Retirement can be a wonderful and satisfying experience when you feel prepared for the big event. The department of Benefits & Wellness is available to help you with your transition into retirement.
To retire from WSU, you must have attained age 55 and have 10 years of service with the university or 5 years of university contribution in the retirement program.
Years of service means the continuous number of years a faculty or staff member has worked at WSU in a benefits-eligible job group. Time spent as a temporary employee is not included.
Once you have decided when you are going to retire, notify, in writing, your department head or supervisor and the department of Benefits & Wellness of your firm retirement date. Your department should process your actual termination. You should send a copy of your letter of retirement to your supervisor or department chair and to the department of Benefits & Wellness at least two weeks before your date of retirement.
Contact the WSU department of Benefits & Wellness at least 90 days prior to your retirement to schedule a "pre-retirement" appointment, to arrange for retiree medical insurance, retiree life insurance, and other matters.
Medical Insurance. You may elect to continue your medical insurance through Wayne State University. You will be billed by the university’s billing agent (Automated Benefit Services –ABS) on a monthly basis at the full group rate. Currently, the retiree medical premiums range from $306.97 per month to $3,522.85 per month depending on your insurer and type of coverage (single, two person or family). The form to continue medical insurance is available from the department of Benefits & Wellness or at http://www.hr.wayne.edu/tcw/forms.php. If you are age 65 or older, you will need to apply for Medicare Hospital Insurance (Part A) and Medical Insurance (Part B) at your nearest Social Security office about three months before your date of retirement. Medicare will be your primary insurance. Your university medical insurance will be secondary. You should provide the benefits office with a copy of your Medicare card as soon as you receive it.
Life Insurance. As a retiree, the university provides you with $2,500 in life insurance coverage. While you are preparing for retirement, this may be a good time to review your life insurance beneficiary designations and update them if necessary. A change of beneficiary form is available from the department of Benefits & Wellness or at http://www.hr.wayne.edu/tcw/forms.php. In addition, you may convert a portion of your group life insurance to an individual direct-pay plan. The conversion form is also available from the department of Benefits & Wellness. If you have questions about the procedure or the rates, please call Standard Insurance Company at 1-800-368-2859.
Dental Insurance. Dental insurance is available through Delta Dental. You have a choice of two plans. You can elect to continue your current Delta coverage under federal legislation known as COBRA by paying the full cost plus a small administrative fee. Under COBRA, the length of the benefit is dependent upon your age. If you are under age 65, coverage can extend for up to 18 months or age 65, whichever comes sooner. If you are over age 65, coverage can extend for up to 18 months. Your other choice is to enroll in the retiree Delta Preferred Option plan. Information, rates and the enrollment form are available for this plan at http://www.hr.wayne.edu/tcw/forms.php There is no time limitation with the retiree Delta plan. With either plan, retirees are billed for the monthly premium by the university’s billing agent.
Vision Insurance. Vision insurance is available through EyeMed at the same level of coverage offered to active employees. Information, rates and enrollment form are available at http://www.hr.wayne.edu/tcw/forms.php. Retirees are billed for the monthly premium by the university’s billing agent.
Voluntary Benefits. Voluntary benefits can be continued during retirement. If you have Liberty Mutual home and/or automobile insurance or long-term care insurance with John Hancock or Trustmark, please contact the respective company two to three weeks before your date of retirement to change to home billing.
Vacation and Illness Bank Payoff. Employees in certain classifications are eligible for a payoff of their vacation days and one-half of their accumulated illness bank up to a maximum of 30 days' pay. Please refer to your labor contract or the non-represented employee personnel manual for details. The payoff is included on your last check as an active employee.
Retiree Identification Card (One Card). A retiree identification card provides continued access to the university library system, the Matthaei facilities, and any discounts that may be available for the university theatres and bookstore. The retiree One Card also allows you to join the Recreation and Fitness Center ($252 annually) or use the facilities on a daily basis ($10 per visit). To apply for a retiree One Card, please contact the One Card Service Center at 313-577-8663 after your date of retirement.
Parking. As a retiree, you are also eligible for free university parking (Parking Structures 1-5), continued e-mail access and for students who are 60 years of age or older, a 75% reduction in the regular tuition rate. Contact Parking and Transportation (313-577-3704), Benefits & Wellness (313-577-3000) and Registration and Scheduling (313-577-8193), respectively, for details.
Retirement Investments. For information regarding the various options available to you through TIAA-CREF and/or Fidelity Investments, please contact the companies directly. TIAA can be reached at 1-800-842-2776 (New York) or at 1-800-842-2044 (the Southfield regional office) for individual counseling. Fidelity counselors can be reached at 1-800-343-0860. For information regarding Social Security Retirement benefits, you may drop by your local Social Security Administration office, call their toll-free number at 1-800-772-1213, or visit their Web site at www.ssa.gov.