BENEFITS UPON RETIREMENT
How to prepare for retirement?
- Employees interested in retiring should contact the Human Resources Benefits Office 3 to 6 months prior to their retirement date. Employees should also contact a representative of the retirement plan that they participate in. It is through this representative that they can obtain an estimate of their retirement benefit and the appropriate documents to apply for retirement. If the employee draws systematic payment upon retirement, that employee qualifies as a retiree. If they do not, they do not qualify as a retiree.
- NAU retirees are eligible to continue their health and/or dental insurance benefits through NAU. A retiree has the right to continue their employer sponsored plan or elect health and/or dental coverage under the state sponsored plans.
- If a person declines their employer sponsored plans, they cannot return to those plans at a later date. Regardless of whether an employee retires under ASRS or an Optional Retirement Plan, these options are available to you. If an employee retires with ASRS and have a minimum of five years service they are eligible for a subsidy towards their health insurance. If you and your spouse are both retirees from the state, individual subsidies will apply. A representative from NAU's benefits team will discuss the premium cost and payments with you at a retirement meeting.
- If you do not elect retiree dental and/or health, an employee may continue their current health and/or dental plans for a limited time under COBRA.
- When a retiree becomes eligible for Medicare and enrolls in Medicare Part
B, BCBS becomes the secondary and Medicare the primary provider. There
is a monthly premium for Medicare Part B, which will be deducted from the
retiree's Social Security payment. Once notification has been made to
the Arizona Department of Administration (ADOA) of the retiree's becoming
Medicare eligible, the premium for BCBS will be reduced.. If the retiree
is eligible for an ASRS health insurance benefit (subsidy), he retiree must
enroll in Medicare Part B to continue to receive the benefit, which will
be reduced also.
- Employee's with 500 hours or more of unused sick leave are eligible for the following sick leave payout upon retirement:
- Employees with 500 to 749 hours of sick leave will receive 25% of the their hourly wage multiplied by their sick leave balance.
- Employees with 750 to 999 hours of sick leave will receive 33% of the their hourly wage multiplied by their sick leave balance.
- Employees with 1,000 to 1,500 hours of sick leave will receive 50% of their hourly wage multiplied by their sick leave balance.
- The maximum benefit will be 1,500 hours of sick leave not to exceed $30,000. Payout of sick leave benefit will be done by annual installments over a three year period.
- For all benefit eligible employees, a maximum of one year of vacation accrual is paid.
- This program permits you and eligible dependents to take advantage of educational opportunities at any of the three Arizona State Universities at reduced tuition rates. See the educational assistance section for more information.
NAU Bookstore Purchases
- Retirees will receive a 10% discount of all purchases at the NAU Bookstore.
- Retirees may receive a free parking permit each year through NAU parking services (must join NAU Retirees Association to receive this benefit). However, if a retiree returns to work more than 10 hours per week, or if a retiree takes more than 1 class or teaches more than 1 class, they must purchase a full parking permit.
Wall Aquatic Center/Recreation Center
- Retiree's may continue to receive the discount prices at the Wall Aquatic Center and the Recreation Center.
- Retirees will continue to have employee privileges at the NAU Library.
- The NAU Library does not keep an up to date retiree list so you need to take your employee ID card or your retiree ID card with you and you will need to fill out paper work every year in order to use the library.
Other Benefit Information
- All retirees that participate in benefits offered through NAU will be notified in advance of all Open Enrollment periods. Open enrollment periods inform benefit participants of any changes in
plans and allow for participants to elect other coverage or add eligible family members.
- Fronske Health Center offers some services to NAU faculty, staff, and
retirees, e.g., flu vaccinations. Check with Fronske for current
- Whenever you change your address or your phone number you need to contact your retirement plan,
insurance carrier, Medicare, Social Security, NAU Parking and the NAU Retirees Association.