Retirement

A "retiree" is any faculty/staff member who leaves Bentley University after 10 years of full-time service at age 60 or older. Retirees are eligible for continued health plan and dental benefits. Those considering retirement should contact the benefits specialist in Human Resources two-to-three months in advance of anticipated retirement date. Bentley University reserves the right to change this benefit at any time.

NOTE: Employees hired after 1/1/2000 are not eligible to participate in Bentley Retiree Medical program.

Medical Insurance

Retirees under age 65 may continue their individual  or family coverage health plan coverage in effect as of the retirement date. The retiree will be required to contribute a portion of the premium. Upon age 65, the retiree's or eligible dependent's primary insurer is Medicare. Once covered under Medicare parts A & B (contact local Social Security Office to enroll or Health Advocate for assistance), the retiree or eligible dependent may enroll in one of the University's supplemental retiree health plans by paying a portion of the premium. (Spouses pay full cost 100% of the premium.) Plans currently include Blue Cross/Blue Shield Medex II, Tufts Medicare Preferred Prime Supplement, and Tufts Medicare Preferred HMO. Retirees may remain on these plans indefinitely as long as they continue paying their required premium contribution. Click here for the Summary Plan Description for Retiree Medical & Dental Benefits.

RETIREE MONTHLY MEDICAL RATES
 

OVER 65 RETIREES**

**Effective for retirees who retired on or after 7/1/04.

Please click here for the chart to find your monthly contribution:

UNDER 65 RETIREES**

**Effective for retirees who retired on or after 7/1/04.

Please click here for the chart to find your monthly contribution:

Dental Plan

Dental coverage is available to retirees at the COBRA rate (full premium plus 2%). Retirees may remain on the plan indefinitely as long as they continue paying their required premium contribution. Contact the Benefits Specialist at 781-891-2817 for information on premiums and contributions for health and dental plans, including any COBRA options following retirement.

Delta Dental - Standard Plan

Individual Coverage $48.64 (Retiree only)

Family Coverage $135.41 (Retiree/spouse)

Delta Dental - High Plan - COBRA Only

Individual Coverage $54.80 (Retiree only)

Family Coverage $151.25 (Retiree/spouse)

EyeMed Vision - COBRA Only

Individual Coverage $6.11 (Retiree only)

Family Coverage $15.58 (Retiree/spouse)

Life Insurance

Group Life Insurance terminates the last day of the month on or after the retirement date. Retirees may convert group life insurance to an individual plan within 31 days following retirement date. If over 70, only decreasing term life coverage is available.

Disability Insurance

Group long-term disability coverage terminates the last day of the month on or after the retirement date.

Long Term Care Insurance

Retirees are eligible to purchase long term care insurance through CNA.

Retirement Distribution Options

On campus retirement counseling is offered through Fidelity Investments and TIAA/CREF. Three-to-six months before retirement, you should contact their retirement counselors for an illustration of your distribution options. TIAA-CREF: New York -- 1-800-842-2776; press 1 to speak with a retirement counselor; or, contact the Boston office by phone at 617-227-2720 for a retirement distribution meeting. Fidelity Retirement Investments -- Boston 1-800-343-0860; press 1 to speak with a retirement counselor.

Met Pay

Retirees are eligible to continue the Met Pay auto and home owner's discount as long as they reside in Massachusetts.

Tuition Remission

If you or your dependents are enrolled in a course, you are responsible for the pro-rated balance of tuition costs should you retire before the semester has ended.

Flexible Spending Accounts

You may continue your Medical Flexible Spending Account through Crosby Benefits Systems until the end of the calendar year by paying your normal deduction by check, on a post-tax basis.

Credit Union

You can continue membership in the Credit Union. Contact member services at the Credit Union at 877-MY-METRO.

Frequently Asked Questions

Q. I want to retire from Bentley. How do I start the process?

A. First, contact Human Resources for an appointment regarding your benefits. We encourage you to arrange this meeting well in advance of your retirement date. Then, when you have decided on a retirement date, notify your manager as soon as you are sure of your intention to retire. Resignations should be submitted in writing to your supervisor with a copy to Human Resources.

Q. When should I contact Social Security about my options?

A. Social Security recommends you contact your local Social Security Office three-to-six months before your retirement via their toll-free number (800/772-1213), or via web at
www.ssa.gov. You may also contact Health Advocate for assistance with Medicare. See attached flyer on Medicare Basics

Q. When will I get my final paycheck?

A. Your department will submit your last day worked to the payroll office. Final paychecks are not direct deposited and are usually mailed to your home on or about the regularly scheduled pay date.

Q. What happens to my paid time off benefits?

A. Sick and Personal days available to staff are not paid to you upon retirement. Union retirees will receive half of their sick time according to the Union Contract. Accrued vacation time will be paid to you upon retirement, up to a maximum of two years worth of accrual. Your vacation payout is included in your final paycheck.

Q. May I use vacation time after I give my notice?

A. You may use some vacation time before you leave, if approved by your manager, but your termination date must be your last day actually worked.

Q. Do I need to make an appointment with Human Resources?

A. Yes. You should meet with a benefits representative and have an exit interview with your business partner.

Q. What should I do about my Bentley property?

A. You need to return your office key, and/or uniforms or other property to your department head.

Q. What other services are retirees entitled to?

Use of the Dana Center Athletic Facilities (Retiree ID is needed)-Contact University Police for the new ID.

Bowles Arts Series

Use of the library (Retiree ID is needed)

MetPay Auto and Homeowner Discounts

If you have further questions, contact Human Resources at (781) 891-3427.