Medical Coverage in Retirement
- Full time contractual regular faculty, who teach 4 days (classes) throughout the academic year
- Part time contractual regular faculty who teach at least 2 days (classes) throughout the academic year
- Full time staff, who work 35 hours per week for at least 10 months during the academic year
- Part time staff who work at least 21 hours per week for at least 9 months throughout the academic year
- Guest Faculty are not eligible for this benefit
Eligible employees hired before July 1, 2005 and aged 40 and above on July 1, 2005: These employees who retire at age 65 or above must apply for Medicare Parts A and B. Upon retirement at normal retirement age (65), as defined in this manual under "Retirement Policy", provided you have completed 10 years of service with the College and are insured as an active employee (and your spouse or eligible partner was insured if applicable) immediately preceding retirement, the College will subsidize the cost of the employee and his/her spouse or eligible partner in a Medicare Supplement plan. In the event of your death during retirement years, if your spouse or eligible partner was covered on your medical insurance policy prior to and during retirement, the College will continue the subsidy for your spouse or eligible partner, until he or she remarries. Information about the amount of the college’s contribution (subsidy) to these plans is available in Human Resources.
Employees who retire between age 55 and 65, who have completed 10 years of service with the College, and are insured as active employees immediately preceding retirement, may continue membership in the active employee health plan, at their own cost, until the retiree reaches age 65, or until the completion of the retiree or the dependent’s COBRA eligibility -- whichever is later. Upon reaching age 65 (or the completion of COBRA eligibility) the retiree and or spouse must find alternative coverage. In the event of your death during retirement years, if your spouse or eligible partner was covered on your medical insurance policy prior to and during retirement, your spouse or eligible partner may continue membership at his or her own expense until he or she remarries, reaches age 65, or completes COBRA eligibility, after which he or she must find alternative coverage.
Eligible employees who are hired on or after July 1, 2005, or eligible employees hired before July 1, 2005 who were under age 40 on July 1, 2005: After one year of service, the college will open a medical investment account (VEBA) and will make monthly contributions up to a maximum of $1,000 per year. Contributions will NOT be made for spouses/domestic partners. The college contributions will begin after one year of service and continue for a maximum of 25 years. You may choose how the funds are invested from among the TIAA-CREF Funds offered. College contributions will only be available to you (will vest) when you retire from SLC at age 65 or later with 10 years of service. When you retire you may purchase the Emeriti Medicare Supplement Plan or you may use the funds for other medical expenditures or to purchase a different Medicare Supplemental Plan.
The Medical Coverage in Retirement policy is subject to change at any time.