It’s never too early to start planning for retirement.
Whether you are newly hired or have been with the Vermont State Colleges system for most of your working career, it’s time to start planning for your retirement. Below are links to resources to help you reach your retirement goals.
TIAA-CREF – Retirement Income Plans
Vermont State Colleges offers a retirement plan through TIAA-CREF, which provides employees with a lifetime income after retirement. Some VSCS retirees have remained in the Vermont State Employees Retirement System, which VSCS used prior to 1978.
The amount of income an employee receives after retirement is determined by a number of factors, including: the amount of money accumulated in the plan; the age of the employee upon retirement; and the method of payment selected at the time of retirement.
A retiree must contact TIAA-CREF directly for information relating to their policy and investments. Information is available online at www.tiaa-cref.org or by calling 1-800-842-2252. We strongly recommend you meet with a representative from TIAA-CREF to discuss your retirement planning as soon as possible, often, and before you retire.
Vermont State Employees Retirement System information can be obtained from the State of Vermont, Retirement and Social Security Division at (802) 828-2305.
Please watch this webinar from Social Security with the Public Affairs Specialist for the State of Vermont. You will learn about age eligibility for Social Security, when to sign up, and how you can start planning now by creating a “My Social Security” account. You will also be able to use an online retirement estimator and read FAQs. To speak with someone regarding specific questions or concerns contact www.socialsecurity.gov or call one of the three locations in Vermont:
If you are planning for retirement and are under age 65 you are most likely on the Open Access Plan (OAP) or Preferred Provider Plan (PPO). Details about co-pays, deductibles and prescription costs are below.
If you are planning for retirement and you are over age 65 you will be placed on the Medicare Primary CIGNA PPO Plan for those who are retired from Vermont State Colleges. This plan requires that you be enrolled in both parts A and B of Medicare. You will sign up through Social Security, not Medicare (refer back to Social Security).
Mental Health Benefit
Employee Assistance Program (EAP) services are not available to retirees.
There is no limit on counseling services for the active plans (Open Access Plan) or Preferred Provider Plan (PPO). Almost all actively employed individuals will be on the Open Access Plan (OAP).
Dental Benefit: Non-Bargaining Unit, PAT, SUP, Faculty
Your benefit is $750 per calendar year. The plan has a $50 individual deductible or $150 family deductible, depending on how many people are on the plan. If you have two people on the plan you will pay $100 ($50 each). If you have three or more people on the plan you will pay a $150 family deductible. Basic and major restorative care is paid at 50% and preventive care is paid at 100%. You can review your coverage at the link below.
Premiums for Medical and Dental
You may need to contribute towards the cost of your medical and dental benefits by paying premiums for your coverage. The amount of your premium is calculated using the percentage based on salary at the time of separation from employment.
You can choose to pay for 1, 2, 6, or even 12 months of coverage at a time. Your premium payments are tracked by the Chancellor’s Office and you can expect a notification of any increase in May. The premium year runs from July 1 to June 30. We do not have an automated system at this time so you will need to send in a check for your premiums. Refer to the policy on the collection of premiums for more information.
Life Insurance Benefit
Once you retire you will no longer be eligible to use your flexible spending account. Please submit all your receipts for reimbursement 60 days after you retire in order to not forfeit the money you have available.
Retirees qualify for certain tuition benefits. You can learn more by reading the Tuition FAQs.
As of October 1, 2012, any new employees hired will not be eligible for any post-retirement medical and/or dental benefits for themselves, spouse, or dependents.