Retirement Timeline

 

We connect retirees, and those looking to retire, with the information and forms needed to make this important transition.  

Retirement Planning

Retirement Planning Timeline (pdf)

Financial Planning Resources

Educational Resources from TIAA

  • Preparing for Retirement
  • Retirement Income Planner
    The Retirement Income Illustrator 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

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. 

Summary of Benefits & Coverage

For January 1, 2021 through December 31, 2021 (anticipated; end date subject to change):

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. 

Summary of Benefits & Coverage

For January 1, 2021 through December 31, 2021 (anticipated; end date subject to change):

Vermont Blue Advantage Plan (pdf)

Retiree Resource Guide 2021 (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 Human Resource Services. 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

 

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).

Payment Options (doc)

Savings

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 more details, see the following documents:

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 us (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.

457(b) Compensation Plan is being revised.

Retirement Savings Vendor Contact Information

Resources

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