Eligible Staff Personnel and Service Personnel who retire and meet both the age and years of service requirements may, at the discretion of the President and Board of Trustees, be awarded Retirement Status. The age and years of service requirements for Staff Personnel and Service Personnel whose last date of hire:
Retirement Status entitles you to the following in addition to the Public Employees Retirement Fund benefits:
Prior to age 65, if your last date of hire precedes September 1, 1999, you are entitled to continue your regular coverage provided you are enrolled in the Health Care Plan at the time of retirement and have been enrolled for at least one year (or pay the equivalent premium). If your last date of hire is on or after September 1, 1999, you are entitled to continue your regular coverage provided you have been enrolled in the Health Care Plan for at least 15 years and are enrolled at the time of retirement. At age 65, this coverage changes to Medicare Part A and Part B, Ball State University Medicare Carve-out, Prescription Drugs, and optional Dental coverage. Your spouse is entitled to continue the regular coverage prior to age 65. At age 65, this coverage is converted to Medicare Part A and Part B, Ball State University Medicare Carve-out, Prescription Drugs, and optional Dental coverage. In the event of your death, your spouse may continue to participate in the appropriate Health Care Plan for life unless your spouse remarries; in which case, coverage terminates at the end of the month in which the marriage takes place. Dependent children are entitled to continue regular coverage as long as they meet the definition of dependents. In the event of your death, coverage for dependent children will continue as long as they meet the definition of dependency. If your spouse remarries, coverage for dependent children terminates at the same time that your spouse's coverage terminates. The University continues to pay its share of the premiums; your share is payable annually in advance of July 1 of each year, or quarterly under the Quarterly Payment Plan. A $5.00 administration fee is added for each quarter following the first quarter as long as a balance remains.
Pre-Paid Life Insurance
Under the Temporary Special Retirement Plan, effective February 9 2013 through June 30, 2013, you can opt to take the Pre-Paid Life Insurance plan. Employees under this plan are not required to make any future premium payments for this insurance. The face value of this insurance is slightly reduced, based on actuarial valuations, from the face value of the retiree life insurance previously available to eligible employees. The face value of the Pre-Paid Retiree Life Insurance will be 99.25% of 50% of the amount of life insurance to which the employee is entitled while employed. (See Temporary Special Retirement Plan.)
Life Insurance Cash Settlement Option
The Cash Settlement Option payment is equal to 40% of the amount of life insurance to which the eligible employee would otherwise be entitled following retirement (50% of the amount to which entitled while employed). An eligible employee who elects the Cash Settlement Option is not eligible for Pre-Paid Retiree Life Insurance. The Cash Settlement Option payment shall be made in a single lump sum no later than two (2) months following the eligible employee's retirement date. (See Temporary Special Retirement Plan.)
A permanent identification card is issued to you for use of the library, physical education facilities, applicable discounts at the Ball State bookstore and certain other benefits normally available to actively employed Staff Personnel and Service Staff Personnel. Eligible Staff and Service Personnel may receive pay for a portion of unused sick leave.
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