The Phased Retirement Program has been designed by the Office of Human Resources to provide eligible full-time faculty members a vehicle to continue contributing to NSU's shared Mission and Vision on a part-time basis while they transition to retirement. The program will provide approved faculty members with a unique opportunity to share their invaluable institutional knowledge and experience with the next generation of academicians.
College participation in the Phased Retirement Program (PRP) is determined at the discretion of the Dean and subject to the academic and operational objectives of the College.
An eligible faculty member is defined as any full-time faculty member or full-time administrative faculty member with continuing contract track, continuing contract appointment, or in the College of Law, a vested contract, tenure track, or tenured appointment with a minimum age of 55 years and at least 10 years of full-time service at NSU.
Full-time service is determined by combined full-time service at NSU in faculty, full-time faculty, administrative faculty* and non-faculty staff positions from the most recent date of hire.
Faculty on approved family medical leave, short term disability, sabbatical or discretionary leave of absence and who satisfy the eligibility criteria are eligible to apply for the Phased Retirement Program.
*Note: Administrative faculty must relinquish administrative duties and fulfill a course load assignment during the phased retirement period.
Applications for the PRP may be submitted from January 15 to March 1.
A completed and signed Application Form and Reduced Workload Worksheet must be submitted to the Dean of the College before 5:00 pm on March 1.
Late applications will not be accepted and can be submitted for consideration during the next annual application period.
Application Forms will be reviewed by the Dean and, and if recommended, submitted for approval to the Provost and President.
Criteria for approval include but are not limited to:
Notifications of approved applications will be made no later than April 1.
Once approved, faculty members will have three (3) calendar days following the date of their approval to revoke the application. Notification of revocation must be hand delivered or sent via your nova.edu email address by the 3rd day to the Dean of the College. If this option is not exercised, the application becomes irrevocable on day four (4) and may not be modified or revoked thereafter. If revoked, the University will have no obligation to provide a reduced teaching load or any other benefits available under the PRP.
You may elect one or two years as your phased retirement period. Commencing with the fall semester following the application approval your workload will be reduced to 50% of the college's full-time teaching load. You will receive 55% of your regular full-time base salary (i.e., "regular earnings" as shown on you pay statement at the time of entry into the PRP). Stipends, overload payments or other special payments are not considered part of a faculty member's base salary.
Following approval, a new faculty appointment letter will be issued and include confirmation of the following:
You will retain your faculty rank, but the duration of your faculty contract will coincide with the end of your PRP period.
If you are enrolled in an NSU medical insurance plan when you enter the PRP you may continue your medical coverage as usual through the phased retirement period and the University will reduce your premium contribution by 45% to offset the reduction in your salary. During the phased retirement period, coverage changes can be made during the University’s annual open enrollment or mid-year should you experience a qualified status change.
University HRA contributions will continue as usual during the phased retirement period.
If you are not enrolled in an NSU Medical Plan upon entry into the PRP you may elect medical coverage during the University’s annual open enrollment period or if you experience a qualified status change as defined by IRS Section 125 rules.
Employee Flexible Spending Account contributions continue as usual during the phased retirement period.
Participants may continue their dental and/or vision plan insurance during the phased retirement period as if they were employed full-time.
Participants are eligible to contribute to NSU’s Defined Contribution 401(k) Retirement Plan, and are eligible for the University’s matching contributions during the phased retirement period. The University contribution will be calculated on the reduced salary.
Participants will also have enhanced access to retirement savings through in-service distributions, subject to the terms of the Plan and statutory rules. Financial Advisors from VALIC and TIAA are available for one-on-one meetings to discuss income options available with faculty as they prepare for full retirement. We encourage participating faculty to take advantage of this free service and meet with an advisor. Call to make an appointment: TIAA @ 1-800-842-2252 and VALIC @ 1-800-448-2542.
Basic life insurance and accidental death coverage will continue during the phased retirement period. The life insurance coverage amount is $75,000. This benefit amount will reduce by 50%, to $37,500, at age 70.
Supplemental life insurance will continue for participants at current coverage levels, subject to salary reduction provisions found in the current in-force policy. It will not be possible to increase the amount of supplemental life insurance during the phased retirement period.
Eligibility for Long Term Disability and the University sponsored Short Term Disability Program will continue during the phased retirement period. Benefits will be calculated based upon the reduced salary.
AFLAC Supplemental Insurance and LegalShield/IDShield elections will continue as usual for participants during the phased retirement period.
The tuition waiver benefit is available during the phased retirement period.
Continued accrual of vacation and sick leave will be based upon the reduced schedule. Accrued time will be available for use during your phased retirement period.
There are two retiree plans available to eligible participants who are covered by an ICUBA plan on their retirement date.
Eligibility for the ICUBA Retiree Medical Plan requires that participants are at least 55 years of age, that they be enrolled in an ICUBA plan 3 months immediately prior to retirement, and have provided a minimum of 5 full-time years of service with NSU in a faculty, administrative faculty and non-faculty staff position and requires a combination of age and service equal to or greater than 65.
Example: If you are 55 years old and have 10 years of continuous service with NSU (55 + 10 = 65) you meet the ICUBA eligibility requirements.
If an employee and/or family member should decline to elect an ICUBA/NSU Retiree Health Plan after separation, they will not be able to enroll at a later.
While retiree insurance allows for the continuation of medical coverage, it is not uninterrupted. Participants have 30 days from their retirement date to enroll in a retiree plan, and 60 days from their retirement date to make the initial premium payment. Therefore, it is important to enroll in the retiree plan and pay the first premium as soon as possible after the offer is received to minimize coverage interruption. Once the first retiree premium is paid, healthcare coverage is reinstated retroactively from the retirement date. Claims for expenses incurred before coverage is reinstated may be submitted for reimbursement.Program participants:
Call the Social Security office at 1-800-772-1213 or visit the local Social Security office for answers to your questions about eligibility for Medicare Part A or Part B, or applying for Medicare or visit www.medicare.gov for more information.
SHINE (Serving Health Insurance Needs of Elders) is a free program offered by the Florida Department of Elder Affairs and your local Area Agency on Aging. Specially trained volunteers can assist you with your Medicare, Medicaid, and health insurance questions by providing one-on-one counseling and information. SHINE services are free, unbiased, and confidential.
Contact the SHINE Program to setup an appointment and find out more information by calling 1-800-963-5337, TDD/TTY 1-800-955-8770, or emailing email@example.com.
Participants (and their covered dependents) who are not eligible for, or do not wish to enroll in an ICUBA Retiree Health Plan may continue their coverage under the provisions of The Consolidated Omnibus Budget Reconciliation Act (COBRA) for up 18 months. While COBRA allows for continuous health care coverage, it is not uninterrupted.Participants have 60 days from the employment separation date or from the date on the COBRA offer letter (which ever date is later) in which to elect COBRA coverage. From the COBRA election date participants have an additional 45 days to pay the first premium. Therefore, it is important to enroll in COBRA and pay the first premium as soon as possible after the offer is received to minimize coverage interruption. Once the first COBRA premium is paid, healthcare coverage is reinstated retroactively from the employment separation date. Claims for expenses incurred before coverage is reinstated may be submitted for reimbursement.Note: All participants will receive COBRA offer letters as required under the COBRA regulations. When COBRA coverage is elected, participants may not subsequently elect an ICUBA retiree plan.Program Participants:
Access to Health Reimbursement Accounts may continue for faculty who have participated for a minimum of 36 months and are vested in their accounts. A monthly administrative fee of $10.60 will be charged and HRA dollars may be used to pay for retiree premiums.
Flexible Spending Accounts do not continue into retirement under any of the ICUBA Retiree Plans. However, FSA continuation may be elected under COBRA. It is important to note, however, that where this election is made, individual FSA contributions must continue according to the in-force FSA election on a post-tax basis.
At the conclusion of the phased retirement period, dental and/or vision plan coverage for you and your covered dependents, if any, may be continued as a retiree or under COBRA regulations.
Basic and supplemental life insurance may be converted to an individual plan. However, the conversion must be requested within 30 calendar days from the retirement date so it is important to explore this decision before retirement. For conversion information, rates and options, please contact the carrier, Reliance Standard Life Insurance Company. The Customer Care Center can be reached by calling 800-351-7500. The policy holder name is Nova Southeastern University, and the policy number is GL 152576.
Eligibility for the NSU Short Term Disability program and Long Term Disability/Accidental Death will not continue into retirement.
Voluntary benefits such as the AFLAC and LegalShield plans are individual plans and can be converted to a direct invoice option. For further information about these plans and your conversion options please contact the plan representatives directly using the contact information below.
AFLAC Supplemental Plans
The tuition waiver benefit will end at the time of retirement.
At retirement, accrued vacation days that have not been used will be paid out according to NSU policy.
Pursuant to NSU policy, your accrued but unused sick leave time will not be paid out at the time of retirement.