- Health and Dental Insurance
If you are a member of the Samford University Health and Dental Plans at the time of your retirement and are under 65 years of age you may continue your coverage as a retiree. You will pay the current premium for retired employees which will be due upon the first of each month. You can continue coverage under the plan until you reach the age of 65.
Your spouse and dependent children may also continue coverage under the plan provided your spouse and/or dependent children were covered under your plan at the time of you retirement. Your spouse can continue coverage until he/she turns 65. Your dependent child(ren) under the age of 19 or under the age of 26 (if a full time student) who was covered under the plan at the time of your retirement may also continue coverage under the plan until he/she no longer meets the requirements of a dependent.
- Life Insurance
As a full time employee of Samford University you are eligible to receive a Group Term Life benefit in the amount of two and one-half times your salary. This benefit is paid by the University. This amount reduces 35% if you are still actively employed at age 65. As a retiree of Samford University, you will be eligible to continue to receive a portion of this Group Term Life benefit. This benefit will continue to be paid for by the University. The amount of the benefit will depend upon your age and salary at the time of your retirement. The benefit will be determined as follows:
- The amount of the Life Insurance benefit will be calculated using the following formula: Basic Group Life Benefit Prior to Retirement x 0.10.
- Pension Plan
- To apply for your monthly pension benefit, you must first request a pension estimate. This should be done at least 30 days prior to retirement, and can be requested up to 90 days prior to retirement. Also at this time, you will need to notify your direct supervisor or department head of your intentions to retire. Once the pension estimate has been received, you will be contacted by Human Resources to set up an appointment to complete your pension paperwork. Your pension benefit will be paid the first of the month following your retirement date. The benefit will continue to be paid on the first of each month thereafter. You may elect to have your monthly benefit direct deposited to your bank account, or mailed to your home address.
- Employee Tuition Benefit
Retirees with 15 or more years of service, who were eligible for ETB prior to retirement are permitted to audit or take for credit undergraduate and graduate courses as long as there are sufficient non-employee students in the class. This benefit applies to full time and part time undergraduate and graduate studies through the attainment of one bachelor's degree and one master's degree utilizing the University's Employee Tuition Benefit. It does not apply to room, meals, books, special course fees, or any other charges other than tuition as established by the Board of Trustees.
The ETB is also available to your spouse and dependent children upon your retirement if you were eligible for the benefit prior to retirement and if you retire with 15 or more years of service. The benefit applies to full-time and part-time undergraduate studies through the attainment of one bachelor's degree. It does not apply to room, meals, books, special course fees, or any other charges other than tuition as established by the Board of Trustees.
- Flex Spending Account
- If you were participating in the health care spending account or the dependent care spending account, your enrollment will continue until the end of the month in which you retire. You may choose to continue contributions to the account by enrolling in Cobra coverage. However, be advised that these deductions will no longer be made with pre-tax payroll deductions. If you have questions concerning your flex spending account, please Blue Cross and Blue Shield of Alabama at 1-800-292-8868.
- Tax Deferred Annuities
If you participated in the tax deferred annuities, you will need to contact your TDA provider for instructions on your payment options. The contact numbers for the providers are as follows:
- TIAA-CREF: 800-842-2776 Monday – Friday from 8am to 10pm and Saturday 9am to 6pm EST
- AIG-VALIC: 1-800-248-2542
- Fidelity Investments: 1-800-343-0860, Monday - Friday 8am to midnight EST
- GuideStone: 1-888-984-8433 Monday – Friday 7am to 6pm CST
- Merril Lynch: 1-800-637-7455
- Insurance Investors: 205-933-2920
- Vacation Time
- Unused vacation will not be paid out upon retirement from Samford.
- Sick and Personal Time
- Sick and personal time will not be paid out upon retirement from Samford.
- Other Benefits
As a retiree you will be eligible for the following benefits:
- You will be allowed to keep your Samford email address
- You can continue to eat in the cafeteria at the employee rate, for example, $2.00 on Fridays
- You will be eligible to receive free tickets to the Athletic and Theater Events
- Learn more about information regarding retiree library privileges.
- In order to park in Faculty/Staff parking lots, temporary parking passes will need to be issued to you from the Department of Transportation Services. To obtain a pass, please contact Cindy Haile at 205-726-4146 or send her an email to email@example.com.
- You may go by Public Safety to obtain a Retiree ID badge.