Part I Section II: Benefits Provisions for Retired University Faculty
A retired faculty member is a person, 62 years of age or older, who held a tenured, full-time teaching appointment at Fordham University, has completed ten (10) years of service, has retired from this position at the University, and is receiving a pension from the University retirement plans. All retired faculty, as defined above, retain many of the benefits which they enjoyed as active faculty members, except when those benefits are modified as part of a special retirement package.
Faculty who have the rank of Professor or Associate Professor when they retire are eligible for appointment as Professor Emeritus or Associate Emeritus as provided in the University Statutes. (See §4-02.08)
R-1 Retirement Distribution
Retired faculty will have contributed to the University Retirement Plans while employed by the University and may have contributed to the Tax-Deferred Annuity Plan. Retired faculty have a number of options available for distributions from their retirement plan, including a lump sum option. Faculty should consult their vendors TIAA, Fidelity, and/or Prudential when selecting their retirement option.
R-2 Life Insurance
Faculty who retire at age 62 or older, have completed ten (10) years of service, and were insured as active employees immediately prior to retirement, shall be entitled to life insurance. Retirees age 62 to 64 shall receive one times base pay up to $50,000; retirees age 65 to 69 shall receive 70% of the coverage at age 62. Life insurance at age 70 is $6,000.
There is no accidental death and dismemberment insurance during retirement.
R-3 Medical Insurance
- Medical insurance coverage is available to retired faculty and their spouses or their LDAs under the same conditions as those available to active faculty and their spouses or their LDAs.
- All active faculty, and their spouses or their LDAs automatically receive Medicare Part A –
Hospitalization upon their attainment of age 65. Medicare Part B – Major Medical is optional until their retirement at which time both Parts A & B are required. For active faculty the University medical plan remains primary until such time they retire. For retired faculty, Medicare Part A and B become the primary insurer and the University medical plan becomes the secondary insurer. Active and retired faculty, and their spouses or their LDAs who have Medicare coverage are responsible for whatever costs are associated with their Medicare coverage. Faculty who retire before 65, remain on the University’s medical plan in effect at retirement until their 65th birthday incurring the premium cost sharing delineated under R-3(e). At age 65, they will have the two options delineated under R-3(c).
- The University's medical insurance plan vendor for retired faculty and their spouses or their LDAs is the United Group Medicare Advantage PPO plan offered by UnitedHealthcare.
- Faculty members are permitted re-entry into the University medical insurance plan at any time. A faculty member not previously covered under the University medical insurance plan who re-enters it will pay the percentage of cost-sharing applicable to faculty members who retire in the same year that the faculty member re-enters.
- A spouse or LDA who is not remarried and is Medicare eligible is guaranteed reentry into the University medical plan while employed or upon retirement anytime during the year, even if the retiree is deceased provided they remain unmarried. A spouse or LDA who is not remarried and who is not Medicare eligible is guaranteed reentry into the plan even if the retiree is deceased provided they remain unmarried.
- Should there be abuse of provision (a) of this paragraph, the Administration may restrict re-entry into the medical insurance plan to a designated annual enrollment period.
- Payment of the premium for health care for retired faculty and their spouses or their LDAs may involve cost sharing, as specified below:
- There is no cost sharing for retired faculty and their spouses or their LDAs when the faculty member retired prior to July 1, 1997, except where cost sharing was part of a special retirement package.
- Faculty retiring between July 1, 1997, and June 30, 2002, will contribute a maximum of 21% of the premium for life.
- Faculty retiring between July 1, 2002, and June 30, 2007, will contribute a maximum of 30% of the premium for life.
- Faculty retiring after June 30, 2007, will contribute a maximum of 44% of the premium for life.
- For faculty members retiring before January 1, 2015, no retiree’s annual cost share for individual or family coverage will exceed the highest cost share amount in place for that level of coverage (individual or family) for active faculty members either in the year of the faculty member’s retirement or in the year of his/her entry into the retiree medical program, if later.
- For faculty members retiring after December 31, 2014, no retiree’s annual cost share for individual or family coverage will exceed 15% of the total premium for that level of coverage (individual or family) for the highest cost medical options offered by the University for active faculty members either in the year of the faculty member’s retirement or in the year of his/her entry into the retiree medical program, if later.
- However, in no case will the cost share for the retiree medical benefits for any faculty member retiring after December 31, 2014, be less than 32.5% of the total premium for retiree medical coverage. For faculty members retiring between July 1, 2002, and December 31, 2014, in no case will the cost share for retiree medical benefits be less than 27.5% of the total premium for this coverage. For faculty members retiring between July 1, 1997, and June 30, 2002, in no case will the cost share for retiree medical benefits be less than 21% of the total premium for this coverage.
- The University will provide annually retired faculty and their spouses or their LDAs with a copy of the University's medical plan which is relevant to the retired faculty, spouse, or LDA.
- Spouses or LDAs, and eligible dependents who are not yet eligible for Medicare, and are dependents of retired faculty age 65 and over, will have family coverage under the medical plan, at the same percentage of cost sharing determined by the provisions of section (e) above.
- As of January 1, 2015, Fordham University offers pre-65 retirees the active Medical Plan options at 15% of the premium cost. Retirees age 65 and older can choose a United Healthcare Medicare Advantage PPO and pay cost-sharing as outlined in R-3(e).
- As long as an LDA is not a tax-qualified dependent under the definition provided by the Internal Revenue Code the University will impute as income the cost of providing coverage to a non-tax-qualified LDA less any after-tax contributions that may be made to ensure coverage.
R-4 Tuition Remission
- Tuition Remission for a Retired Faculty Member
Retired faculty are eligible to enroll in courses offered by Fordham University for which tuition remission applies. Enrollment by retired faculty is subject to the approval of the Provost. The tuition remission benefit will not exceed the cost of tuition for two courses per semester or the Summer Session.
- Tuition Remission for a Retired Faculty Member's Spouse or LDA
The spouse or LDA of a retired faculty member is eligible to receive a tuition remission benefit for the full cost of tuition for any number of courses taken in any School, except the School of Law and in the EXECUTIVE MBA program offered by the Graduate School of Business where the tuition remission benefit is limited to 50 per cent of the total tuition cost. After the employee has completed 15 years of full-time service, a spouse or LDA is eligible to receive a full tuition remission benefit in the School of Law and for the EXECUTIVE MBA program.
- Tuition Remission for a Retired Faculty Member's Dependent Children
- Dependent children are eligible for tuition remission if they are age 25 or under for undergraduate tuition, age 30 or under for graduate tuition or if they are claimed as a dependent on the most recent Federal Income Tax Return.
- Dependent children are eligible to receive 100% tuition remission for undergraduate, graduate, and professional schools, upon hire (except the Law School and for the EXECUTIVE MBA program offered by the Gabelli School of Business- see (c)4 below).
- Dependent children of full time faculty are eligible for one-half tuition remission at the Fordham Preparatory School.
- Dependent children of faculty who have fifteen years of full time employment at the University are eligible for tuition remission in the Law School and for the EXECUTIVE MBA program offered by the Gabelli School of Business.
- In the event that a faculty member with at least ten years of full time employment at the University dies or retires at age 62 or older, the dependent children of the deceased or retired faculty member shall be entitled to the same benefits to which they would have been entitled had the faculty member continued on a full time basis.
- Use of the tuition remission benefit by a retired faculty member, spouse, LDA, or dependent is contingent upon the individual involved meeting the academic standards of the program in which the individual seeks admission.
- The tuition remission benefit includes tuition for courses, mentoring, tutorials, and doctoral fees, life experience credit and credit-by-examination fees. The tuition remission benefit does not include course laboratory fees, student activity fees, or fees for which the University would incur an additional expense.
- Recipients of tuition remission are expected to apply for New York State Tuition Assistance Plan grants and any other similar awards for which they are eligible. The actual tuition remission granted shall be the amount for which the applicant is eligible less the amount received from NYS TAP or other external grants.
- Application forms for tuition remission for self, spouse or LDA, and dependents are available online on the Employee Portal under Tuition Remission.
- The value of tuition remission benefits will impute as income for any LDA who is not a tax-qualified dependent as defined under the relevant section of the Internal Revenue Code.
- A one half-tuition remission benefit is extended to brothers, sisters, nieces or nephews of faculty who are members of the Society of Jesus. This benefit is subject to the same conditions as the benefits accorded to dependent children of other full-time faculty.
R-5 University Bookstore Discounts
R-6 Other Retirement Benefits
- Retired faculty, their spouses, and their LDAs can continue to use the University's library facilities. Identification cards will be issued annually to retired faculty members; spouses and LDAs will be issued an identification card upon request.
- Retired faculty can obtain a parking sticker for parking at the Rose Hill campus at the same rate as active faculty.
- Retired faculty, their spouses, and their LDAs may use the Lombardi Center at the same rate paid by active faculty.
- Retired faculty will receive a copy of University publications.
- Retired faculty. their spouses, and their LDAs will be invited to all University events.
R-7 Retired Faculty Counselor
There will be a Counselor for Retired Faculty appointed by and reporting to the Provost. The current Counselor is Dr. David Stuhr. The duties of the Counselor for Retired Faculty include:
- In her/his capacity as a liaison between the retired faculty and the University, as well as an ombudsman for retired faculty, the Counselor will periodically consult with retired faculty regarding provisions, benefits, and procedures for retired faculty and their families, making recommendations to the Provost and the Faculty Senate for changes in benefits and procedures;
- Facilitating communication and cooperation between the retired faculty, the Office of the Provost, the Faculty Senate and the Human Resources [Benefits] Office;
- Advising and assisting faculty, retirees and their families with regard to retirement benefits and procedures;
- Preparing and maintaining files on retiree benefits and publishing a Faculty Retiree Handbook, which indicates current benefits and procedures.