Benefit Summary: Retired Faculty
10 years of consecutive service and 55 years of age, OR when the sum of the employee’s years of service and age totals 76.
Health Insurance (Must be covered at the time of retirement and have a regular hire date prior to 6/1/13)
Retiring faculty are eligible to continue their health insurance coverage, at their own expense, through Drury’s PPO network of providers. Dependent coverage is also available at the employee’s expense. Upon attaining eligibility for Medicare coverage, retired participants are required to enroll in and utilize Medicare coverage as their primary coverage. The coverage under the Drury plan will become secondary.
Dental Insurance (Must be covered at the time of retirement)
Retiring faculty may participate in the dental plan at their own expense. If currently still receiving a paycheck, a retiring employee may have their dental premium deducted monthly; otherwise the employee will receive a monthly invoice for the premium amount. Refer to www.drury.edu/hr for more information on network providers and to view the dental insurance plan description.
Flexible Spending Account (FSA) - (This benefit only applies to early retirees who are still receiving a monthly paycheck)
Retired faculty may participate in the Flexible Spending Accounts (FSA). Flexible Spending Accounts enable you to convert some of your taxable income to a similarly tax-free benefit. By electing to deposit a portion of your salary to a Flexible Spending Account, you are redirecting your money into a tax-free account used to pay qualified expenses that formerly were paid with after-tax income.
There are two Flexible Spending Accounts available to you. The Health Care FSA allows you to use tax-free funds to pay your and your family’s medical, dental and vision care expenses not eligible for reimbursement under any other health plan coverage. The Dependent Care FSA offers you an opportunity to pay dependent day care expenses for children under the age of 13 or day care expenses for disabled dependents on a pre-tax basis.
The funds designated for the Flexible Spending Accounts are exempt from Federal, State, and Social Security taxes. You pay no tax on the funds deposited to the FSAs, nor do you owe taxes on the funds when they are paid to you. Once an employee ceases to be eligible for coverage, he/she may continue to participate in Drury's plan as required by COBRA.
Tuition remission benefits are extended to eligible retired faculty members and their eligible dependents
(as defined in Section 152 of the Internal Revenue Code). The benefit of tuition remission grants (as defined in Section 117 of the Internal Revenue Code) are for undergraduate tuition for faculty and their eligible dependents. Tuition grants for graduate tuition (as defined in Section 127 of the Internal Revenue Code) are restricted for the use of eligible retired faculty up to the maximum per calendar year.
NOTE: Campus Housing policies and campus residency requirements will apply to dependent children utilizing tuition remission as full-time day school students. Refer to Student Housing Policy for complete requirements.
Campus ID Card
Retired faculty may retain their Drury University ID card. This card will be necessary to access some of the other benefits outlined on the reverse side of this sheet.
Retired faculty receive a 10% discount on all personal merchandise purchased in the bookstore. Must present ID card.
Hutchens HPER & Barber Fitness Center
Retired faculty and their immediate family members may use the HPER facilities free of charge. For fitness center purposes, immediate family is defined as the employee’s spouse and dependent child(ren) over the age of 18. Rules and regulations are published at the beginning of each academic year. A copy of the current year’s rules and regulations is available in the Athletics Office.
Retired faculty may check out books and videos from the library at no charge. Must present ID card.
Retired faculty who intend to continue to utilize campus facilities may retain their non-residential parking tag.
Retired faculty may continue to receive two free general admission tickets to each home athletic event. To obtain tickets, contact the O’Reilly Family Event Center office at extension 6389 prior to the event.
Other Campus Events
There are many campus events that are free of charge, for example Drury Music department programs and recitals, Drury Art department exhibits, etc. Where admission is charged, retired faculty may attend at regular faculty prices.
Food Service Discounts
Retired faculty members are eligible for the faculty and staff discounted pricing for meals in the Commons. Must present ID to receive discount.