of Human Resources site at hr.sewanee.edu, under
least 50 as of July 1, 1995, the University contributes the Benefits Information section.
$1,461.60 annually to the Emeriti account. Their
spouses who were also on the University's health plan
at the time of retirement also receive this amount
annually.
For employees who were employed by the University
before July 1, 1995, who have reached the age of 40,
and have 5 years of service, the University contributes
$600 annually to the Emeriti account. In addition, the
University will pay $994 annually to the retiree after the
sixth year of retirement. (Health care costs in the first
five years can be paid with Emeriti funds.) Their
spouses who were also on the University's health plan
at the time of retirement also receive $994 annually.
For employees who were employed by the University
after July 1, 1995, who have reached the age of 40,
and have 5 years of service, the University contributes
$600 annually to the Emeriti account. These
contributions continue until the University has made 25
years of contributions or the employee retires,
whichever comes first.

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