Benefits During Phased Retirement
If you're a faculty member with a phased retirement contract, your retirement must be effective at the beginning of your contract for benefits purposes. For information about eligibility, enrollment and billing for the university's retiree insurance, review retiree benefits info. You aren't eligible to contribute to the TRS or ORP retirement programs due to your retired status, but you are eligible to contribute to the UTSaver Supplemental Retirement Programs as a retiree.
If you're age 65 or older and your phased retirement contract provides for appointment at 50% time for each fall and spring semester during the contract period, you don't need to enroll in Medicare Part B. When your phased retirement ends, you must enroll in Medicare Part B. At that time, Medicare Part B will become your primary insurance, and your university medical insurance will become your secondary insurance. Contact the Social Security Administration to enroll in Medicare Part B and request forms CMS-40B and CMS-L564 to avoid a penalty for late enrollment. HRSC will complete CMS-L564 for you.
If you're age 65 or older and your phased retirement contract provides for appointment at less than 50% time for any fall or spring semester during the contract period, then you must enroll in Medicare Part B effective at the beginning of your phased-retirement contract. Medicare Part B will be your primary insurance for any semester in which you are appointed for less than 50% time, and your university medical insurance will be your secondary insurance. The university medical insurance will be primary during the semesters that you're appointed for 50% or more time.
Phased Retirement Contracts
For questions regarding phased retirement contracts, contact:Renee Wallace
Associate Vice President
Office of the Executive Vice President and Provost