Life Events - Retiring from the University of Michigan:
estimated retirement eligibility date
Accrual of service to retire with benefits (health plan, prescription drug, and dental coverage, and life insurance) requires that you have been continuously employed as a regular or supplemental faculty or staff member with a 50% or greater appointment without a break in service. A break in service results from termination of employment, appointment that is not eligible to accrue service to retire with benefits (see below), or failure to return to an appointment as a regular or supplemental faculty or staff member with a 50% or greater appointment following a leave of absence, layoff (RIF), or period of non-appointment.
The Estimated Retirement Eligibility Date assumes you do not have service in any of the following titles or appointments, which do not accrue years of service to retire with benefits:
- Appointment effort below 50% as a regular or supplemental faculty or staff member
- House Officer
- Research Fellow
- Professional Specialist
- Graduate Student
- Temporary Staff
Faculty or staff with a service date of July 1, 1988 or later upon retirement pay the full cost of benefits (health plan, prescription drug, dental, and life insurance) up to and including the month age 62 is reached.
The university in its sole discretion may modify, amend, or terminate any and all benefits with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide benefits, no individual has a vested right to any of the benefits provided or described. Nothing gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university’s right to modify, amend or terminate them.