RETIREMENT STATUS                                                    

Eligible Staff Personnel and Service Personnel, as defined in Appendix I of your Employee Benefits Handbook, 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:

• precedes September 1, 1999, must be at least 50 years of age and have at least 15 years of service, or be at least 60 years of age and have at least ten years of service.

• is on or after September 1, 1999, must be at least 50 years of age and have at least 15 years of service. 

Retirement Status entitles you to the following in addition to the Public Employees Retirement Fund benefits:

Health Care Plan

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. 

Life Insurance

Continuing Coverage  

If you retire at or prior to Normal Retirement Date, the amount of coverage to which you are entitled at retirement is 50% of the amount in force immediately prior to retirement. 

If you retire after Normal Retirement Date, the amount of coverage to which you are entitled is 50% of the amount in force on June 30 of the fiscal year in which you attain age 66. 

The University continues to pay its share of the premium (currently 75%); your share of the premium 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. 

Life Insurance Cash Settlement Option

1.         To receive this optional benefit you must be awarded retirement status and be:

a.    At least age 55 (between ages 55-59) with 15 consecutive years of service, or

b.   At least age 60 (between ages 60 - before age 66) with 10 consecutive years of service.  If you           choose this option, you would need to retire by the end of the fiscal year in which you are age 65.    

2.         Amount of payment

a.   The payment is equal to 40% of the amount of life insurance to which the eligible employee    would otherwise be entitled following retirement (50% of that amount to which entitled while employed).  Election of the Cash Settlement Option automatically terminates participation in the University's retiree life insurance program. 

b.    Payment shall be made in two equal installments as follows (these payments are taxable in the year received):

1) first payment as of January 31 of the calendar year immediately following the calendar year in which the last date of employment falls.

2)  second payment as of January 31 of the year next succeeding the first payment.

3.         Effect on Pension and Annuity Benefits under Public Employees' Retirement Fund

Cash Settlement Option payments have no effect on and are exempt from provision of the Public Employees' Retirement Fund.

Other Benefits

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.