Summary of Benefits for Retired Faculty, Administrators, PCPSOA and Hourly Non-Union Staff
Life Insurance: Retirees must meet eligibility requirements to continue University-paid group life insurance after retirement. Retirees must have reached at least age 62 years, completed at least ten (10) years of service and were covered on the Plan the day prior to retiring. The value of the life insurance benefit is as follows:
- Age 62- 64 1.00 x annual base salary (rounded to the nearest $1000) on the day immediately preceding retirement
- Age 65- 69 .67 x annual base salary (rounded to the nearest $1000) on the day immediately preceding retirement
- Age 70 + $5000.00
Health Insurance: Retirees must meet eligibility requirements to continue coverage on the Plan until age 65 (Medicare eligible). Retirees must have reached at least age 62 years and have completed at least ten (10) years of continuous service as an active employee immediately prior to retirement and were covered by the Plan immediately prior to retirement.
- Age 62-64 Retiree will remain on health plan (Simply Blue Hybrid Plan or Simply Blue High Deductible High Plan) as if still actively employed. The monthly charge is the same as for active employees.
- 65+ Retiree has the option of enrolling in a Medicare Advantage Plan through United Health Care (where available). This coverage includes prescription drug coverage. This a federally subsidized plan with no monthly premium to the retiree. Retiree must be actively enrolled in Medicare Part A and Part B in order to eligible for coverage. Enrolling in a Medicare Supplemental Plan is also an alternative. There is a monthly premium and the retiree must also enroll in a Medicare Part D (prescription drug) plan. Additional information about Medicare Advantage and Medicare Supplemental Plans is available on the Medicare website at www.medicare.gov.
Dental & Vision Insurance: Available through COBRA for up to 18 months after retirement. Please see Human Resources for COBRA rates.
Retirement Plan: Faculty and Staff are encouraged to contact TIAA directly to make retirement plan arrangements.
Dependent Tuition Benefits: Dependent child benefit available the same as for active employees
Bookstore Discount: 15% discount to retirees for books purchases and 10% on other items. Please present SLU ID card at the time of purchase.
Fitness Center: Free membership to retirees and their spouses/domestic partners. Please see Safety & Security for a “Retiree” ID card.
Computer Email Account: Maintain network/email account by submitting an online service request to Information Technology at https://www.stlawu.edu/it/information-retirees
Access to Sporting & Cultural Events: Most events are free however, some play-off events require paid admission.
Employee Recognition Ceremony: Recognized as a retiree at this annual event in April
Invitation to Special Events: Invitation to annual events, i.e. Christmas luncheon in December and the SLU Employee picnic in May