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Retirement Health Insurance

Currently, employees who are age 60 and have at least ten years of continuous full-time college service preceding an intended retirement date are eligible to retire from Davidson College and participate in the retiree medical coverage.

An employee must be enrolled in an active Davidson College Healthcare plan immediately preceding his/her retirement in order to be eligible for coverage under the retiree medical plan.

Once a retiree reaches the Social Security retirement age for his or her age group, Medicare coverage becomes primary. The college's coverage becomes secondary, and at the first of the month during which the retiree will reach the Social Security retirement age, the retiree will move from the active employee health care plan to the Davidson College retiree health care plan.

Retiree Health Insurance

The major benefit afforded to retirees is partial payment of health insurance coverage cost.

The cost the retiree pays for health insurance is based on years of continuous college service at retirement. This cost is not frozen and changes in accordance with insurance rates. Effective January 1, 2010, the college's contribution to retiree health insurance is capped at a fixed amount of $325 per month for single coverage and $540 per month for retiree and spouse.

Years of Service Cost of Coverage
Less than 10 Years No coverage available
10 but Less than 20 Years Twice employee rate plus excess cost above college contribution
20 Years Employee rate plus excess cost above college contribution

Note: The sliding scale above is not applicable to a regular full-time employee whose age was 60 or above on January 1, 1996. Those employees may retire with the health insurance premium frozen at the rate paid on the retirement date.

When an employee on the high deductible option retires while under the Social Security retirement age for his or her age group, Davidson College will stop contributing to the health savings account. The retiree may elect to change health care plans during open enrollment.

A retiree may add coverage for his or her spouse or same-sex domestic partner if the spouse or partner has a loss of coverage that qualifies as a change of status under federal law. Coverage for children is not available on the retiree health care plan.

Anyone who is covered under the college's retiree medical plan and who elects to leave the plan will not be allowed to re-enroll in the plan. Questions regarding retirement eligibility or retiree medical coverage should be directed to the Human Resources office at x 2213.

Eligibility

Davidson College's Retiree Medical benefit is only available to employees whose first day at work in a full-time, regular position at Davidson College was before or on October 1, 2016. No retiree medical benefit is provided for employees hired after October 1, 2016, or for employees hired earlier who were not in full-time, regular positions by October 1, 2016.

Employees who are age 60 or older and have at least 10 years of continuous full-time college service preceding their retirement date are eligible to retire from Davidson College and participate in the retiree medical coverage.

Note: An employee must be enrolled in an active Davidson College medical plan immediately preceding his/her retirement in order to be eligible for coverage under the retiree medical plan.

Grandfather Information

Current employees who are now qualified to retire or close to qualification for retirement under the current criteria (prior to July 1, 2010) will be grandfathered in the following manner:

  • Employees who are 55 years of age and have at least 10 years of service by July 1, 2010, may retire from the college with retiree healthcare benefits at any time. The new guidelines will not affect these employees.
  • Employees who are 54 years of age by July 1, 2010, may retire from the college with retiree healthcare benefits at age 56 if they then have 10 years of service.
  • Employees who are 53 years of age by July 1, 2010, may retire from the college with retiree healthcare benefits at age 57 if they then have 10 years of service.
  • Employees who are 52 years of age by July 1, 2010, may retire from the college with retiree healthcare benefits at age 58 if they then have 10 years of service.
  • Employees who are 51 years of age by July 1, 2010, may retire from the college with retiree healthcare benefits at age 59 if they then have 10 years of service.