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University Of Iowa Retirement Benefits

Retiree And Spouse Are Both Medicare Eligible

UI Retirees Benefits Information Session – November 2, 2017

If the UI retiree and the spouse are both Medicare eligible, both the UI retiree and spouse will have single Carveout policies. If they cover children, each child will be enrolled in a single non-Medicare policy.

Example:

  • Gus and Kim are both Medicare eligible and have the UISelect health plan. However, neither of them was eligible for the UI Contribution when they retired from the University.
  • Gus and Kim are both put in their own Medicare Carevout single plans. $907 x 2 policies = $1,814 per month.
  • They have two children that have come back to their plan below is the breakdown:
  • Gus and Kim remain in their single Medicare Carveout plans and continue to pay $1,814 in total for themselves.
  • The two children will each be enrolled in a single active retiree plan for UISelect. $651 x 2 policies = $1,302.
  • Total premium for all 4 per month = $3,116.00
  • How To Begin The Process Of Retiring

  • SET A RETIREMENT DATE. Employees should determine an official last day for retiring from the university. Many will notify and/or establish their final retirement date with their departmentbefore contacting us to make an appointment.
  • SET UP A RETIREMENT CHECKLIST MEETING. Once your final date has been established, University Benefits would like to meet with you, approximately six to eight weeks out from your last day of work. When you are ready to meet with one of our Sr. Benefit Specialists, please fill out the online Request a Retirement Meeting form.
  • To review more retirement planning information, please visit Planning to Retire page.

    Regents Police Officers Who Provide Security

    In addition to meeting the general eligibility requirements, Iowa Regents employees who meet the definition of Regents Police Officers must contribute at the protection occupation and be reported to IPERS under Occupation Code 26 for wages paid on or after July 1, 2016. Protection occupation rates can be found below.

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    Medicare Eligible Retiree Covering Non

    If the Medicare-eligible UI retiree is covering a spouse, not Medicare eligible, and child, the spouse and child will be enrolled in a Retiree + Child policy. The UI retiree will have a single Medicare carveout plan.

    Example:

    • Donald retired from the university at age 67. He is also planning to cover his spouse, Kate, who is 59, and their son, Jack, who is 25 and has decided to return to school.
    • Donald is Medicare eligible, but Kate is not. So University Benefits will put Donald in his own Medicare Carveout Single plan, and Kate and Jack will be enrolled in the Active Retiree + Child plan.
    • Donald is also eligible for the UI contribution since he met the eligibility requirements.
  • This family is enrolled in the UIChoice plan.
  • Donald’s Medicare carveout single plan = $1,008 – $288 contribution = $720
  • Kate and Jack’s Active Retiree + Child plan = $1,585
  • Total cost for health insurance = $2,305 per month
  • Emeritus Status For Retirees

    Eastern Iowa Community College

    The status and title of “Emeritus” are not entitlements rather they are conferred upon certain faculty and staff members, described below, who retire after having served the University under honorable circumstances for a significant period of time, or, in other cases, may be conferred by central administration or the Board of Regents, State of Iowa.

  • “Retire” means to terminate service from the University and be eligible to immediately receive retirement benefits under any approved University retirement plan.
  • “Regular faculty,” when used in this section, means tenured faculty or salaried clinical, research, or instructional track faculty at any rank.
  • “Research scientists” means assistant, associate, and research scientists.
  • “Research engineers” means assistant, associate, and research engineers.
  • “Librarian/Law Librarian” means those holding the job titles Specialist Librarian, Expert Librarian, Senior Librarian, Associate Director, and University Librarian.
  • “Honorable circumstances” means that the faculty or staff member was not terminated for cause.
  • “Significant period of time” normally shall be construed as 10 or more years of continuous service.
  • Permissive conferral of emeritus status.
  • Presidents. Presidents who do not qualify for emeritus status automatically under paragraph b may receive emeritus faculty status, as appropriate, by action of the Board of Regents.
  • Revocation. The University may revoke emeritus status, however conferred, at any time for good cause.
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    The Iowa Difference: Tuition Reimbursement

    We help nurses grow in their knowledge and experience in many ways:

    • We offer up to $3,000 per year in tuition reimbursement for education and certification.
    • We pay for registration and travel costs to attend professional conferences.
    • We provide technical training in a state-of-the-art clinical training facility.

    Plan And Coverage Information:

    • Plan coverage, premium rates, and the UI contribution for eligible retirees and dependent can change annually.
    • The option of retiree coverage is reviewed annually by UI leadership. However, lifetime coverage is not guaranteed. Further, the UI contribution is not guaranteed.
    • If Medicare eligible:
    • Retirees must be enrolled in Medicare Parts A& B as primary.
    • Medicare enrollment is required for UIChoice, UISelect, and Health Alliance participants. In addition, you must contact University Benefits if you become Medicare Eligible due to disability before the age of 65.
    • Medicare-eligible retirees and family members have the option of four UI retiree health plans: UIChoice, UISelect, Health Alliance HMO, and Health Alliance PPO. Eligible participants have the option to switch from one plan to another each year during open enrollment. The option to change plans is available each year with no limit.
  • UI contribution towards UI Health Insurance Plans
  • Eligibility is based on your age and years of continuous benefits-eligible employment at retirement.
  • If an employee retires and receives the contribution and then later returns to active employment/benefits and retires a second time, the contribution will continue following their second retirement. This is true even if they did not meet the ten-year requirement after returning to work the second time.
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    A History Of The Uira: 1995

    An anonymous gift of $1,000, a boost from the UI Foundation and a band of determined retirees led to the formation in 1995 of the UI Retirees Association. From the outset, UIRA leadership, with Arthur Canter as first president, welcomed into its membership both staff and faculty. Through the efforts of Jean Hood and assistance from Ken Starck and Jennifer Dybicz , the association has compiled this history in observance of its 20th anniversary.

    If You Would Like To Switch Health Plans

    UI Retirees Association: Update on 2017 Benefits
    • As a reminder, the university offers two health plans, UISelect and UIChoice. To compare the two plans, you may visit a side-by-side comparison to determine which plan will work best for you and your family. Open Enrollment is your opportunity to switch to another health plan if you wish.

    • You must complete the enrollment form and return it by Dec. 7, 2022. This form can be sent back to us at or by mail to University Benefits. The change in your health plan will be effective on Jan. 1, 2023. 2023 UI Enrollment Form

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    Simplifying Can Help Your Money Last Longer

    Think how long your retirement savings will need to last. People are living longer than ever. When we turn 65, theres an 80% probability that well live to 80, and a 27% chance well reach 95.*

    Plan to save at least enough to cover the essential and inevitable expenses, like healthcare, long after you retire.

    Think about using TIAAs online Retirement Advisor Tool to help you set goals and create a plan that may help achieve them.

    * TIAA Mortality Tables 2013

    Other Requirements To Enroll

    At the time of retirement, you do not need to be enrolled in health and/or dental coverage as an active employee to elect UI coverage at retirement.

    Retirement is considered a qualifying event to enroll for health and/or dental coverage, including eligible family members. Coverage must be elected at retirement with the effective date of coverage on the first day of the month following your last day worked.

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    Personal Health Information Release

    Form is available on Employee Self Service > > My Self Service > > Personal Information > > Information Release FormUse this form to allow the benefits office to discuss your benefits with someone you choose, such as a spouse, parent, partner, secretary, etc.Visit the Privacy Information page to learn more about how medical information about you may be used and disclosed and how you can get access to this information.

    Personal Health Information Release Form

    You Can Start Saving Now And Make The Most Of Your Benefits

    Western Iowa Tech Community College

    Contributing even a small amount now can potentially make a big difference by the time you retire. The earlier you start contributing to retirement plan investments, the more you can potentially save.

    Thanks to compounding, any earnings on your investments gets reinvested and can potentially earn even more money, and so on.

    Take advantage of your jobs retirement benefits. Many employers offer contribution matching. Other benefits may be available, such as pre-tax and tax-deferred contributing, which could help maximize your savings.

    Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.

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    Alternative To Ui Retiree Health Plans

    • Health Alliance plans: You may elect coverage under one of these plans and still have the option to return to UIChoice or UISelect during future annual enrollment periods. Health Alliance mailed information regarding 2023 coverage to current plan participants in late September. Plan information is also available on the UI Health Alliance website. You may also contact Health Alliance directly by calling 1-877-917-8550.
    • As an alternative to UIChoice or UISelect, Medicare-eligible retirees may choose other Medicare coverage outside the University of Iowa or Health Alliance. Choosing a plan other than UIChoice, UISelect or the Health Alliance PPO/HMO plans means you cannot return to UI plans in the future.
    • If you would like to enroll in a Health Alliance plan, you must complete a Health Alliance Enrollment form , and the Health Alliance ACH form and return these directly to Health Alliance.
    • Please notify University Benefits in writing by Dec. 7, 2022, of your wish to cancel UI coverage. The notification can be sent by email to or by mail to University Benefits Office.
    • The change in your health plan will be effective on Jan. 1, 2023.

    Leaving Employment Due To Retirement

    If leaving employment and you qualify for retirement contact IPERS to discuss your benefit estimate, purchasing service and restrictions with working after retirement.

    IPERS also offers a free webinar entitled Ready to Retire? An Overview . This webinar will discuss the benefit formula used, how to read your estimate, how to purchase service and restrictions if you are planning on working after retirement. You may attend a live one-hour session or they do offer a pre-recorded version for you to view 24/7. Visit for more information.

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    Health And Dental Insurance

    Faculty and Staff

    You and your eligible dependents can continue UIChoice or UISelect health and/or Dental II plans at the time of your retirement.

    If insurance is not continued at retirement, you cannot enroll later. .

    If you are 62 or over and you have 10 years of continuous benefit eligible service, you may be eligible to receive a contribution to your health insurance. Retirees can elect to be billed directly by the University of Iowa or complete a form to have premiums withdrawn from a bank account.

    Plans, rates and coverage are subject to change.

    Good Keep On Track And Continue Making Contributions To Your Plan

    UI Retirees Association: Meeting on Health Care Benefits

    Think about these three easy things you can do to keep your momentum & finish strong:

    Taking advantage of any new plans or matches your employer may offer.

    Reviewing your current investment mix to see if you need to rebalance your portfolio as you near retirement.

    Protecting your retirement savings through guaranteed annuities. These lower risk products offer a guaranteed income that you cant outlive. You may have access to these products when you choose your options in enrollment.

    Annuities are designed for retirement and other long-term goals. They offer several payment options, including lifetime income. Guarantees are based on the claims-paying ability of the issuer. However, payments from CREF and TIAA variable annuities are not guaranteed and the payment amounts will rise or fall depending on investment returns. Investment in variable products is subject to the risks associated with investing in securities, including loss of principal. Withdrawals of earnings are subject to ordinary income tax plus a possible federal 10% penalty if made before age 59½.

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    Leaving Employment Before Retirement

    If leaving employment and will no longer be employed with an IPERS eligible employer, you may:

    • Leave your funds in IPERS until you are eligible for retirement benefits, return to work for an IPERS-covered employer or elect another option.
    • Roll your funds over to another qualified retirement plan.
    • Take a refund of your funds.
    • Refunds are cash withdrawals and will be subject to taxation.
    • If you withdraw funds prior to age 59 ½, you may be subject to an additional 10% early withdrawal penalty.
  • In order to receive all employer contributions, you must work at an IPERS-covered employer for 30 years.
  • For more details, visit IPERS website, contact IPERS counselors via phone at 800-622-3849 or meet with your financial professional.

    If leaving employment and you will be employed with an IPERS eligible employer:

    • No action is needed your account will continue until you leave employment with an IPERS-covered employer.

    Set Up A Retirement Meeting With Our Specialists

    University Benefits recommends that you meet with one of our Retirement Specialists approximately 6 to 8 weeks out from your retirement date. In this meeting, you will:

    • Review your current benefits and inform you about continuing benefits in retirement
    • Medicare and Social Security information
    • Billing information
    • Discuss and sign paperwork for payment of accumulated unused sick leave and vacation.

    Schedule Your MeetingWe ask that you please fill out the Retirement Meeting Request form to set up an appointment with one of our specialists. Your online form will send your information and request to our specialists’ group. One of them will respond within 48 hours to set up and confirm your benefits retirement meeting.

    Reminder: If you do not have a set retirement date, we ask that you do that first before setting up an official benefits retirement meeting with one of our specialists. If you are not retiring within the next 6-8 weeks and have preliminary questions about retiring, please consider emailing our office at .

    If you are 6-8 weeks out from retiring, please fill out the form below:

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    Consider These Ways To Maximize Your Future Retirement Income:

    Contribute the maximum annual amount to your retirement savings. The most you can contribute in 2022 is $20,500 per IRS rules.

    Consider contributing to annuities1 that offer growth opportunities while your’re saving and monthly income thats guaranteed for life when you retire.

    1Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. If you make a withdrawal prior to age 59½, you may be subject to a 10% penalty in addition to ordinary income tax. The value of a variable annuity is subject to market fluctuations and investment risk so that, if withdrawn, it may be worth more or less than its original cost.

    I Want To Live The Way Im Living Today

    Kristina Giuliani, DNP, PMHNP

    Many financial planners estimate that youll need 80-90% of your pre-retirement income to maintain your lifestyle in retirement. As you get older, more of that money may need to go toward healthcare and other essential expenses.

    Retirement annuities can help replace your salary with monthly income thats guaranteed for life.

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    Salary Incentive For Year One And/or Year Two

    At the department’s discretion, a salary incentive of up to an additional 10% could be approved for the first two years only. The salary incentive is unavailable if the phased period is one year or less.

    • Continuing with the example above, the employee’s department approved a 10% salary incentive for years one and two. Even though the employee is now only working 60% time, with the agreed 10% incentive, they will receive 70% of their budgeted full-time salary instead of 60% for the first two years of phase only.

    After the second year of an employee’s three-year phased retirement, is completed, the employee must reduce time to 50%, and the additional salary incentive will no longer apply.

    Definition Of A Regents Police Officer

    A peace officer employed by an institution under the control of the state board of regents whose position requires law enforcement certification pursuant to section §262.13.

    262.13 Security Officers At Institutions As Peace Officers The board may authorize any institution under its control to commission one or more of its employees as special security officers. Special security officers shall have the powers, privileges, and immunities of regular peace officers when acting in the interests of the institution by which they are employed. The board shall provide as rapidly as practicable for the adequate training of such special security officers at the Iowa law enforcement academy or in an equivalent training program, unless they have already received such training.

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    Choose Your Plan And Enroll Today

    Select a retirement plan and begin the enrollment process. Contact your HR Benefits Office for additional information and assistance.

    Defined Contribution Retirement PlanKeep in mind: To enroll in the Defined Contribution Retirement Plan you will need to complete the required form found at University of Iowa to tell your employer how much money you want taken out of each paycheck.

    • Defined Contribution Retirement Plan

    University of Iowa offers this plan as part of workplace benefits. Now is a great time to understand what is offered – think about taking advantage of any opportunities to save and invest for the future.

    Learn what plans allow eligible employees to do.

    This plan allows eligible employees to:

    • Set aside money towards their retirement
    • Make Roth contributions that can grow tax-free
    • Receive a match from University of Iowa on some or all of their contributions. Contact TIAA at 800-842-2252 for match details.

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