Retiring from Saint Louis University
Saint Louis University defines retirement as obtaining age 60 with seven or more years of continuous, full-time service to the University. The benefits of retirement for faculty and staff are continuing your SLU medical insurance coverage, as long as you pay the premiums for this coverage, full access to the tuition remission benefits for yourself and your dependent children, as well as a complimentary one year membership to Simon Recreation Center. For more information, please refer to the Life/Work Changes - Retirement web pages.
Action Items Checklist
- Notify your supervisor. Monthly paid employees should give four weeks notice and bi-weekly paid employees should give two weeks notice.
- Decide whether you want to continue your medical, dental or Flexible Spending Account, if applicable, on a self-pay basis through COBRA. You will receive a COBRA packet from the COBRA Administrator, Sax Benefits Group. You must complete the enrollment form and return it to Sax Benefits Group by the deadline specified in your packet. If you do not submit a completed enrollment form by the specified date, you will lose your right to elect continued coverage.
- If you want to continue benefits, you must complete the Continuation of Benefits Form-COBRA and return the form to Sax Benefits Group within 60 days of your last day of employment with Saint Louis University. You will receive this form from Sax Benefits Group.
- If you will be moving, please notify Human Resources of your change of address at HRIS@slu.edu.
- Return your Saint Louis University key(s), pagers, ID card, and any other Saint Louis University property to your departmental administrator on your last day of work.
- Please complete the Saint Louis University Employee Offboarding Checklist.
• Your medical coverage ends on the last day of the month in which you retire from Saint Louis University.
• A letter of credible coverage will be mailed to medical plan participants after your coverage ends.
• Retirees may choose to continue your medical coverage on a self-pay basis to Sax Benefit Group.
• Click here for 2017 Premiums for Pre- and Post-65 Retirees.
• Depending on your age at retirement, use the Online Claims & Services page of the Social Security website to find information on and apply for Social Security benefits.
• If applicable, explore your Medicare options within 60 days of termination of your Saint Louis University Group Health Care coverage. The Benefits Office has partnered with Select Quote Senior to provide advice and guidance on selecting Medicare supplemental health coverage. They may be reach at 866-569-9110.
• The new state health exchanges may be an option to consider. Visit https://www.healthcare.gov/ to research options and apply for coverage.
• Your dental coverage ends on the last day of the month in which you retire from Saint Louis University.
• Retirees may choose to continue dental coverage on a self-pay basis through COBRA for up to 18 months.
- You have 60 days to elect COBRA coverage from the date of your retirement.
- Initial payment is required within 45 days of election date in order for benefits to be provided under COBRA.
Flexible Spending Accounts (FSAs)
• Your contributions to your FSAs stop with your last paycheck (unless you are eligible and elect to continue contributions to your FSA under COBRA).
• You can submit claims for expenses that you incurred on or prior to your last day of employment.
• Claims are due by December 31 of that calendar year. Contact ConnectYourCare if you have questions regarding claims submission, account balances or pending claims at 877-292-4040.
• If you have a ConnectYourCare MasterCard for the Health Care Flexible Spending Account, you must destroy the card and NOT use it past your termination date. You can file claims for eligible expenses incurred while you were in an eligible employment status by the filing deadline. If you use the MasterCard past your end of employment date, you are responsible to repay those charges. See the Flexible Spending Plan Summary for more information. If you elect COBRA for your Flexible Spending Plan, you will have to submit paper claims to ConnectYourCare.
Health Savings Account (HSA)
• Payroll contributions into the Optum HSA, associated with the United Healthcare High Deductible Health Plan, end when your health plan coverage ends, on the last day of the month in which you retire from Saint Louis University. You may use existing account balances to pay for retiree medical expenses. Contact Optum Bank at 866-234-8913 for questions.
You may request a distribution or rollover of any or all of your Saint Louis University retirement funds at any time after you leave Saint Louis University or you may choose to leave your retirement funds with your investment company(ies). You may contact your investment company to make an appointment to discuss the details of your account. These representatives will be able to view your account information and discuss your future distribution options with you.
To make an appointment, refer to the contact information on the Retirement Plan counseling website.
To request a distribution or rollover:
- Contact your investment company(ies) to request the appropriate form(s).
- TIAA-CREF 800.842.2776 or www.tiaa-cref.org
- Fidelity 800.343.0860 or www.fidelity.com
- Complete the form(s) and submit to Saint Louis University Benefits Office for plan administrator approval, if necessary. Be sure your form includes your spouse's notarized signature, if you are married. Mail the form to: Benefits Administration, Wool Center, 3545 Lindell Blvd-First Floor, St Louis, MO 63103.
- The plan administrator will approve the request and forward it to the investment company(ies). (The plan administrator will contact you if the form is incomplete).
Your life insurance policy with AIG ends on your last day of the month in which you are employed with Saint Louis University.
- If applicable, you might consider converting your Group Term Life within 45 days of your last day of employment. Contact AIG Group Benefits Customer Service toll-free by calling 800-346-7692 x3 for more information for a conversion quote. Please have your base annual salary as well as the amounts of any supplemental life insurance for an accurate quote. This information may be obtained from the Employee Benefit Statement in Banner Self Service.
Accrued Leave for Staff
The total balance of your accrued vacation up to a maximum of 200 hours should be paid out with your last paycheck.