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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:

*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.

Announcements

Health Insurance for Non-Medicare Eligible Retirees

Health Insurance for Medicare-Eligible Retirees

Retirement Dental Insurance Plan

Premium Rates

The following 2015 monthly medical rate chart represents some of the most common categories of eligibility and coverage. See the full Health Premium Chart for other rates.

Retiree Medicare Status
Spouse Medicare Status
Years of Service
Plan & Coverage Level
2015 Monthly Premium Rate
EligibleEligible30+Aetna- Retiree + 1$162
EligibleNot Eligible20-29Aetna - Retiree +
Copay - Spouse
$640
EligibleEligible20-29Aetna- Retiree + 1$170
EligibleNo Spouse30+Aetna - Retiree Only$20
EligibleNo Spouse10-19Aetna - Retiree Only$42
EligibleEligible10-19Aetna - Retiree + 1$184
EligibleNo Spouse20-29Aetna - Retiree Only$28
EligibleNot Eligible30+Aetna - Retiree +
Copay - Spouse
$632
EligibleNot Eligible10-19Aetna - Retiree +
Copay - Spouse
$654
Not EligibleNot Eligible10+Copay - Retiree + 1$2,244*
Not EligibleNo Spouse10+Copay - Retiree Only$1,020*

*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.

  • 2015 Retiree Dental Insurance Premiums:

Coverage

Monthly

Single

55.67

2-Person

102.00

Family

174.20

Vendor Contact Information

  • Aetna                            1-888-267-2637
  • Cigna                          1-800-244-6224
  • Medicare                   1-800-633-4227
  • EBPA                           1-800-258-7298 x 4537
  • COBRA                         1-410-438-7100

Related Information for Retirees

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! 

Fred
Karla
Tammie
April

 
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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