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This page connects retirees, and those looking to retire, with the information and forms that they most frequently request. It is designed to be a one-stop connection for news and information of interest to UVM retirees. If you are looking to retire, we also have all the resources you need to begin your next chapter. 

Retirement Planning

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Transition to Retirement

Faculty and staff planning to retire must make preparations to ensure a smooth transition. Here's a general overview of responsibilities to address:

  1. Notify your supervisor. Allow your supervisor sufficient time to address these critical issues:

    • Transfer of knowledge and responsibilities
    • Confirm the use of vacation time, if appropriate
    • Collection of UVM property, e.g. keys, computer and equipment
    • Recruitment and/or reorganization of departmental resources
  2. Make an appointment with an Employee Advisor in Human Resource Services.

    • During the meeting, the employee advisor will assist with the change in benefits status:
    • Review your benefits and your cost-share in retirement
    • Discuss your responsibility to secure Medicare coverage for you, your spouse and/or dependents
    • Discuss the coordination of Medicare with your UVM benefits
    • Complete forms to transition to retiree benefit programs
  3. Contact your retirement savings account vendor(s). It is imperative to communicate a plan for the distribution of your retirement savings account:

    • Request a form to stipulate directions for your account
    • Forward forms to HRS for signatures
  4. Change your e-mail settings. As a retiree, your e-mail address will remain active. The University suggests that you configure a vacation notification for a period of time following your retirement.

    • Visit  Account Management
    • Configure a Vacation Notification message alerting the sender to your retirement and suggesting where their work-related e-mail should be sent

Supervisor Responsibilities

Supervisors or department administrators should be taking the following steps to ensure a smooth transition for employees retiring:

  • Submit Personnel Action forms: HRS and Payroll Services request you submit the PA for retiring staff and faculty ASAP to allow sufficient time for processing. If it is necessary to change the amount of vacation time paid out, send an e-mail five business days prior to their final paycheck to payroll@uvm.edu and hrsinfo@uvm.edu providing the following information:
    1. Employee ID Number
    2. Employee Name
    3. Date of Retirement/Termination of Employment
    4. Change from xxx.xx hours to yyy.yy hours
  • Collect UVM property: All UVM property should be returned, e.g. keys, computer, equipment
  • Terminate any system access: Other than that required for the employee to retain e-mail access

Financial Planning Resources

On this page we have gathered links to videos, webinars, and podcasts that are available to educate faculty and staff on planning for a secure retirement.

Educational Resources from TIAA-CREF

  • Preparing for Retirement
  • Retirement Income Planner
    The Retirement Income Planner creates hypothetical scenarios, showing you how much income you might expect once you leave full-time employment. It's best to use the income planner when you are close to retirement.
  • Financial Education Web Seminars
    These financial education webinars provide a convenient alternative for those who cannot or do not want to attend a live seminar.

 

Benefits

Two people sitting at a desk, working on paperwork on a clipboard.

Under 65 Medical Plan

This Summary Plan Description provides you with a description of your benefits while you are enrolled under the health plan offered by your employer (as Plan Administrator). You should read this document to familiarize yourself with Your Plan’s main provisions and keep it handy for reference. 

Under 65 Medical Open Access Summary Plan Description (PDF)

65+ Medical Plan

This Summary Plan Description provides you with a description of your benefits while you are enrolled under the health plan offered by your employer (as Plan Administrator). You should read this document to familiarize yourself with Your Plan’s main provisions and keep it handy for reference. 

65+ Medical J-Carve Plan (PDF)

Post Retirement Medical Benefits

The information on this site represents the most current information related to Post-Retirement Medical Benefits (PRMB) at The University of Vermont. If you have specific questions about your situation, please e-mail prmb@uvm.edu. If you are considering retirement, call the HRS Employee Information Center at 656-3150 to schedule an appointment with an Employee Advisor.

PRMB Key Principles

Prescriptions Q&A

The University of Vermont's new Prescription Drug Plan for Retirees who are 65 and older

Beginning on January 1, 2015, the University of Vermont and Blue Cross and Blue Shield of Vermont will partner with the federal government's Medicare Part D pharmacy program to provide Medicare-eligible retirees with prescription drug coverage through Medicare Part D. This program, called an Employer Group Waiver Program (EGWP), will provide retirees the same coverage they have enjoyed—including the same formulary, copay structure and out-of-pocket maximums. This is an automatic transition, and there is nothing at all that retirees need to do.

Here are some important questions and answers related to the program:

  • Will UVM's new Blue Medicare Rx prescription drug plan work for Medicare-eligible retirees like the current drug benefit does?
    Yes. UVM will offer the same benefits—including the same formulary, copay structure and out-of-pocket maximums that retirees have been enjoying. Your doctor will issue a prescription, your local pharmacy or mail order prescription provider will fill it, and if you have a drug copayment, you will pay it. Just like now.

  • Will I have to shop for a Medicare D plan?
    No. Your current prescription coverage with Blue Cross and Blue Shield of Vermont will automatically be converted to this new program on January 1, 2015.

  • Will prescription drug copays and out of pocket limit amounts be the same?
    Yes. Retirees will pay the same drug copays, and out-of-pocket limits will remain the same.

  • Will retirees be subject to the "donut hole" costs in Medicare D?
    No. UVM's coverage will continue to "wrap around" the Medicare Part D program, just like it "wraps around" Medicare's health benefits now. Participants will pay copays just as they currently do. When individuals reach their out-of-pocket maximum, UVM will pick up 100% of the remaining cost.

  • Will premium contributions for UVM's Blue Medicare Rx prescription drug plan be paid for in the same way?
    Yes. There will be no change to the way retirees pay their premiums.

  • What do I have to do to sign up for UVM's Blue Medicare Rx prescription drug plan?
    Current UVM retirees who are 65 or older don't need to do anything. They will automatically be transitioned onto the new plan.

  • What if I get information from other Medicare Part D providers? Is it okay to sign up with them?
    No! Retirees who sign up for another Medicare Part D plan will automatically lose their UVM coverage! Under a non-UVM plan, retirees will forfeit the excellent pharmacy coverage that they enjoy under the UVM plan, they may be subject to higher costs for medications, no out-of-pocket maximum will be applied to their benefit, and they will not be able to return to the UVM pharmacy plan until the next open enrollment period.

  • Will there be a benefit card for UVM's Blue Medicare Rx prescription drug plan?
    Yes, benefit cards will be mailed as part of a large benefits package in November. Retirees and their covered dependents should each receive a card by early December. Be on the lookout for the mailing, which some may easily mistake for junk mail.

  • I am retireed, but not yet Medicare-eligible. My spouse is, however, Medicare eligible. Will he be enrolled in the Blue Medicare Rx prescription drug plan?
    Yes, if a retiree's spouse is on the UVM plan, and if s/he is Medicare-eligible, the spouse will be automatically enrolled on the Blue Medicare Rx prescription drug plan, even if the retiree is not yet eligible for the new plan. In that case, the spouse's coverage will transition on January 1, 2015, but the retiree's coverage will not transition to the Blue Medicare Rx plan until s/he turns 65.

  • I have another employer's prescription drug coverage through my spouse. Do I have to switch to UVM's Blue Medicare Rx prescription drug plan?
    No. If you decide to keep your other prescription drug plan, you may do so. Just remember that you must have "creditable coverage" in order to avoid any Medicare Part D penalties that may apply if you were to switch to UVM's Blue Medicare Rx prescription drug plan at a later date.

  • If I have prescription drug coverage from another provider, will I lose the medical portion of my UVM coverage?
    No. As long as you have prescription drug coverage from another provider, you can keep the medical portion of your UVM coverage under the J Carve-out or MediComp III plan, if you so choose.

Medicare Part D Notice (PDF)

Retiree Healthcare Billing Process

UVM bills retiree healthcare on a monthly basis. If you have questions about the process, you may find the answer you need below:

  • Can I pay more than one month at a time?
    Yes, most certainly. If you are able, we would strongly encourage you to pay six or even as many as 12 months in advance. If you do, you will not receive a monthly invoice until your credit balance is used up.

  • What forms of payment can I use to pay my healthcare premiums?
    If your bank has an electronic bill paying service, you may wish to set up your bank account to make automatic payments to UVM for your healthcare premium. This is typically the easiest and safest way to ensure that your bill gets paid. Many banks offer this service for free. If yours does not or if you choose not to use it, you can continue to pay as you always have.

  • Can UVM debit my checking or savings account to automatically withdraw the funds to pay my healthcare premiums?
    No, UVM has no way to set up a monthly debit to withdraw funds from your account.

  • Who is the vendor who handles retiree healthcare billing?
    The University handles the billing and accounting of all invoices for retiree healthcare premiums. The company that will work with retirees who fail to pay their accounts on time is Education Computer Systems, Inc. (ESCI).

 

Savings

Poster board on table with financial plans drawn out.

Retiree Health Savings Plan Summary

The University of Vermont (UVM) established the Retiree Health Savings Plan (RHSP) to help individuals pay for qualified healthcare expenses during retirement. UVM will make regular tax free contributions to the plan for benefits-eligible faculty and staff hired on or after January 1, 2012. For these individuals, the plan is considered a non-contributory plan (meaning that it does not require contributions from the employee in order to receive UVM contributions). Although the plan is intended for those hired on or after January 1, 2012, all active benefits-eligible faculty and staff regardless of hire date may establish an RHSP and make regular, voluntary after-tax contributions.

Earnings that accumulate in a Retiree Health Savings Plan grow tax free. When you access your RHSP to pay for eligible healthcare expenses in retirement, those reimbursements are also tax free. As a result, this plan has the benefit of helping you to pay for healthcare expenses in retirement in a tax-advantaged way.

For eligible faculty and staff hired after January 1, 2012, UVM contributions are automatic. Those hired on or after January 1, 2012 who wish to make personal contributions, and those hired before January 1, 2012 who wish to establish a Retiree Health Savings Plan, must complete the RHSP Election Form (PDF).

Retirement Savings Plan Information Sessions

Interested in Participating?

For benefits-eligible faculty and staff who are not yet participating in the UVM Retirement Savings Plan, HRS hosts regular information sessions. Attendees will learn about plan options and become better prepared to make informed investment choices. Reservations are required. For course session dates and registration - go to Self-Service>Learning and Development>Professional Training>Request Training Enrollment and enter the course code BEN016.

e-Mail HRSInfo@uvm.edu (or call 802-656-3150) with any questions.

Already Involved?

For benefits-eligible faculty and staff who are already involved in the UVM Retirement Savings Plan, individual retirement plan counseling sessions with the vendors are available by appointment only. To set up a one-on-one counseling session for your retirement plan, please make an appointment directly with the appropriate vendor.

Vendor Contact Information

 

Resources

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Health and Wellness Links

Access to Privileges for UVM Retirees

There are a variety of privileges available to UVM retirees. Current benefits include, but are not limited to:

  • UVM ID Card for retiree and spouse
  • Free Zone 1 Parking Pass
  • Tuition Remission for retiree of 15 credit hours each year (spouse may audit up to 15 credit hours each year)-contact hrsinfo@uvm.edu
  • Library Borrowing Privileges for retiree and spouse
  • Access to the Fitness Center for retirees—spouses may join for a fee—see the Membership link
  • One Free Ticket to a hockey, basketball and/or soccer game
  • 20% Discount for tickets to the Lane Series, based on availability. Does not apply to co-productions or subscription tickets. (Please call 656-4455 to inquire.)
  • Bookstore Discounts
  • Discounts on Computer Hardware and Software purchases
    (Discounts on Computer Hardware and Software purchases may be limited depending on availability and licensing restrictions.)
  • University e-Mail Account

Discounts