Eligible Faculty/Professional 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 Emeritus Status. The age and years of service requirements for Faculty/Professional Personnel whose last date of hire:
Emeritus Status entitles you to the following in addition to the Pension Plans:
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 as described in your Faculty and Professional Benefits Handbook, section: Health Care Plan, Membership. 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 the dependent children terminates at the same time that your spouse's coverage terminates. The University continues to pay its share of the premiums (currently about 75% of the total of Medicare Carve-out and Medicare Part B); your share is payable annually in advance of July 1 of each year, or quarterly under the Quarterly Payment Plan.
Under the Temporary Special Retirement Plan, effective February 9, 2013 through June 30, 2013, Faculty and Professional employees who are eligible for retirement will also be eligible for the Severance Payment. This one-time severance payment is equal to 15% of the annual gross salary paid during the fiscal year in which the employee retires. It also includes the first summer session that commences before the end of the preceding fiscal year, and the first half of the summer semester that commenced in the preceding fiscal year. (See Temporary Special Retirement Plan.)
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.)
Continuing Contract Professional Personnel, who qualify for Emeritus Status, and whose date of original employment precedes July 1, 1985 with no breaks in service, are eligible to receive pay for two-thirds of their accumulated unused sick leave - up to a maximum of 60 days. This amount will be paid in a lump sum the month following their last date of employment.
Professional Personnel whose date of original hire is on or after July 1, 1985, are not eligible for this program. Professional Personnel whose date of original hire precedes July 1, 1985, but who have not remained continuously employed with the University are not eligible for this program.
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 Faculty/Professional Personnel. In addition, Faculty/Professional Personnel whose last date of hire precedes January 1, 1997, are provided with a lifetime non-transferable complimentary pass allowing up to two tickets, upon request, for the following: Artist Series, Concert Series, Muncie Symphony Series, University Theatre Productions, home athletic events and other University sponsored events. Faculty/Professional Personnel, whose last date of hire is on or after January 1, 1997, are not eligible for the complimentary pass. A life-time tag for free surface parking (yellow lot) is available. See Parking Services for application. You may also attend faculty meetings and participate in commencement ceremonies.
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