Additional Benefits for Retirees
Benefits extended to all retirees
All retirees are entitled to certain benefits:
- A BearPass card
- Use of the university's Health and Wellness Center and pharmacy
- Library privileges at Meyer Library
- Use of campus recreational facilities
- Employee discounts on purchases in the bookstore
- Admission to athletic events, cultural programs, convocations and lectures at free or reduced employee rates
- Free enrollment in one college course per semester (Fee Waiver Benefit)
- Transfer of the fee waiver benefit to eligible dependent children for up to 15 credit hours per academic year
Emeritus faculty and staff are entitled to all benefits provided to university retirees and will receive invitations to special events, an email account and a president's parking pass. Emeriti are entitled to enroll in one course per semester and have their required student fees paid by the university. This educational fee waiver benefit may be assigned to eligible dependent children or the spouse of the retiree.
Emeritus staff appointment
Emeritus status may be granted to retiring staff and administrative employees as a special recognition for exemplary work performance and outstanding, loyal and dedicated service to the university.
To be eligible for the title, staff members must also satisfy the following requirements:
- Completion of at least ten years of service in a full-time regular position.
Retiree insurance options
- Faculty and staff members who are not yet eligible for Medicare when they retire may keep their Missouri State University medical insurance until the month they reach age 65, provided they pay the premiums for the coverage.
- Faculty and staff members who retire from the university and who are eligible for Medicare (i.e., at least age 65), cannot keep their Missouri State University medical insurance.
- Upon reaching age 65, retired faculty and staff member will normally have Medicare as their primary medical insurance.
- Faculty and staff members who are providing Missouri State University medical insurance coverage for their spouse/dependents at the time they retire may continue to do so as long as the spouse is not yet eligible for Medicare (even if the spouse will not be eligible for several years), and the dependents are also eligible.
- The medical insurance premium rates for retiree medical insurance are based upon the amount which the university contributes for active employee insurance. The type of coverage that retirees may keep is determined by the type of coverage they had while employed. If an employee retires with just single coverage (i.e., no spouse or family coverage through University's plan), then he/she may keep just single coverage; he/she may not pick up spouse or family coverage subsequent to retiring even if he/she has a change in family status (example - a single person who marries after retiring and now has a spouse).
- Upon retirement, faculty and staff member may elect to keep their Missouri State University dental insurance under the federal COBRA law (Consolidated Omnibus Budget Reconciliation Act of 1985), for a maximum of 18 months.
- Faculty and staff member who are providing Missouri State University dental insurance coverage for their spouse and/or family members at the time they retire may continue to do so in accordance with the COBRA.
- The dental insurance premium rates for COBRA dental insurance are based upon the amount which the university contributes for active employee insurance and include a 2% administrative fee allowed under COBRA.
- Upon retirement, faculty and staff member may elect to keep their Missouri State University Vision insurance under the federal COBRA law (Consolidated Omnibus Budget Reconciliation Act of 1985), for a maximum of 18 months.
- Faculty and staff member who are providing Missouri State University Vision insurance coverage for their spouse and/or family members at the time they retire may continue to do so in accordance with the COBRA.
- The Vision insurance premium rates for COBRA dental insurance are based upon the amount which the university contributes for active employee insurance and include a 2% administrative fee allowed under COBRA.
- Upon termination of coverage, faculty and staff members may elect to keep all or a portion of their own and/or dependents life insurance coverage, without answering health questions, provided applications are submitted to the carrier within 31 days following termination and the required premiums are paid to the carrier.
- Person's leaving the University who are age 69 or younger will have the option to port their term life coverage or convert their coverage to ordinary (whole) life insurance.
- Persons age 70 or older may convert their current coverage to an ordinary (whole) life policy.
- Term life insurance premium rates are based upon the person's age and are set for each 5-year age bracket, e.g. 50-54, 55-59,, 60-64, 65-69, etc. When a former employee or dependent reaches the next 5-year age bracket, his/her life insurance premium rate increases to the amount for the age bracket. The maximum period of coverage is age 75.
- Ordinary (whole) life insurance rates are locked in for the life of the policy. Whole life insurance may be maintained up to age 100. Whole life insurance builds cash value that may be borrowed against or used to pay future premiums.
Allstate Universal life insurance
- You may choose to continue to pay the premiums directly to the company after retirement.
Long-term care insurance
- Employees who previously selected long-term care insurance through previous carriers can still continue their coverage
Critical illness insurance
- You may continue this benefit by paying the company directly.
- You may continue this benefit by paying the company directly.
Participation in the Cafeteria plan
Employees who participate in the cafeteria plan and who retire during the calendar year have the option of using the payment of certain insurance premiums and other medical expenses on a tax-advantaged basis.
- Payment of Insurance Premiums: If an employee is participating in the cafeteria plan for the purpose of paying his/her monthly medical and/or dental insurance premiums, and he/she retires during the calendar year (i.e., January - December), he/she can pay the insurance premiums through the cafeteria plan even though he/she has retired and is no longer an active employee of the university. Premiums must be prepaid for the months remaining post-retirement of the calendar year.
- User the Flexible Spending Account: If an employee is participating in the flexible spending account (FSA) of the cafeteria plan to be reimbursed for non-covered medical and/or dental expenses, and he/she retires during the calendar year, even though he/she has retired and is no longer an active employee of the university. All funds must be contributed pre-retirement in order to use them past the separation date.
Working after retirement
Occasionally, staff employees who retire have the opportunity to work for the university in a part-time capacity. This is permissible and will not result in the loss of retirement benefits, provided the retiree does not work 1,000 hours or more in a 12-month period. If a retiree works 1,000 hours or more in a 12-month period, the university is required to notify MOSERS, and as a result of the notification, MOSERS will stop the retirement payments to the retiree. MOSERS does not specify how working under 1,000 hours can be scheduled.
In rare instances, a staff employee returns to work for Missouri State University on a full-time basis. When this happens, the university notifies MOSERS of the retiree's re-employment as a full-time employee, the retiree is eligible for all insurance benefits as he/she had prior to retirement. When the person stops working full-time and returns to retirement status, the university notifies MOSERS of this change so that retirement payments can be re-started.