Human Resources > Benefits > Retiree Benefits > Your Transition Into Retirement
This section provides important information regarding the benefit options that you retain into retirement, and other benefit options that are no longer available.
This section does not address the Retiree Medical Program. Please read this section carefully. If you have any questions about your benefit options and the transition into retirement, please contact the Benefits Department.
Participants may schedule a
complimentary one-on-one meeting with representatives from Fidelity or TIAA to receive an explanation of your benefit options under the 403(b) retirement plan.
Minimum Required Distribution Information Generally, a participant may delay withdrawals from the Plan after severance from employment. However, IRS regulations require that an individual who has left the University must begin receiving a specified minimum amount by April 1st of the year after the calendar year in which such person reaches age 70½ and by December 31st of every year thereafter. If an employee continues working at the University beyond the age of 70½, he or she can continue deferring distributions from the Plan until April 1 following the year of retirement. If an employee does not begin receiving income in accordance with this requirement, substantial tax penalties may be imposed. For additional information regarding minimum distributions,
contact Fidelity or TIAA.
Retired employees continue to be eligible for the university’s tuition waiver program. This waiver will apply to you, your spouse, and tuition eligible dependents. Please refer to the tuition waiver policy on the university’s policies & procedures website for further details.
Please note: Retired employees’ dependents may not participate in the Tuition Exchange Program unless they have already been certified, accepted, and enrolled at a host institution at the time of the employee’s retirement. Visit the Tuition Benefits page for more details.
Retirees are able to maintain a DePaul University email account and recieve a DePaul Retiree ID. Retirees also have access to BlueSky, DePaul's system for human resources and finance applications (formerly within Campus Connect).
10 percent off textbooks and 20 percent off general books (not already discounted) and merchandise at DePaul Barnes & Noble.
For more information contact the Ray Meyer Fitness Center at (773) 325-4555.
Two free tickets to any Chicago Playworks production at DePaul’s Merle Reskin Theatre. To request tickets contact the box office at (312) 922-1999 or by email at firstname.lastname@example.org. Shows are listed The Theatre School website.
Invitations to quarterly exhibition opening receptions and other special events such as lectures and film screenings. Visit the DePaul Art Museum website for more information.
Dental, vision, and the health care flexible spending account (if applicable) are not available in the retiree benefits program. They end as of the last day of the month in which you retire. If you wish to continue any of these plans, COBRA is your only option. You may elect to continue coverage under COBRA by paying the full cost of the plan shown on the COBRA enrollment form. A COBRA enrollment packet will be mailed to your home within 4 weeks of your retirement.
For dental or vision coverage, you can purchase an individual policy. Individual policies are not part of the DePaul University Retiree Medical Plan or any other health benefits coverage sponsored by the university. If you decide to purchase an individual policy, the provider will perform all enrollment, billing and claims processing related to your coverage.
For dental coverage, visit the Delta Dental website or call (844) 847-9516 for cost and complete details.
For vision coverage, visit the VSP website or call (855) 782-9877 for cost and complete details.
Group life insurance coverage as well as any spouse or dependent life insurance will end at 5 pm on your last day of work as an active employee. However, you do have the option to convert your coverage. When you convert coverage, you switch to an individual insurance policy. Evidence of Insurability is not required for conversion. You have 31 days from the date your group coverage terminates (your last day of work) to apply for insurance conversion with Lincoln Financial Insurance and pay your first premium. Please contact the Benefits team at 312-362-8232 or email@example.com as soon as possible if you would like conversion and/or portability paperwork sent to you.
Group accidental death and dismemberment (AD&D) insurance coverage, if you elected it, will end at 5 p.m. on your last day of work. This coverage is not available for conversion or porting by retiring employees.
Coverage under DePaul’s long term disability insurance will end at 5 p.m. on your last day of work. You have 31 days from the date your group coverage terminates (your last day of work) to apply for insurance conversion with Lincoln Financial Insurance and pay your first premium. Please contact the Benefits team at (312) 362-8232 or firstname.lastname@example.org as soon as possible if you would like conversion paperwork.
The dependent care flexible spending account ends your last day worked. Contributions to your account will stop with your final paycheck. If you have funds remaining in your dependent care flexible spending account at time of termination, you may continue to submit claims for eligible expenses incurred through the last day of the plan year in which you were making contributions and the following grace period. There is no option to continue the dependent care flexible spending account through COBRA.
If you are paying premiums through payroll deduction, your policy will terminate at the end of the last pay period you are paid. You are, however, able to continue your policy by paying the premiums directly to the insurance carrier. To set up a direct billing arrangement with Farmer's Insurance, call 888-327-6335.