Retiree insurance: Summary of changes

The University of Missouri Board of Curators approved changes to retiree insurance benefits. This webpage provides a summary of the changes which went in to effect January 1, 2018.

Retired prior to 1/1/18

• Retiree insurance eligibility effective 1/1/18 does not impact you.
• UM is committed to providing access to insurance coverage and a continued percentage subsidy to those who retired prior to 1/1/18.
• The pension plan is well-funded and stable. Retiree insurance eligibility effective 1/1/18 does not affect the pension plan.

Changes for employees who retire on 1/1/18 or after

Eligibility:

Employees who retire on or after January 1, 2018, are eligible for retiree health insurance if they: were employed in a UM System benefit-eligible position on December 31, 2017; reached at least five years of vesting service as of December 31, 2017; and reach at least 60 years old by retirement date; and accrue at least 20 years of creditable service to the UM System by their retirement date.

The retiree health insurance benefits employees are eligible for depend upon the Access Category in which they were placed as of December 31, 2017. Find your access category by using the access calculator among the Total Rewards Advisory Committee (TRAC) webpages, or use the eligibility chart (PDF, 110KB).

The retiree insurance program closed on January 1, 2018, to:

• Current employees who did not accrue at least five years of service before January 1, 2018.
• All employees hired on or after January 1, 2018.

Questions?

• Go to the Frequently Asked Questions.
• Contact the HR Service Center: 573-882-2146, 800-488-5288 (toll free), or hrservicecenter@umsystem.edu.

Footnote:

"Years of service" includes the number of creditable years worked for the UM System; for the purposes of eligibility, partial years are not counted (e.g., 19.9 years of service = 19). If you are unsure of your service credit, the best way to obtain an estimate is by completing the UM Retirement Calculator. Log in to myHR. Find the Retirement Calculator under the myTotal Rewards menu option on the left-hand side of your screen. Get step-by-step help at umurl.us/retcalc.