Life Insurance and Flexible Spending Accounts

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, visit the online benefits enrollment site 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.

Flexible Spending Accounts

Your participation in the Flexible Spending 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).

Questions?

Contact the Retirement Call Center
1-877-PENN-RET or 1-877-736-6738