Life Events - Retiring from the University of Michigan
Retiring from U-M
You may retire from U-M if you meet the age and the requirements for continuous years of service at a 50% or greater appointment as a regular or supplemental faculty or staff member. See Standard Practice Guide 201.83 for more information. Please note that retirement health benefits are changing effective January 1, 2013.
Looking for Financial Advice?For financial advice as you approach retirement, you are encouraged to meet with investment professionals from TIAA-CREF and/or Fidelity, or with your financial planner. The Benefits Office cannot provide financial advice. |
Retirement Health Benefits Estimator
View your estimated retirement eligibility date and university contribution amounts by using the Retirement Health Benefits Estimator.
Or view your estimated retirement eligibility date on Wolverine Access under Self Service > Benefits > Benefits Summary. Benefits associated with full retirement include coverage under a U-M health plan, prescription drug, dental, and vision plans, and life insurance for you and your eligible dependents in effect at the time of your retirement.
Persons Eligible to be Covered on U-M Benefits Plans
Only eligible person(s) covered under your U-M benefits plans at the time of your retirement can remain on the coverage. Covered dependent children may remain on your benefits until they no longer meet eligibility requirements, up to the end of the month in which they turn 26 (as of 1/1/11).
| The ability to add persons to your coverage is severely restricted once you have retired. Visit the Benefits Office website Benefits Eligibility section, or contact the HR/Payroll Service Center at 737-615-2000 for information on benefits eligibility in retirement. |
Cost of Coverage
The amount of university and retiree contributions toward retiree benefit plans will vary based on your service date, age, retirement date, eligibility for Medicare, coverage level, and health plan selected. View cost information on the Benefits Office website or contact the HR/Payroll Service Center for information. See the Retirement Health Benefits Estimator for your estimated university contribution amounts after retirement.
Faculty or Staff with a Service Date of July 1, 1988 or Later
You will pay the full cost of benefits up to and including the month you turn age 62 if the date you began to accrue service to retire with these benefits is on or after July 1, 1988. If your date of birth is the first day of the month, university contribution will include the month of your 62nd birthday.
For example:
- If you turn 62 on October 1, the university contribution toward the cost of your benefits will begin with October coverage.
- If you turn 62 from October 2 through October 31, the university contribution will begin with November coverage.
Open Enrollment
Each year during the Open Enrollment period, you may change your health plan to one of the other health plans offered by the university. Coverage is effective the following January 1.
Moving out of a Managed Care Plan Service Area
Things to consider when moving out of a managed care plan service area.