A full-time member of the faculty or professional staff who meets the College’s definition of a benefits-eligible retiree upon retirement is eligible for life insurance coverage during retirement.
The value of the College-paid life insurance coverage will be 25% (to a maximum of $25,000) of:
The value immediately preceding retirement; or
The value if a retiring faculty member’s salary had not been reduced based on participation in the Phased Retirement Program or Pre-retirement Leave of Absence Program; or
The value immediately prior to reaching age 75, whichever is greater.
Retirees have the option of converting the difference between their life insurance coverage level as an active employee and their coverage level upon retirement to an individual policy. If interested, please contact The Standard’s Continued Benefit team at 1-800-378-4668. You have 31 days from the date that you retire to return a completed application and payment. If the application and payment is not received within the 31 days, you lose this opportunity.