Retiring from Princeton
Eligibility
You can leave the University as a retiree and receive retiree benefits if you are a benefits-eligible employee and meet one of the following two conditions:
- Hired on or before December 31, 2002, and
- are age 55 and
- have at least 10 years of service as a benefits-eligible employee.
- Hired or rehired, or became newly eligible for benefits, on or after January 1, 2003, and
- are at least age 55 and
- have at least 10 years of service as a benefits-eligible employee and
- meet the “rule of 75” where age plus service equals 75 .
For example, if you were hired after January 1, 2003, and are age 55 with ten years of service as a benefits-eligible employee, you would have earned 65 points. This is 10 points less than the 75 points needed to receive retiree benefits. However, if you are 65 with 10 years of service as a benefits-eligible employee, you would have 75 points and would be eligible for retiree benefits.
Enrollment
If you meet the University’s age and service requirements and choose to retire, you are eligible to enroll yourself and eligible dependents in retiree health (medical, dental and vision) insurance coverage provided you:
- enroll within 31 days from your date of retirement
- enroll your eligible dependents at the time you enroll
- pay your premiums on time
Enrolling within 31 days from the date of your retirement is your only window to enroll in Princeton’s retiree insurance plans. If you do not enroll yourself and/or your eligible dependents in a medical plan available to you at the time you retire, you cannot enroll or enroll your eligible dependents at a later date.
In addition, delinquent payments or nonpayments of applicable premiums will result in the termination of your coverage.
You can count on support from knowledgeable and responsive HR staff when you have a benefits question or problem. Just call or e-mail us. We’re here to help!
While the University intends to continue each of the benefit plans, the University reserves the right to terminate or amend any plan, at any time, and for any reason.