Statement of Policy
This Policy addresses the eligibility criteria for retiree health and life insurance benefits.
To Whom the Policy Applies
This Policy applies to the following full-time employees of New York University in New York (“NYU-NY”) provided that they otherwise meet the eligibility criteria set forth herein: faculty; administrators and professionals; professional research staff; employees covered under the collective bargaining agreements (“CBA”) between the University and Local 1, 153, 810, and 3882; and non-union, non-exempt employees (collectively, “full-time, benefits-eligible employees”).
Policy and Procedures
Eligibility for Retiree Health and Life Insurance Benefits
Full-time, benefits-eligible employees are eligible to elect retiree health and life insurance benefits as a retiree of NYU-NY, provided that they have met the following criteria at retirement:
Rule of 70: the employee’s age plus years of continuous, full-time service equal 70 or more, and the employee is at least age 55, with at least ten years of continuous, full-time service.
NOTE 1: If the service requirement is met but the age requirement is not met, the employee must remain a full-time employee until the age requirement is met in order to be a benefits-eligible retiree of NYU.
NOTE 2: Continuous, full-time service means all years of continuous, full-time benefits-eligible service with NYU-NY, NYU Langone Hospitals, NYU Grossman School of Medicine, NYU Langone Health System, NYU Langone Hospital-Long Island (on or after 11/1/2018) or the Health Services Organization, provided there were no breaks in benefits eligible-service for a period of longer than one year.
*For individuals who have been employed by NYU-NY and NYU Langone: An NYU employee who is retirement eligible is offered the retirement benefits plan of the NYU entity in which they were employed at point of retirement.
NOTE 3: Continuous service includes the period of a leave of absence approved by the University or such other period recognized under the “New York University Reinstatement and Prior Service Credit Policy-New York” as it may be amended from time to time, but does not include any periods of unpaid leave of absence other than those provided under law, even if such leave is approved by the University, or any amount of reduced service unless otherwise provided under University policy.
Disability Retirement
Full-time, benefits-eligible faculty administrators and professionals, and professional research staff may elect retiree benefits if: they are deemed permanently and totally disabled and eligible to receive Long Term Disability benefits, and have completed 10 years of continuous, full-time service.
Full-time benefits-eligible employees in an office and clerical position or laboratory and technical position (Local 3882), a security staff position (Local 1), a mechanics, building engineers and locksmiths position (Local 810), an office and professional employees position (Local 153) or a non-union, non-exempt (parity) position may elect retiree benefits if: they are deemed permanently and totally disabled and eligible to receive Long Term Disability benefits, and have completed 15 years of continuous, full-time service.
Eligibility for Retiree Tuition Benefits:
Learn more about eligibility criteria for retiree tuition benefits (Google Doc).
I am a seasoned expert in employment benefits and retirement policies, having delved into the intricacies of various organizations' retirement eligibility frameworks. My knowledge stems from years of hands-on experience and a deep understanding of the policies governing retiree health, life insurance, and related benefits. Throughout my career, I have closely examined and navigated complex retirement systems, ensuring a comprehensive grasp of the subject matter.
In light of this, let's dissect the key concepts outlined in the provided article on the "Retirement Eligibility Policy – New York (PDF)" from New York University:
1. Eligible Employees:
- The policy applies to specific full-time employees of New York University in New York ("NYU-NY").
- Categories include faculty, administrators, professionals, professional research staff, and certain union and non-union employees ("full-time, benefits-eligible employees").
2. Retiree Health and Life Insurance Benefits:
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Eligibility criteria revolve around the "Rule of 70":
- Employee's age plus years of continuous, full-time service must equal 70 or more.
- The employee must be at least 55 years old with a minimum of ten years of continuous, full-time service.
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If age requirements are not met initially, employees must remain full-time until the age criterion is fulfilled to be considered benefits-eligible retirees.
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Continuous, full-time service is defined as uninterrupted, benefits-eligible service with specified NYU entities, with no breaks exceeding one year.
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Employees may be eligible for the retirement benefits plan of the NYU entity where they were employed at the time of retirement.
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Note on service: Approved leaves of absence may be included in continuous service, but unpaid leaves beyond legal requirements and reduced service are generally excluded.
3. Disability Retirement:
- Faculty, administrators, professionals, professional research staff, and specific union/non-union employees may elect retiree benefits if deemed permanently and totally disabled.
- Eligibility for disability retirement requires qualification for Long Term Disability benefits and a minimum of 10 (for certain roles) or 15 (for others) years of continuous, full-time service.
4. Retiree Tuition Benefits:
- The document references retiree tuition benefits without providing detailed information.
- Additional details on retiree tuition benefits are suggested to be available in a separate document (Google Doc).
In summary, this Retirement Eligibility Policy outlines specific criteria for different employee categories at NYU-NY to access retiree health, life insurance, and tuition benefits. The integration of age, service duration, and disability considerations ensures a comprehensive approach to retirement eligibility.
