1. Normal retirement age at the University of Nebraska is 59 1/2. There is no service requirement for employees retiring at age 59 1/2 or older.
   
   
2. Faculty and staff members between the ages of 55 - 59 1/2 with ten years of service may take "early" retirement.
   
   
3. An employee may request a disability retirement due to a physical or mental disability that prevents satisfactory work performance. There are no age or service requirements. Medical documentation is required.

1. Your notice of retirement should be submitted in writing to the appropriate departmental supervisor or Chair at your earliest convenience.
   
   
2. You are encouraged to contact the Benefits Office at least three months prior to retirement for a personal and confidential explanation of the retirement process, including eligibility guidelines, benefits that may be continued, and coordination with Medicare if you or your spouse is age 65 or older.

1. You can start Social Security Retirement Benefits as early as 62 and receive reduced benefit payments, or you can delay these benefits until age 70 and receive additional credits which will increase your monthly benefit payment amount.
   
   
2. Employees wishing to apply for Social Security benefits should contact the Social Security Administration at least three months prior to the retirement date. It is recommended that you make an appointment by calling the local Lincoln office at 437-5401 or by calling toll-free 1-800-772-1213.
   
   
3. The Social Security Administration website is http://www.ssa.gov This site provides general information and instructions on how to request a Social Security Statement that will provide an estimated monthly income amount.
   
   
4. Medicare Insurance consists of two parts: Hospital Insurance (Part A) and Medical Insurance (Part B). Medicare can become effective the first day of the month the employee or their spouse attains age 65. If the retiree is already receiving Social Security benefits, enrollment in Medicare Parts A and B is automatic and beneficiaries will be notified and receive their Medicare ID card approximately three months prior to their 65th birthday. Most people will not have to pay a premium for Part A, but everyone enrolled in Part B pays a monthly premium ( $54.00 in 2002) that is automatically deducted from their Social Security Benefit check.

We recommend that employees who continue to work after attainment of age 65 and are enrolled in the University Group Medical plan to delay enrollment in Part B Medicare for themselves and their spouses if applicable. "Special" enrollment into Part B can be requested within eight months from the date the employee retires and stops working, and is no longer eligible for the active employee group plan.

Please Note: For all retired employees and their spouses age 65 and older, Medicare Insurance Parts A & B will always be considered as the primary insurer of medical benefits whether or not you have applied for or are enrolled in Medicare insurance.

University Retiree Benefits Available

If you are 65, or if you are between 55 - 65 with ten years of service and currently enrolled in the University's group medical and/or dental plans,, it will be your choice to continue that same level of coverage. Or you may choose to carry only the medical or only the dental. However, once a plan is canceled, it is an irrevocable decision and cannot be reinstated. The Retiree is responsible for the full cost of the premium as shown on the attached premium schedule.

1. If you wish to continue your insurance with the University under the Retiree Group Plan, contact the Benefits Office approximately three months prior to your retirement date. We will require a new enrollment form and electronic premium withdrawal authorization be completed. Your retiree direct billing will begin the first of the month following your retirement date. The first monthly premium payment should be made by paper check to allow sufficient time to process your retiree status on the University data system. Thereafter, all premiums will be withdrawn electronically from the bank account of your choice, on the fifth day of each month.
   
   
2. As previously noted, all University retiree group medical plans coordinate with Medicare. For all retirees, including spouses if covered under the University medical plan, age 65 or older Medicare becomes the primary insurance while the retiree's medical plan becomes the secondary. It is important to note that this procedure is followed whether or not you have applied for, or are enrolled in Medicare Insurance. If you or your covered spouse is under the age of 65 at time of retirement, please be sure to notify the Benefits Office when either you or your spouse become Medicare eligible. You and/or your spouse must enroll in both Medicare Part A and B at that time.
   
   
3. A portion of your basic term life insurance may be continued subject to the following limitations: faculty and staff retiring between ages 55-65 may continue (based on current policy amount) up to $20,000 maximum under the group plan. The Basic term life insurance coverage reduces to $5,000 on January 1 following the retiree's attainment of age 65. All life insurance coverage will end on January 1 following the retiree's 75th birthday.
   Coverage amount exceeding the maximum limit may be continued by converting the additional coverage to a whole life policy. The premium for the whole life policy is based on the amount and the retiree's age at time of conversion. If interested in this conversion privilege, contact the carrier, Security Financial Life directly.
   
   
4. Premiums for life insurance will be billed by the carrier, Security Financial Life Insurance Company, and all premium payments should be sent directly to them.
   
   

   Age 55-65	$10,000	$2.50	$20,000	$5.00
   Age 65-70	$5,000	$9.50
   Age 70-75	$5,000	$18.25

   
   
5. Faculty and Staff currently enrolled with dependent life insurance coverage at time of retirement may continue coverage for a spouse subject to the following limitations: Employees' retiring between the ages of 55-65 may continue a maximum of $10,000 spousal coverage. This coverage will be reduced to $5,000 on January 1 following the retiree's attainment of age 65, and all coverage will end when the dependent is no longer eligible, or on January 1 following the retiree's 70th birthday, whichever occurs first.
   
   The retiree must continue their Basic Term Life Insurance to continue dependent coverage.
   
   Retiree's Age 55-65

   Spouse

   $10,000

   $2.46

   
   
   Retiree's Age 65-70

   Spouse

   $5,000

   $1.23

   
   
   
6. Long Term Care Insurance can be continued for those retiring faculty and staff currently enrolled in this program. Monthly premium payments should be made directly to CNA. You may contact CNA at 1-877-895-6759 for more details on paying direct.

All other NU-Flex benefits such as Long Term Disability, Accidental Death & Dismemberment and Reimbursement Accounts may not be continued after retirement.

Miscellaneous Information:

TIAA-CREF retirement income illustrations can be requested by calling TIAA-CREF directly at 1-800-842-2776. Other information is available online at http://www.tiaa-cref.org

Fidelity Investments has a distribution packet that can be requested by calling Fidelity directly at 1-800-343-0860. Other information is available online at http://www.fidelity.com

• Employee and Dependent Scholarship Program.
  
  
• Season Football Tickets can be continued at faculty /staff rates if, the retiree is a current 10- year season ticket holder
  
  
• Maintain Campus Recreation membership at faculty/staff rates
  
  
• Maintain library privileges
  
  
• Continue to receive University Faculty and Staff discounted pricing. For a current listing of available services refer to: http://hr.unl.edu/general/employeeservices.shtml

To further assist you in planning for your retirement, please contact:

Retirement Plan Issues: Ethel Beetley 472-0937 e-mail : ebeetley1@unl.edu

Insurance Enrollment: Susan Turco 472-8048 e-mail: sturco2@unl.edu

Billing Questions: Barbara Gorski 472-4589 e-mail: bgorski1@unl.edu

Director: Gregory Clayton 472-8044 e-mail: gclayton1@unl.edu

Individual Life Insurance will terminate Jan. 1st following the retiree's 75th birthday. Dependent Life Insurance will terminate January 1st following the retiree's 70th birthday.