5.11 Benefits for Retired Faculty
The "University of Delaware Benefits for Retired Employees" brochure, which is published annually by the Office of Human Resources, describes the benefits available to retiring University faculty. Effective July 1, 2008, eligibility requirements for University retirement have changed. Employees hired on or after July 1, 2008 must meet one of the following age and service criteria to receive University benefits and privileges upon retirement:
- Any age and 30 years of service
- Age 55 and 20 years of service
- Age 60 and 15 years of service
- Age 65 and 10 years of service
Employees hired before July 1, 2008 will continue to be eligible for University retirement under the criteria listed below, through June 30, 2013, after which they will be subject to the new age and service requirements shown above:
- Any age and 30 years of service
- Age 55 and 15 years of service
- Age 65 and 5 years of service
The following benefits and privileges apply to those faculty who meet the criteria listed above and elect to retire from the University.
Separation Payment: Faculty electing retirement shall receive a separation payment at the rate of 2.5 (two and a half) percent of annual base salary at retirement for each year of University service. (Rev. 4/15, Office of Human Resources and Office of the Provost)
Retirement Leave: With the exception of those who chose a phased retirement, faulty who retire are eligible for a retirement leave. Prior to the date of retirement, faculty members are eligible for a one-semester retirement leave at full salary or a full year retirement leave at 75% salary. Faculty on retirement leave may not be employed elsewhere since they remain full time employees at the University of Delaware until the date of retirement. Faculty on retirement leave may participate in consulting activities under the guidelines described in the Faculty Handbook section: Consulting and Other Outside Employment.
Faculty may elect a phased retirement of up to three years in length if they meet the age and service requirements noted above. Faculty electing a phased retirement shall receive his/her one-time payment at the rate of two percent of annual base salary for each year of full-time University service; years of phased retirement will be prorated. Faculty who elect phased retirement are not eligible for retirement leave. Phased retirement options are set forth in the Collective Bargaining Agreement between the University of Delaware and the AAUP. (Revised 7/02, Vice President for Administration).
Life Insurance and Death Benefit: At the time of retirement, eligible retiring faculty may continue a portion of their group life insurance at full cost. The Option offered is 5-year renewable term insurance which decreases in amount at 5-year intervals. (Rev. 10/96.) Effective for faculty retiring on or after July 1, 1994, the University will pay a $7,000 death benefit.
Health Care Coverage:
Medical Insurance: The Blue Cross/Blue Shield of Delaware (BCBSDE) and Aetna programs are continued after retirement without any lapse in coverage. Spouse and child coverage (if appropriate) also continues without interruption. If the retired faculty member is under age 65, the cost is the same as coverage for active employees. If a retiree is over age 65 at retirement, the University provides individual coverage, supplemental to Medicare, with University funding to the retiree and also to the spouse. (Rev. 7/07, Office of Human Resources to reflect Collective Bargaining Agreement)
Dental Insurance: At the time of retirement, eligible retiring faculty have the opportunity to join the State of Delaware Dental Program. Coverage is through either Dominion Dental or Delta Dental. Retirees pay the full cost of dental plan coverage. (Rev. 07/07, Office of Human Resources)
Blood Bank: Blood Bank membership may be continued for retired faculty members without a lapse in coverage.
- Routine Physical Examination: If the retired faculty member continues enrollment in University medical insurance through Blue Cross Blue Shield of Delaware or Aetna, a routine physical examinations are available periodically, as part of plan coverage. (Rev. 7/07, Office of Human Resources)
- Wellness Program: Effective July 1, 2002, retirees are eligible to participate in the University's Wellness Program.
Course Fee Waiver: Eligible retired faculty, the spouse, or a dependent child are entitled to enroll in two courses per semester up to a maximum of six courses per calendar year. Each fee waiver covers one course up to four credit hours. Course fee waivers for graduate courses may be taxable benefits. (Rev. 9/02)
Tuition Remission: The spouse and/or biological or adopted dependent children of faculty members who retire are eligible for tuition remission.
Cooperative Tuition Exchange: A retired faculty member may enroll in one course (up to 4 credit hours) per semester at Delaware State University or Delaware Technical and Community College at no cost. Courses taken through this program count toward the annual maximum for course fee waivers.
- Tuition Exchange Program: Dependent children of retired full-time faculty may apply for a Tuition Exchange Scholarship with participating colleges and universities. Program information, guidelines and restrictions are available through the Office of Human Resources.
Other University Privileges: University ID cards are continued for retired faculty. Use of the card identifies retired faculty for the following:
- full library privileges
- participation in recreational and cultural events at faculty rates
- use of Athletic sports facilities
- gold parking sticker
- University transit services and bus travel
(Revised 9/02; 4/03)