Employee Matters

This column is prepared by staff of the Employee Compensation and Benefits Services office. E-mail the office at employee@bussvc.wisc.edu, or call 263-7556 or 262-5650. For more information, visit the EC&BS Web site, http://www.bussvc.wisc.edu/ecbs/ecbs.html, or e-mail employee@bussvc.wisc.edu.

This is the third and final article in the series on retirement. It discusses additional benefits employees are entitled to as retirees from the university.

Many insurance benefits can be continued after retirement

State Group Life

If you retire before age 65, you will continue to pay the same group premiums as you would if actively employed. This premium will be automatically deducted from your retirement annuity. Once you reach age 65, this benefit becomes free and is reduced to 75 percent of the basic value. At age 66 it is reduced to 50 percent, where it remains as a permanent paid-up life insurance policy. At this point the policy (up to $50,000) may be converted at “present value” to sick-leave credits to pay for either state group health insurance or one of the state- approved long-term care plans.

Spouse and dependent coverage ends at retirement but may be converted to a nongroup plan at a higher cost.

University Insurance Association Life Insurance

This mandatory policy for faculty and academic staff may be continued in retirement. This decreasing term policy may be continued for life.

Individual and Family Group Life Insurance

Upon retirement this policy may only be converted to a nongroup plan, usually at a higher cost.

UW Employees Inc. Life Insurance

This policy may only be converted upon retirement to a nongroup plan, usually at a higher cost.

Dental Blue

All Dental Blue plans may be continued indefinitely after retirement.

Dental and Excess Medical — Epic

This policy may be continued indefinitely after retirement at a slightly higher cost.

Employee Reimbursement Account

IRS regulations state that contributions may only be made by payroll deduction, therefore you would not be eligible for these benefits unless you are actively employed.

Supplemental Retirement Accounts

Your tax-sheltered annuity or deferred compensation plan contributions may be made only by payroll deduction, per IRS rules. Therefore, you would not be eligible to contribute unless you are an active employee.

Post-retirement Employment

To be eligible for post-retirement employment with any WRS-covered employer, you must have at least a 30-day break in employment. For information on post-retirement employment at the university visit http://www.uwsa.edu/hr/benefits/lifevent/rehired.htm.

Privileges for UW–Madison Retirees

In addition to all of the above benefits, the university welcomes all retirees to continue their relationship with the university. Retirees are eligible to continue to use the libraries and recreation facilities, in addition to many other benefits. For more information, visit http://www.ohr.wisc. edu/apo/privileges.pdf.

UW–Madison Retirement Association

For additional information, visit http://wiscinfo.doit.wisc.edu/uwretireassn/.

For questions, e-mail employee@bussvc.wisc.edu.