Retiring from the University

• Retirement Eligibility

  Regular full-time and regular part-time faculty and staff, with 15 years of continuous employment at Bucknell University following the later of a) attainment of age 47 or b) hire date by Bucknell University in a regular full-time or part-time benefits-eligible position are eligible for retirement benefits. The number of consecutive years worked at Bucknell University, in a regular full-time or part-time benefits-eligible position, immediately preceding the staff member’s retirement date is used to determine retirement eligibility.

  • Example 1. A staff member hired at the age of 36 is not eligible to begin counting their years of employment for retirement purposes until they reach age 47. At the age of 47, they begin accruing time toward retirement. If they attain 15 consecutive years of employment after the age of 47, they can retire at the age of 62.

  • Example 2. A staff member hired at the age of 50 immediately begins counting their years of employment for retirement purposes. After 15 consecutive years of employment, they can retire at the age of 65.

  • Example 3. A staff member hired at the age of 36 works 15 years and leaves for another job opportunity at the age of 51. They are rehired by the University at the age of 53. They have to work 15 consecutive years after being rehired in order to be eligible for retirement benefits. The break in service negates the 4 years of employment after they reached age 47, as the 15 year service requirement has to be consecutive.

   

• Health Care Benefits

  University subsidized health care is available to our retirees, their spouse/spousal equivalents, and their eligible dependents. The offerings vary depending on Medicare eligibility. Availability is in effect for the retiree for the remainder of his/her lifetime. If the retiree dies, previously covered dependents and surviving spouse/spousal equivalent will continue to be eligible during their lifetime (unless they become eligible for coverage under another health insurance plan, age out of eligibility, or the surviving spouse/spousal equivalent remarries).

  • Medicare-Eligible Retirees - Retirees and dependents eligible for Medicare have access to additional medical and prescription drug coverage through Highmark.   
  • Pre-65 Retirees - Retirees and dependents not yet eligible for Medicare have access to the CDHP (without employer HSA contributions), HMO, and PPO plans available to active faculty and staff. 

  Upon retirement, if one member of the family is eligible for Medicare and the others are not, the Medicare-eligible member is offered Medicare coordinating plans and the remainder of the family remains on the Pre-65 retiree plan until eligible for Medicare.

   

• Other Health Care Benefits

  The University does not offer dental, vision, life insurance, or LTD coverage to our retiree population.  You do have the option of continuing dental and/or vision insurance plans for an additional 18 months after retirement, under COBRA.

   

• Retirement Plan Distributions

  You will need to reach out to the applicable provider in advance of your retirement, to determine your options regarding the distribution of your retirement plans.

  • TIAA - 800-842-2776
  • Fidelity - 800-544-4774
  • Talcott (previously Hartford) - 800-678-2282 (ext. *8 will bypass the menu)

   

• Accrued Time Payments

  Staff are paid out for up to a maximum of 33 days of unused vacation time and unused floating holiday time at retirement. In addition, regular full-time and regular part-time non-exempt staff members can be paid for accumulated sick time at the time of retirement, according to the following schedule.

  Sick Time Accrued	Payout
  Up to 60 accumulated days	The exact number of days
  From 61 to 130 accumulated days	One day for every six sick days
  Over 130 accumulated sick days	One day for every four days

  This payment is included in the final pay due to the staff member.

   

• Health Advocate Program

  Don't forget about your Personal Health Advocate — If you have additional questions about Medicare services, claims issues, finding best in class doctors, making appointments, finding community resources, etc., don't forget you have a Personal Health Advocate waiting to assist you. Health Advocate can be reached at 1-866-799-2728. You will be assigned a Personal Health Advocate, and will deal directly with that person all the way through the process, no talking to a different person every time you call! You can even authorize them to deal directly with the provider and the insurance company, to resolve your issues.

   

• ID Card and Parking

  Retirees retain their faculty/staff ID cards. University access (such as sporting events, Library privileges, etc.), charge privileges, and discounts that are available to active faculty and staff are also available to retirees with their faculty/staff ID cards. Retirees also retain their parking decals.

   

• Continuing Education

  As a retiree; you, your spouse/spousal equivalent, and/or children under the age of 24 (see Tuition section for complete eligibility) continue to have access to the tuition benefits you were eligible for as an active faculty/staff member. For retirees and their spouse/spousal equivalents, courses at the University can be taken for credit or audited.

  The Institute for Lifelong Learning welcomes you to a program that provides a broad range of educational and intellectual opportunities to mature learners in the central Susquehanna community.