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Retirement Benefits Policy
Board of Governors Policy 2.1.060
Board of Governors Approved June 21, 2006
The University of Central Missouri provides faculty and staff members financial retirement benefits, as well as health insurance benefits for qualified early retirees. This policy defines those benefits awarded to retiring faculty and staff.
A. Financial Retirement Benefits
Financial retirement benefits for UCM faculty and staff are provided through the Missouri State Employees’ Retirement System (MOSERS). MOSERS administers both “defined benefit” and “defined contribution” public employee retirement plans in accordance with Chapter 104, RSMo and Section 401(a) of the Internal Revenue Code.
Information regarding MOSERS retirement benefits may be obtained from UCM’s Office of Human Resources.
B. Health Insurance Benefits for Early Retirees
- The university will pay health insurance premiums for qualified retired faculty and staff members until they reach their 65th birthday or Medicare eligibility. To qualify for continued health insurance benefits, retired faculty and staff members must either:
a. exercise their option under MOSERS for a “Rule of 80” retirement with a minimum of 13 years of employment at UCM upon retirement; or
b. be at least 57 years of age with a minimum of 13 years of employment at UCM upon retirement. This section shall be repealed December 31, 2006
The university will continue to pay health insurance premiums in full for qualified retired faculty and staff members who are enrolled prior to January 1, 2007, until they reach age 65 or become Medicare eligible.
Effective January 1, 2007, employees will qualify for up to five years of continued UCM health insurance benefits when the sum of an employee’s age and years of service equals 80 or more with a minimum of 20 years of employment in a benefits eligible position at UCM upon retirement. The last 10 years of an employee’s 20 years of employment in a benefits eligible position must be consecutive years of service at UCM. (“Qualified retirees”)
Qualified retirees upon retirement after January 1, 2007 will be eligible for a fixed dollar UCM contribution based on the 2007 premium for five consecutive years beginning immediately upon retirement. Qualified retirees will be responsible for the difference, if any, between the fixed dollar UCM contribution for which they qualify and the then current monthly premium. Should monthly premiums fall below the 2007 premium level, retirees will not be owed the difference between the fixed dollar UCM contribution and the then current monthly premium.
Early retirement fixed dollar UCM contribution for persons who qualify for early retirement benefits during 2007 will be equal to the 2007 premium. For the retirees during each subsequent calendar year the fixed dollar UCM contribution will be a decreasing proportion of the 2007 premium as indicated in the schedule below. *The UCM Early Retirement Contribution Schedule will be updated with the 2007 premium amount when it is identified. (Updated 09/20/2006)
*UCM EARLY RETIREMENT PREMIUM CONTRIBUTION SCHEDULE Retirement Date 2007 UCM Monthly Premium ContributionJanuary 1, 2007 to December 31, 2007$758January 1, 2008 to December 31, 2008682January 1, 2009 to December 31, 2009606January 1, 2010 to December 31, 2010531January 1, 2011 to December 31, 2011455January 1, 2012 to December 31, 2012379January 1, 2013 to December 31, 2013303January 1, 2014 to December 31, 2014227January 1, 2015 to December 31, 2015152January 1, 2016 to December 31, 201676
Qualified retirees upon retirement after January 1, 2017, will be eligible to participate in UCM’s health insurance benefit only by paying the full cost of the premium established for pre-Medicare eligible retirees.
2. When retired faculty and staff members become eligible for Medicare, they may continue their health insurance through UCM’s health care plan, at their own expense, as a supplement to Medicare.
3. Dependent health insurance coverage may be purchased by the retiree if coverage for the dependent was in effect three months prior to retirement.
4. Qualified UCM retirees who become benefits eligible employees through non-UCM employment are not eligible for participation in UCM’s health insurance benefit. Retirees who become participants as non-UCM employees in other benefits programs have a duty to report their status to UCM and to cease participation in the UCM health insurance benefit. Discovery of failure to do so entitles and obligates UCM to take action to recover an amount equal to said benefits from the retiree.
It is the responsibility of faculty and staff members to establish and maintain contact with the Office of Human Resources prior to retirement to ensure the completion of all necessary paperwork for retirement benefits. Faculty and staff members are encouraged to read all materials and updates from MOSERS on a regular basis, and contact the Office of Human Resources with any questions.
Previous policy titled Retirement Benefit for Full-Time Non-Faculty
Approved by the Board of Regents on January 22, 1997
Approved by the Board of Governors on March 20, 2002
Approved by the Board of Governors on June 21, 2006
Implementation date for policy approved on June 21, 2006, shall be January 1, 2007
Section II.B.(1) repealed on December 31, 2006
Contribution schedule updated September 20, 2006
Formatting updated August 1, 2007