Are you considering retirement? Do you have questions about your retirement benefits? Do you qualify for early retirement? The information on this page may help answer your questions.
To get started, you will need to know the name of the University retirement plan in which you are enrolled.* Then, simply click on the links below to learn the necessary steps you should take to begin receiving retirement benefits and make arrangements for continued coverage under other benefit plans.
*If you are do not know the name of the retirement plan in which you are participating, please contact HR-Benefits at 305-284-3004 or complete the online inquiry form at www.miami.edu/benefits/ask.
Retirement Qualifications
Claim Your Retirement Benefit
Health Care
Voluntary Benefits
FACULTY RETIREMENT PLAN (FRP)
You qualify to begin receiving your FRP benefit if you separate from service and meet one of the following criteria:
a. You are at least age 55 and have completed 10 or more years of service
b. You meet the Rule of 70 (age at separation from service plus years of service equals or exceeds 70)
c. You are 65 years of age or older
RETIREMENT SAVINGS PLAN (RSP)
You qualify to begin receiving your FRP benefit if you separate from service and meet one of the following criteria:
a. You are at least age 55 and have completed 10 or more years of service
b. You meet the Rule of 70 (age at separation from service, plus years of service, equals or exceeds 70)
c. You are at least 65 years of age
NOTE: Your voluntary contributions and the University’s matching contributions are immediately 100% vested. The University’s core contributions are 100% vested after three years of vesting service (minimum of 1,000 work hours per year). If you have not completed three years of vesting service at the time of separation, you will lose the funds in the core contributions account.
EMPLOYEES’ RETIREMENT PLAN (ERP)
You qualify to begin receiving your FRP benefit if you separate from service and meet one of the following criteria:
a. You are at least age 55 and have completed 10 or more years of service*
b. You meet the Rule of 70 (age at separation from service plus years of service equals or exceeds 70)*
c. You have reached your Normal Retirement Date (June 1 following your 65th birthday or 5th year of plan participation, whichever is later).
*If you begin receiving your benefit earlier than your Normal Retirement Date, your benefit will be reduced to reflect early commencement.
FACULTY RETIREMENT PLAN (FRP)
To claim your plan benefit, please contact the investment company(ies) in which you have retirement assets. Your investment company will provide details as to how these assets can be distributed.
If you transferred from the Employees’ Retirement Plan (ERP) to the Faculty Retirement Plan (FRP) in 1980, you have a benefit in your previous plan. Please refer to the information provided under Employees’ Retirement Plan (ERP) below to claim your benefit.
Upon receipt of the retirement calculation request form, HR-Benefits will calculate your benefit and send a retirement package to you within 4 – 6 weeks. This package will include information about your estimated monthly retirement benefit, distribution options, retirement benefit application, and other documents that should be completed and returned in order for your request to be processed.
RETIREMENT SAVINGS PLAN (RSP)
To claim your plan benefit, please contact the investment company(ies) in which you have retirement assets. Your investment company will provide details as to how these assets can be distributed.
If you transferred from the Employees’ Retirement Plan (ERP) to the Retirement Savings Plan (RSP), you have a benefit in your previous plan. Please refer to the information provided under Employees’ Retirement Plan (ERP) below to claim your benefit.
EMPLOYEES’ RETIREMENT PLAN (ERP)
To claim your plan benefit, please complete the Retirement Calculation Request Form at least three months prior to the date you plan to retire.
Upon receipt of the retirement calculation request form, HR-Benefits will calculate your benefit and send a retirement package to you within 4 – 6 weeks. This package will include information about your estimated monthly retirement benefit, distribution options, retirement benefit application, and other documents that should be completed and returned in order for your request to be processed.
RETIRING PRIOR TO AGE 65
If you qualify for early retirement (retiring prior to age 65), you may keep your current medical and dental coverage.
For information about premiums, please click on the links below.
Medical Premiums for Retirees
Dental Premiums for Retirees
For additional information regarding health care coverage, please contact HR-Benefits at 305-284-3004.
RETIRING AT AGE 65 OR OLDER
If you are retiring at age 65 or older you will need to apply for health care coverage under Medicare. For application information please contact the Social Security Administration office at 1-800-772-1213. After applying with the Social Security Administration, you will receive a form related to health care coverage under the University’s healthcare program. This form must be forwarded to HR-Benefits for final processing.
Please send the Medicare form:
• Via fax at 305-284-4568
• Via email at benefitsmessages@miami.edu
• Via U.S. mail at HR-Benefits, P.O. Box 248106, Coral Gables, Florida 33124-2902
If you would like to convert your basic life insurance, voluntary excess life insurance, voluntary accidental death and dismemberment, and/or long term care coverage to individual policies, please contact HR-Benefits at 305-284-3004.
