Human Resources

Support Staff University Retirement Policy

INDIANA STATE UNIVERSITY

University Retirement Policy for Support Staff

Employees Eligible for the University Retirement Policy:

All new support staff appointed on or after January 1, 1998 and before January 1, 2005.
Support staff under age 50 on December 31, 1997.

Requirements to Participate in the University Retirement Policy:

Benefits under the University Retirement Policy:

Reduced life insurance coverage
Health coverage (The University health coverage may be retained during retirement only if enrolled in the coverage before January 1, 2005 and enrolled for a minimum of 20 years and the coverage is in effect at the time of retirement.)
Payment of one-half of accumulated sick days (45 day maximum payment)

Rationale:

The increase in the required years of service will provide some future budgetary relief while at the same time provide a retirement policy which will transition older workers with less years of service into the policy.

Reservation of Rights:

The University reserves the right to amend, modify, terminate or eliminate this Policy without notice.
The University health coverage may be retained during retirement if enrolled in health coverage for the time period required for retirement.

INDIANA STATE UNIVERSITY
TRANSITIONAL ELIGIBILITY FOR HEALTH/LIFE COVERAGES
Support Staff

Employees Eligible:

Employees age 55 of older on December 31, 1997, with 10 years of consecutive service.
Employees age 50-54 on December 31, 1997, with 15 years of consecutive service.

Benefits for this transitional policy:

Reduced life insurance coverage
The University health coverage may be retained during retirement if enrolled in health coverage for the time period required for retirement
Payment of one-half of accumulated sick days (45 day maximum payment)

Reservation of Rights:

The University reserves the right to amend, modify, terminate or eliminate this Policy without notice.