Other Retiree Benefits
Dental Coverage
There are two plans offered to retirees. There is no University subsidy for
these plans. Retirees pay the entire cost.
Vital Savings by Aetna Dental Program
The Vital Savings by Aetna Dental Program provides discounts (an average discount of 28%) on dental care when you use
participating providers. You will automatically have access to the Aetna Vision One discount
program when you enroll in this plan. Contact Aetna at 1-866-368-4825 for more information;
be sure to mention promotional code number 882016015.
MetLife Preferred Dentist Program (PDP)
Enrollment in the MetLife dental plan is usually only available to: 1) new retirees transitioning from an active employee dental plan to a retiree dental plan, or 2) retirees who elected dental coverage under COBRA at the time of retirement and either entitlement is ending or the individual opts out of COBRA coverage. However, open enrollment into this plan will take place every three years beginning with the 2011 plan year.
The MetLife PDP provides coverage when you receive treatment from any dentist or specialist you wish.
Use MetLife preferred providers to save on out-of-pocket expenses since participating dentists agree to charge fees
typically 10%-35% lower than the average charges in your area. For more information, contact MetLife at 1-800-GET-MET8 (1-800-438-6388).
It's important to note that the dental offerings for retirees (MetLife PDP and Aetna Vital Savings) are not identical
to the dental benefits for active employees. You should carefully review the benefits covered and premium costs for
both offerings. For more information on dental premium rates, click here.
Vision Coverage
Retirees who enroll and pay the premiums for the Vital Savings by Aetna Dental Program will
automatically have access to the Aetna Vision One discount program. Under this program, participants have access to providers in nearly 13,000 participating
Vision Centers, including Sears Optical, Target Optical, Lenscrafters and
private-practice providers. Click here for more information about coverage costs. You can also contact Aetna at 1-800-793-8616 for more information.
Life Insurance
If you meet the eligibility requirements for retirement, the University provides
(at no cost to you) a life insurance benefit of $5,000. In addition, within 31 days of your
retirement date, you may convert your basic, supplemental and/or dependent life
insurance coverage (but not your AD&D coverage) to an individual policy that is
equal to or less than the amount of your coverage prior to retirement. This
coverage is currently provided through Aetna. Your converted policy as a retiree
combined with the University-provided coverage of $5,000 cannot exceed the
amount of your coverage prior to retirement. You must apply for conversion to an
individual policy within 31 days of your retirement date. You can receive a
conversion application by contacting the Penn Benefits Center at 1-888-PENNBEN
(1-888-736-6236) and pressing option #2.
It is suggested that you review your beneficiary information for life insurance. If you would like to make a change, click here or contact the Penn Benefits Center at 1-888-736-6236 to request a beneficiary form.
You also have access to funeral planning services through the University's life insurance benefit. Aetna has partnered with Everest Funeral Planning and Concierge Service to offer pre-planning and at-need services for you, your spouse/partner, and your children—at no additional cost to you. These services include online planning tools as well as 24-hour assistance throughout the funeral process. You may also access services for your parents, in-laws or other relatives through Everest at a fee. For more information on Everest, or to create an online profile and use their planning tools, visit their website and enter the Enrollment Verification Code: AETNA0003.
Pre-Tax Expense Accounts
Your participation in the Pre-Tax Expense Accounts ends when you retire. Your contributions
end with your final paycheck. You may continue to submit requests for reimbursements after
you terminate employment through the end of the three-month grace period after the end of the
plan year (September 30th). All eligible expenses must have been incurred prior to
your retirement date. For more information, contact the Penn Benefits Center
at 1-888-PENNBEN (1-888-736-6236) and press option #3.
Long-Term Care Insurance
Penn’s current Long-Term Care Insurance vendor, John Hancock, will stop accepting enrollment applications as of December 31, 2011. Applications postmarked after December 31, 2011 will not be processed. Those who have existing contracts with John Hancock will retain their coverage. Eligible faculty and staff (including all new hires as of Jan. 1, 2012) will have the opportunity to enroll with Penn’s new Long-Term Care Insurance vendor during a special enrollment period in Spring 2012. Full details will be announced at that time. For questions on current policies with John Hancock, call 1-800-711-2899 or click here.
Tuition Benefits
Retired University faculty and staff who meet University eligibility requirements and retirement criteria are eligible for the faculty and staff, spouse/same-sex domestic partner and dependent scholarship benefits as outlined in Policies 406, 407, 408 and 409. Benefit details and coverage are based upon the policies in place at the time of use. Penn's tuition policies can be viewed here.
Disability Benefits
Coverage under the short-term disability (STD) program and the long-term disability (LTD) program stops after your final day of employment. If you are disabled on or before your final day of employment, LTD payments to you will continue as follows:
- If your disability started on or after your 60th birthday, and you are receiving disability
benefits, these payments may continue for up to a maximum of 60 months.
- If your disability started before your 60th birthday, LTD payments will continue while you are
disabled, but not beyond the month in which you reach age 65.
In all cases, LTD benefit payments will stop when you are no longer totally disabled, or you fail to furnish
proof of your continuing total disability to Aetna, our carrier who determines continued eligibility for payments.
Transition from Long-Term Disability to Retirement
The eligibility rules when transitioning from Long-Term Disability (LTD) to retirement are the same as if you were still working;
you receive the same years of service credit while a participant in the LTD plan. If you meet the Rule of 75, including time you
were on LTD, you are eligible for retiree benefits.
If you are approaching the end of your benefit period, you will be contacted by the Benefits Office in the Division of Human Resources before your benefit ends about enrolling in Medicare Parts A and B. You will be reminded that you should contact Social Security at least 90 days prior to your 65th birthday to enroll. In addition, you will have an opportunity to select a different Penn plan for yourself and your dependent(s) since retirement is considered a qualifying event.
All other benefits for active employees, i.e., dental, vision, life insurance, and long-term care change with your retirement. You
have the same options as other retirees available to you at this time.
Retirement Plan Considerations
As an active faculty or staff member, you were either eligible to participate in Penn’s Tax-Deferred Retirement Plan (TDR) or the
Retirement Allowance Plan (RAP). You may also have been contributing to the Supplemental Retirement Annuity (SRA) Plan.
When you decide to retire, you will have to make choices regarding your pension plan accounts. If you were participating in the
TDR or SRA Plans, you may elect to receive a distribution of your account. If you were investing in TIAA-CREF, you should call the Retirement Call Center at 1-877-736-6738 to discuss your distribution options and request the applicable forms. If you were investing with Vanguard, you should call Vanguard at 1-800-523-1188 to request the distribution forms and discuss your options. You will be required to complete these forms and have them signed by a representative in the Human Resources/Benefits Office. Please contact the Benefits Office at 215-898-7282 to arrange for this signature.
If you have a benefit under the RAP, you must contact the Human Resources/Benefits Office at 215-898-7282 approximately 90 days
prior to your retirement date. A final benefit will be calculated and all of your payment options will be discussed at that time.
Other Retiree Benefits
When you retire, you may still be eligible for numerous other special benefits
including the following. You will be responsible for any fees or membership
dues. For more information, please use the contact information below.
PennCard
Retired faculty and staff of the University of Pennsylvania are entitled to a PennCard under most circumstances. To obtain your Retired Faculty/Staff PennCard, get a form confirming your status as retired from the Division of Human Resources. Human Resources will verify your form and complete any missing information. When completed, bring this form, along with your current PennCard (or if your last card has already expired, some valid form of photo ID) to the PennCard Center in the Franklin Building at 3451 Walnut St. You will then be issued a Retired Faculty/Staff card good for 5 years. There is no charge for the card providing you turn in your unexpired PennCard. Call the PennCard Center at 215-417-CARD or visit the PennCard Center homepage for more information.
Retired Faculty Members
Though no faculty member acquires new rights or privileges in the University
upon retirement, certain of those rights and privileges to which he or she was
entitled to prior to retirement are still extended:
- Office Space — When a retired faculty member is actively engaged in
productive scholarship, the University will try to furnish you office space as
well as assistance from the departmental secretarial pool. Such aid can be
granted only if it is available. Prior consideration must be given to the
Standing and Associated Faculties. Office space, if provided, may be shared or rescinded. Note that you must provide an annual update of your continuing productive scholarship to your Department Chair and Dean.
- Research or travel grant applications — You may file research or travel
grant applications. The consent of the relevant Department Chair or Dean must be
obtained prior to submission to the Vice Provost for Research. Such applications
will be transmitted further only if the Vice Provost believes the project to be
of significance, if there is a probability of its being completed and if
necessary office and laboratory space is available.
- Faculty Meetings — You may attend meetings of your school's faculty and may participate in the work of faculty committees if invited.
- Faculty Senate Meetings — The right to attend is extended by the
by-laws of the Senate.
- Faculty Studies in the Library — You may apply if such facilities are
required.
- Telephone Directory — You may be listed in the directory if desired.
- Mail/Email — Upon approval from your department, you may receive mail at
the University and maintain a University email address.