Retirement from SU on or After January 1, 2006
In order to have access to the retiree medical plan you must meet the following requirements (among others):
- As of January 1, 2009, you do not have to be covered by the Syracuse University Medical Benefits Plan during the period immediately preceding your retirement, however you must Opt Out/Opt In when you retire.
- If hired before January 1, 2003, you must be at least age 55 and have at least one consecutive year of service as a "Regular" employee through retirement.
- If hired after January 1, 2003, you must be at least age 55 and have at least five consecutive years of service as a "Regular" employee through retirement.
Prior to attaining age 65
- Eligible retirees are able to continue coverage in the medical option (SUBlue or SUOrange) they had immediately preceding retirement.
- Prescription drug coverage administered by Medco will be available to eligible retirees prior to age 65 under the Syracuse University Retiree Prescription Drug plan.
- Medicare Part A and Part B become the eligible retiree's primary medical coverage sources upon attaining age 65. The costs for these Medicare coverages are paid by the eligible retiree. Supplemental medical-only coverage is offered to an eligible retiree through the SUBlue or SUOrange programs.
- Prescription drug coverage is available to eligible retirees through Medicare Part D. The costs of this coverage are paid directly by the eligible retiree.
- Premiums for coverage under the Retiree Medical Plan and the Retiree Prescription Drug Plan (pre-65 only) will be determined based on the average health costs of our retirees.
- The University's contribution towards the Retiree Base Subsidy is based on an eligible retiree's years of credited service as a benefits eligible employee after age 45, as shown below.
Subsidy Schedule Credited Service after Age 45 University Contribution Towards
Retiree Base Subsidy
1–9 Years None 10 Years 30% 11 Years 33.5% 12 Years 37% 13 Years 40.5% 14 Years 44% 15 Years 47.5% 16 Years 51% 17 Years 54.5% 18 Years 58% 19 Years 61.5% 20 or More Years 65%
- The University's Retiree Base Subsidy differs from the plan premiums. It takes into account the limit, or cap, on the University's financial liability, which was built into the plan redesign. The cap is a rising ceiling indexing the initial University cost in 2006 to the general rate of inflation plus 3 percent in succeeding years. The University's share of the premium equivalent rate in each succeeding year, noted here as the Retiree Base Subsidy, is incremented by the percentage increase in the actual medical cost trend, or to this ceiling, whichever results in the lesser increase.
As is the case with all of its employee benefit plans, the University reserves the right to modify or terminate the Retiree Medical Plan and/or the Retiree Prescription Drug Plan (including the terms of those Plans described in this summary) from time to time. You only will be eligible for the coverages described in this summary if the Retiree Medical Plan and the Retiree Prescription Drug Plan are satisfied, and the terms of the those Plans will control if there are any inconsistencies with this summary.