Planning for Retirement and Retiree Benefits
Planning for Retirement
The decision to retire is definitely one of the biggest made in your lifetime. The information contained herein describes your options as a retiree from the University of Maine System (UMS). Board of Trustees policy provides retirement benefits for employees who have 10 years of continuous, regular full-time equivalent service immediately preceding retirement, and who are at least age 55. The following resources are available to aid your decision to retire:
- NEW! Plan your retirement in MaineStreet Employee Self-Service
- Planning for Retirement Frequently Asked Questions
- Retirement Guide for Salaried Employees (PDF) with Checklist
- Retirement Guide for Hourly Employees (PDF) with Checklist
- Partial/Phased Retirement Program (PPRP)
-
- Incentive Retirement Plan (IRP)
*PPRP and IRP are available only to eligible salaried employees
One-Time Special Retirement Incentives
Eligible faculty and UMPSA unit members who had at least 10 years of full-time equivalent years of service and were at least 62 years old may have been eligible for a Special Retirement Incentive and/or Health Premium Incentive. The deadline for notifying UMS of your intent to retire and elect this incentive was October 20, 2014. Non-represented hourly and salaried employees who had 10 years of full-time equivalent years of service and were at least 62 years old may have been eligible for a Special Retirement Incentive and/or Health Premium Incentive. The deadline for notifying UMS of your intent to retire and elect this incentive was January 15, 2015. https://youtu.be/ESatH-xkf0o
Announcements
Health Insurance for Non-Medicare Eligible Retirees
2015 CIGNA OAP Plan Documents:
- CIGNA OAP Quality Incentive Copay Plan Summary
- CIGNA OAP Quality Incentive Copay Summary Plan Description
- CIGNA OAP Choice Plan Summary
- CIGNA OAP Choice Summary Plan Description
UMS medical plans administered by Cigna offer: Less out-of-pocket costs for Quality/UMS Preferred Providers & Hospitals. Your doctor’s practice must have a minimum of 2 ratings of Good, Better or Best to be considered UMS Preferred.
- Preferred Hospital List
- Hospital Tiering Questions & Answers
- $5 Preferred Generic Drugs
- Cigna Preventive Care
- View claims & member details via MyCigna
- Maine Pharmacies offering 90-day supply for 2 co-pays
- Step Therapy for Prescriptions
- Primary Care Provider (PCP) referrals not necessary
- Nationwide network of participating providers
- Urgent Care Centers
- Durable Medical Equipment (DME) Guide
- Diabetic Supply Guide
- Smoking Cessation Coverage
Health Insurance for Medicare-Eligible Retirees
Important Notice: Effective for UMS employees who retire and their last day worked is on or after January 1, 2017 (September 1, 2017 for AFUM), Medicare eligible UMS retirees at the time of retirement or those reaching Medicare eligibility after retirement will pay 20% of their individual monthly health premium and 50% of any applicable dependent monthly health premium.
- 2016 Aetna Medicare Plan PPO Design & Benefits
- 2016 Aetna Medicare Plan PPO Extended Service Area (ESA) Design & Benefits (The Aetna Medicare PPO ESA Plan has an extended service area. This means that Aetna may provide coverage even if you live outside the Aetna Medicare network service area.)
Features:
Retirement Dental Insurance Plan
All Eligible Retirees
Premium Rates
Important Notice: Effective for UMS employees who retire and their last day worked is on or after January 1, 2017 (September 1, 2017 for AFUM), Medicare eligible UMS retirees at the time of retirement or those reaching Medicare eligibility after retirement will pay 20% of their individual monthly health premium and 50% of any applicable dependent monthly health premium.
- 2016 Retiree Health Insurance Premium Chart – Retired Jan. 2011 or later
- 2016 Retiree Health Insurance Premium Chart – Retired Before Jan. 2011 (Opting Back In)
The following 2016/2017 monthly medical rate chart represents some of the most common categories of eligibility and coverage for new retirees. See the full Health Premium Chart for other rates.
Retiree Medicare Status Spouse Medicare Status Years of Service Plan & Coverage Level 2016 Monthly Premium Rate 2017 Monthly Premium Rate
Eligible Eligible 30+ Aetna- Retiree + 1 $162 $199
Eligible Not Eligible 20-29 Aetna - Retiree +
Copay - Spouse $779 $711
Eligible Eligible 20-29 Aetna- Retiree + 1 $170 $199
Eligible No Spouse 30+ Aetna - Retiree Only $20 $57
Eligible No Spouse 10-19 Aetna - Retiree Only $42 $57
Eligible Eligible 10-19 Aetna - Retiree + 1 $184 $199
Eligible No Spouse 20-29 Aetna - Retiree Only $28 $57
Eligible Not Eligible 30+ Aetna - Retiree +
Copay - Spouse $771 $711
Eligible Not Eligible 10-19 Aetna - Retiree +
Copay - Spouse $793 $711
Not Eligible Not Eligible 10+ Copay - Retiree + 1 $2,752* $2,876*
Not Eligible No Spouse 10+ Copay - Retiree Only $1,251* $1,307*
*Note: If you are not yet Medicare eligible at the time of your retirement, you have a one-time option to cease (opt out of) coverage with an opportunity to re-enroll (opt back into) the plan, provided that the election to re-enroll occurs no later than ninety (90) days after you become eligible for Government Medicare A & B and you provide proof that you had continuous health coverage during the entire opt out period for yourself and any eligible dependents who will now be enrolled. Click for more detailed information on the opt out and re-enrollment provision and frequently asked questions. The Health Insurance Marketplace (healthcare.gov) offers eligible individuals an opportunity to purchase health insurance or see if they qualify for free or low-cost subsidized coverage. COBRA continuation of benefits is also available for 18 months after retirement.
- 2017 Retiree Dental Insurance Premiums:
Coverage
Monthly
Single
55.67
2-Person
102.00
Family
174.20
Vendor Contact Information
Related Information for Retirees
The decision to retire is definitely one of the biggest made in your lifetime. The information contained herein describes your options as a retiree from the University of Maine System (UMS). Board of Trustees policy provides retirement benefits for employees who have 10 years of continuous, regular full-time equivalent service immediately preceding retirement, and who are at least age 55. The following resources are available to aid your decision to retire:
- NEW! Plan your retirement in MaineStreet Employee Self-Service
- Planning for Retirement Frequently Asked Questions
- Retirement Guide for Salaried Employees (PDF) with Checklist
- Retirement Guide for Hourly Employees (PDF) with Checklist
- Partial/Phased Retirement Program (PPRP)
- Incentive Retirement Plan (IRP)
*PPRP and IRP are available only to eligible salaried employees
Eligible faculty and UMPSA unit members who had at least 10 years of full-time equivalent years of service and were at least 62 years old may have been eligible for a Special Retirement Incentive and/or Health Premium Incentive. The deadline for notifying UMS of your intent to retire and elect this incentive was October 20, 2014. Non-represented hourly and salaried employees who had 10 years of full-time equivalent years of service and were at least 62 years old may have been eligible for a Special Retirement Incentive and/or Health Premium Incentive. The deadline for notifying UMS of your intent to retire and elect this incentive was January 15, 2015. https://youtu.be/ESatH-xkf0o
2015 CIGNA OAP Plan Documents:
- CIGNA OAP Quality Incentive Copay Plan Summary
- CIGNA OAP Quality Incentive Copay Summary Plan Description
- CIGNA OAP Choice Plan Summary
- CIGNA OAP Choice Summary Plan Description
UMS medical plans administered by Cigna offer: Less out-of-pocket costs for Quality/UMS Preferred Providers & Hospitals. Your doctor’s practice must have a minimum of 2 ratings of Good, Better or Best to be considered UMS Preferred.
- Preferred Hospital List
- Hospital Tiering Questions & Answers
- $5 Preferred Generic Drugs
- Cigna Preventive Care
- View claims & member details via MyCigna
- Maine Pharmacies offering 90-day supply for 2 co-pays
- Step Therapy for Prescriptions
- Primary Care Provider (PCP) referrals not necessary
- Nationwide network of participating providers
- Urgent Care Centers
- Durable Medical Equipment (DME) Guide
- Diabetic Supply Guide
- Smoking Cessation Coverage
Important Notice: Effective for UMS employees who retire and their last day worked is on or after January 1, 2017 (September 1, 2017 for AFUM), Medicare eligible UMS retirees at the time of retirement or those reaching Medicare eligibility after retirement will pay 20% of their individual monthly health premium and 50% of any applicable dependent monthly health premium.
- 2016 Aetna Medicare Plan PPO Design & Benefits
- 2016 Aetna Medicare Plan PPO Extended Service Area (ESA) Design & Benefits (The Aetna Medicare PPO ESA Plan has an extended service area. This means that Aetna may provide coverage even if you live outside the Aetna Medicare network service area.)
Features:
All Eligible Retirees
Important Notice: Effective for UMS employees who retire and their last day worked is on or after January 1, 2017 (September 1, 2017 for AFUM), Medicare eligible UMS retirees at the time of retirement or those reaching Medicare eligibility after retirement will pay 20% of their individual monthly health premium and 50% of any applicable dependent monthly health premium.
- 2016 Retiree Health Insurance Premium Chart – Retired Jan. 2011 or later
- 2016 Retiree Health Insurance Premium Chart – Retired Before Jan. 2011 (Opting Back In)
The following 2016/2017 monthly medical rate chart represents some of the most common categories of eligibility and coverage for new retirees. See the full Health Premium Chart for other rates.
Retiree Medicare Status | Spouse Medicare Status | Years of Service | Plan & Coverage Level | 2016 Monthly Premium Rate | 2017 Monthly Premium Rate |
|---|---|---|---|---|---|
| Eligible | Eligible | 30+ | Aetna- Retiree + 1 | $162 | $199 |
| Eligible | Not Eligible | 20-29 | Aetna - Retiree + Copay - Spouse | $779 | $711 |
| Eligible | Eligible | 20-29 | Aetna- Retiree + 1 | $170 | $199 |
| Eligible | No Spouse | 30+ | Aetna - Retiree Only | $20 | $57 |
| Eligible | No Spouse | 10-19 | Aetna - Retiree Only | $42 | $57 |
| Eligible | Eligible | 10-19 | Aetna - Retiree + 1 | $184 | $199 |
| Eligible | No Spouse | 20-29 | Aetna - Retiree Only | $28 | $57 |
| Eligible | Not Eligible | 30+ | Aetna - Retiree + Copay - Spouse | $771 | $711 |
| Eligible | Not Eligible | 10-19 | Aetna - Retiree + Copay - Spouse | $793 | $711 |
| Not Eligible | Not Eligible | 10+ | Copay - Retiree + 1 | $2,752* | $2,876* |
| Not Eligible | No Spouse | 10+ | Copay - Retiree Only | $1,251* | $1,307* |
- 2017 Retiree Dental Insurance Premiums:
|
Coverage |
Monthly |
|---|---|
| Single |
55.67 |
| 2-Person |
102.00 |
| Family |
174.20 |
Schedule a Free appointment with a TIAA-CREF Advisor
Contact Us
You can count on support from knowledgeable and responsive staff when you have a benefits question or problem. Just call or send us an e-mail. We’re here to help!
KarlaTammie Ann
Kristen Fred UMS Employee Benefits Center Email: benefits@maine.edu
Toll-Free: 1 (866) 269-9635
Local: (207) 973-3373
Fax: (207) 561-3454
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