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Purdue University Executive Memoranda Master Listing

PURDUE UNIVERSITY
OFFICE OF THE PRESIDENT
EXECUTIVE MEMORANDUM NO. B-23

October 31, 1973

To: Deans, Directors and Heads of Schools, Divisions, Departments, and Offices

Re: Group Insurance for Early Retirees


At its meeting on 13 September 1973, the Board of Trustees approved a change in the group insurance program to permit persons who retire early and who qualify as official University retirees as defined in Executive Memorandum No. A-303 to continue participation in the insurance program.

As set forth in Executive Memorandum No. A-303, an early retiree is defined as a person who ceases employment with Purdue University after having been a participant in one of the retirement plans (TLAA, PERF, or Civil Service), who is eligible to receive benefits from one of these retirement plans, and who meets one of the following conditions at termination of employment:

  1. Age 62 or more with fifteen years or more of continuous employment immediately prior to retirement.

  2. Less than age 62 if the reason for termination is disability, if the person is eligible for disability income from the University group insurance program and/or from PERF, and if he has fifteen or more years of employment immediately prior to termination.

Persons who retire on or after 13 September 1973 and who qualify above may continue their coverage under the Medical Security Plan and/or Life Insurance Plan by paying the full premium cost. The University will absorb the cost of administration. (Note: For persons who retire because of disability, the life insurance premium is waived if certain insurance policy requirements are met.)

The group coverage may be continued to the end of the month prior to the month in which the retiree reaches age 65 - the date at which federal Medicare coverage normally begins. In the event the retiree qualifies for Medicare prior to age 65, the coverage of the University Medical Security Plan will terminate at that time.

Questions regarding extension of the group insurance to early retirees should be referred to the Department of Staff Benefits and Payroll.

Arthur G. Hansen
President