Human Resources: Retirement from SU on or After January 1, 2006

Retirees

Retirement from SU on or After January 1, 2006

Eligibility

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.

If you meet the eligibility requirements, then coverage is as follows:

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.

On or after attaining age 65

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.

Contributions

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.

Helpful Links

Questions? Call the HR Service Center at 443-4042 or e-mail hrservic@syr.edu.

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.