Retiring from RIT

Getting ready to retire? You will find all the information you need here as you prepare to retire from RIT.  

Eligibility To Retire from RIT

 

Age, years of service and date of hire determines an employee's eligibility for retirement from RIT.  

Date of Hire

Retirement Requirements

Adjusted date of hire is prior to July 1, 1990

  • Age: At least 50
  • Service: At least 5 years of regular full-time or 10 years of qualifying regular part-time service
  • Age plus Service: At least 70 points
Adjusted date of hire is between July 1, 1990 and December 31, 1994
  • Age: At least 50
  • Service: At least 10 years of regular full-time or 15 years of qualifying regular part-time service
  • Age plus Service: At least 70 points
Adjusted date of hire is between January 1, 1995 and December 31, 2018
  • Age: At least 55
  • Service: At least 10 years of regular full-time or 15 years of qualifying regular part-time service 
  • Age plus Service: At least 70 points

Adjusted Service Date of January 1, 2019 or before, AND under age 45 with at least 10 years of regular full-time or 15 years of qualifying regular part-time service on January 1, 2019

  • Age: At least 55
  • Service: At least 10 years of regular full-time or 15 years of qualifying regular part-time service 
  • Age plus Service: At least 70 points
Adjusted Service Date of January 1, 2019 or before AND under age 45 with less than 10 years of regular full-time or 15 years of qualifying regular part-time service on January 1, 2019
  • Age: At least 62
  • Service: At least 15 years of regular full-time or 20 years of qualifying regular part-time service
  • Age plus Service: Not applicable
Adjusted Service date of January 1, 2019 or after
  • Age: At least 62
  • Service: At least 15 years of regular full-time or 20 years of qualifying regular part-time service
  • Age plus Service: Not applicable

A year of qualifying regular part-time service is a year in which the employee is scheduled to work at least 750 hours. A year of extended part-time service (an employee work classification that existed prior to July 1, 2017) counts as a year of qualifying part-time service.

For those who have both regular full-time and qualifying regular part-time service, the following rules apply for counting the Service component:

  • If the employee meets the Age and Age+Service components and if the employee has at least 5 years of regular full-time service and the regular full-time years of service plus one-half of qualifying regular part-time years of service is at least 10 years, the employee would be eligible to retire with full-time cost sharing.

  • If the employee meets the Age and Age+Service components and if the employee has less than 5 years of regular full-time service and the regular full-time years of service plus the qualifying regular part-time years of service is at least 15 years, the employee would be eligible to retire with part-time cost sharing.

Service must be regular full-time and/or qualifying regular part-time service.

Cost Sharing Groups

Cost Sharing Groups

The Pre-Medicare cost sharing and Medicare HRA amounts vary based on your age and your date of hire. 

Group 2 

  • Employees were hired before January 1, 2004 and were age 35 or over on January 1, 2008 (date of birth on or before 1/1/1973).

Group 3

  • Employees hired before January 1, 2004 and who were under age 35 on January 1, 2008
  • Employees were hired on or after January 1, 2004.

Preparing to Retire Checklist

Be sure to read through all steps and you may need/want to do steps in a different order due to your personal timing or circumstances.

Please note! This is a suggested outline of timing. Questions about this timeline should go to the RIT Service Center for review with RIT Benefits. 

Request a Retirement Eligibility Verification service request at the RIT Service Center. RIT Benefits will respond with confirmation of your ability to retire from RIT. If eligible, your cost sharing group will be provided with your confirmation. 

Retirement Eligibility rules can be found at the top of this page. 

Your cost sharing group will be provided with your confirmation of eligibility to retire from RIT. 

Pre-Medicare Retirees (retiree or spouse/partner/dependent covered by benefits under age 65)

See the Cost Sheets on the Pre-Medicare retirees page. Monthly premium rates are determined by your Cost Sharing Group and Salary Level at retirement. If on Retirement Transition, your salary level is based on your what your full time salary would be at retirement, not your reduced salary.

Reminder, you can change your coverage (plan/tier) at retirement. 

Medicare Retirees

See the Health Reimbursement Account (HRA) table on the Medicare Retirees page for your annual HRA amount. Your annual amount is based on your Retirement Group. See above eligibility for table for group.

You will need to determine your retirement date which will be your last day of work at RIT. 

Faculty members
  • If retiring after the fall semester, use December 31 as retirement date.
  • If retiring after the spring semester, use June 30 as retirement date.
  • Whenever possible, faculty should plan to provide at least six (6) months notice to their department. This ensures the department's ability to recruit for the position as well as for the retiring employee time to prepare to retire.
Staff employees
  • Can retire on any scheduled work day - their retirement date will be their last day worked. Cannot be extended by use of vacation or sick time.
  • Whenever possible, staff should plan to provide at least three (3) months notice to their department. This ensures the department's ability to recruit for the position as well as for the retiring employee time to prepare to retire. 
Reminders!
  • Your active employee medical/dental/vision benefits will continue through the end of the month in which you retire. 
  • You cannot use vacation/holiday time to extend your active employment prior to retirement. 

Once you have determined your retirement date, you need to notify your supervisor/department in writing of your intent to retire. This communication should include your last day of work. Whenever possible, it is preferred for faculty to give at least six months notice and staff to provide at least three months. 

Your department must submit an Employee Action Form (EAF) with your retirement information before any retirement benefits processing can be done. 

Once you have determined your retirement date, you should contact your Retirement Plan Provider to plan what you will do with your account upon retirement.  

 

Fidelity (Lead Administrator)     

Phone: (800) 343-0860

TTY: (800) 544-0118

Schedule an appointment

TIAA

   Phone: (800) 842-2776

TTY: (800) 842-2755 

     Schedule an appointment

 

PLEASE NOTE! Certain transactions from your retirement account cannot happen until your retirement date has passed and your status has been updated on the weekly file following your retirement date. 

Remember, you also have access to Investment Advice and Financial Coaching through Captrust - schedule a virtual appointment today!  

Registration is required to attend a session!
Spring 2024 Sessions
Most recent recorded session
April 2024 recording

 

Fall 2024 Sessions

Schedule still to be determined. Check back for updates!

Overview

When a retiree is eligible for Medicare (generally the first of the month in which the retiree attains age 65) and enrolls in Medicare Part A and Part B, RIT provides access to supplementary Medicare coverage through a private Medicare Exchange called Via Benefits. By electing supplemental coverage through Via Benefits, RIT retirees and their spouses/partners will receive an annual Health Reimbursement Account (HRA) funding. In order to enroll in coverage through Via Benefits, you/spouse/partner will need to be enrolled in Medicare Part A and Part B; this Medicare enrollment process should begin about three months prior to turning age 65.

Enrolling in Medicare

You can enroll in Medicare Part A and Medicare Part B in the following ways:

  • At www.SocialSecurity.gov.
  • By calling Social Security at 1-800-772-1213/V and 1-800-325-0778/TTY, Monday through Friday, from 7 a.m. – 7 p.m.
  • In-person at your local Social Security office, with an appointment. Go to https://www.ssa.gov/locator/ to find the office nearest you.

You and/or your spouse/partner may already be enrolled in Medicare Part A when first eligible (at age 65). If that is the case, at your retirement, you will only need to enroll in Medicare Part B. You will need to submit a Medicare Part B application along with an Medicare Part B Employer Form (Request for Employment Information, Form CMS-L564) to Medicare. Your Medicare Part B coverage (and Part A if newly enrolling) should be effective the month following your retirement date. For example, if you retire June 30, your Medicare coverage needs to be effective July 1. 

See the Info for Retirees Becoming Medicare Eligible document for more detailed information regarding Medicare and the enrollment process. 

Enrolling at Via Benefits

Via Benefits allows you to purchase an individual supplemental Medicare plan. Through Via Benefits, you will be able to select from number of different Medicare plans based on where you will reside in retirement. To help you in the plan selection process, you will work directly with a Benefit Advisor from Via Benefits.  The Benefit Advisor will give you and your eligible spouse/partner personalized support and assistance to help you find and enroll in a plan that fits your expected needs and your budget. 

To speak with a Benefit Advisor at Via Benefits call (888) 586-0693/V. Please note that the enrollment call is recorded and tends to be a lengthy and detailed process, as prescribed by Medicare requirements. The Via Benefits representative is required to read detailed legal information about the plan and your enrollment. You should plan on at least two hours per person.

Enrollments at Via Benefits cannot be processed unless your Medicare Part A and Part B are showing active (including a future date.)

The web address for RIT is https://my.viabenefits.com/RIT and is available 24 hours a day, 7 days a week. 

Within the month, prior to your retirement date, complete the New Retiree Enrollment form service request at the RIT Service Center

*Plans, rates and coverage are subject to change. 

Benefits at Retirement

  • Beneflex - Coverage ends on your date of retirement. You can submit claims incurred from January 1 through your retirement date.
  • Life & AD&D Insurance - Coverage ends on your date of retirement. You may continue your Life and Accidental Death & Dismemberment Insurance coverages under the portability feature at group rates without answering any health-related questions. A portability form will be sent along with your benefits retirement letter. 
  • Disability Insurance - short term & long term - end as of your retirement date
  • Workers Compensation - end as of your retirement date
  • Retirement Savings Plan - employee and employer contribution end as of your retirement date
  • Tuition Assistance, Tuition Scholarship and Tuition Exchange - end at retirement; tuition exchange will end at the end of the academic year in which you retire
  • Employee Assistance Plan - participation ends at the end of the month in which you retire. You are eligible to continue coverage under COBRA. In order to continue coverage under COBRA, you must take action to enroll by the date indicated on the enrollment package you receive from P&A Group, RIT's COBRA administrator. 

Benefits that can be continued and billed monthly by Lifetime Benefits Solutions: 

For Pre-Medicare Retirees and eligible family members ONLY: 

  • Dental Care Plan - can continue for pre-Medicare retiree and spouse/partners or dependent children. 

For ALL RIT retirees and eligible family members:

  • Vision Care Coverage - can continue as a retiree. If not enrolled/elected at the time of retirement, you can enroll in a future Open Enrollment period. 
  • Identity Theft Protection plan -  can continue as a retiree. If not enrolled/elected at the time of retirement, you can enroll in a future Open Enrollment period. 
  • Legal Services plan -  can continue as a retiree. If not enrolled/elected at the time of retirement, you can enroll in a future Open Enrollment period. 

Additional benefits that continue at no-cost to ALL retirees: 

  • RARES - Retirees continue to be eligible for the RARES discount program
  • Free Fitness membership at the Student Life Center and Better Me Wellness Center.  Must provide RIT Retiree ID. 
  • RIT Retirees Program through University Advancement 
Vacation Time

Employees who provide two weeks notice before they leave are eligible to have their accrued, unused vacation time.  Employees that provide less than two weeks notice are not eligible for their remaining vacation time to be paid out. 

Sick Time

Exempt Employees - sick time is not paid out at retirement/termination.

Non-exempt Employees - Any unused sick/personal time (nonexempt employees) is not paid out at retirement, unless the employee retires on June 30 (or the last business day of June if June 30 falls on a weekend). For Non-Exempt employees who retire on June 30, their sick time will be paid out as part of the annual sick cashout process in August. This payment will be for 50% of the value of the sick time hours in cash. Retired non-exempt employees cannot elect for the payment to be deposited into the retirement plan. 

PLEASE NOTE! You cannot extend your service by using paid vacation; your last day worked is your retirement date. For example, if your last day worked is Wednesday, September 21, your retirement date is Wednesday, September 21. You cannot use five vacation days and have a retirement date of Wednesday, September 28.

Plan Contacts

Benefit Providers
Plan Vendor Contact info
Medical Coverage  Excellus BlueCross BlueShield 800-724-1675/V and 585-454-2845/TTY
Prescription Drug OptumRx (855) 209-1300
Prescription Drug Wegmans 800-934-6267 (call transferred to local store)
Dental  Excellus BlueCross BlueShield 800-724-1675/V and 585-454-2845/TTY
Medicare Exchange Via Benefits 888-586-0693
Retirement Plan  Fidelity (800) 343-0860/V and (800) 259-9734/TTY
Retirement Plan  TIAA (800) 842-2776 or (585) 246-4600/V and (800) 842-2755 or (585) 246-461/TTY
Investment Advice Captrust (800)967-9948
Vision VSP 800-877-7195/V and 800-428-4833/TTY
Legal Services Plan MetLife Legal Plans (access code: 570005) 800-821-6400/V and 800-821-5955/TTY
Identity Theft Protection Identity Force 877-694-3367
Retiree Billing Lifetime Benefit Solutions 800-327-7130