Retirement Policies

Early Retirement

Employees with 15 years of service at Le Moyne College  (with service credit beginning at age 40) who choose to retire before the age of eligibility for full Medicare benefits receive coverage under the College's standard medical plans at the established College premium subsidy. This benefit is limited to those retirees age 55 or above and is limited to a maximum of 10 years in duration or Medicare eligibility whichever occurs first.

Spouses of retirees with 15 years of service at Le Moyne (with service credit beginning at age 40) who are under the age of eligibility for full Medicare benefits may remain on the College's standard medical plans at the established College premium subsidy. This benefit is limited to a maximum of 10 years from the retiree's retirement date. This benefit is applicable for surviving spouse of faculty members with 15 years of services and decease while in the employ of Le Moyne College.

Group Life insurance is provided at the College's cost for those retiring at or before age 65 and continuing through age 69. Death benefits will be the lesser of 2.5 times the last year's salary before retirement or $50,000.

Normal Retirement

Full-time empoyees who retire from the College with 15 years of service  (with service credit beginning at age 40) and eligible for full Medicare are no longer eligible for coverage under the College's standard medical plans. However, the College currently maintains group coverage for retirees and their spouses. To be eligible, the retiree must have been enrolled in a Le Moyne College sponsored group prior to Medicare eligibility and be enrolled in Parts A and B of the Social Security Medicare program. Le Moyne College will pay 75% of the monthly premium amount for the retiree. The retiree may elect to enroll an eligible spouse at the retirees expense.

Group Dental insurance is available for retirees and spouses at the retiree's expense.

Group Life insurance is provided at the College's cost for those retiring at or before age 65 and continuing through age 69. Death benefits will be the lesser of 2.5 times the last year's salary before retirement or $50,000.

Retirees are offered full participation in College programs, and library services, and access to the Recreation Center, computer facilities, and as resources allow office space. Employees who plan to retire must make written notification of their intent to the President's Office no later than November 1 of the preceding academic year.

Employees retiring beyond the academic year in which they reach age 65 may enroll in the College's group plan, at their own expense.  To be eligible, the retiree must have been enrolled in a Le Moyne College sponsored group prior to Medicare eligibility and enrollment.  The employees may elect to enroll an eligible spouse at the employee's expense.

The College retains the right to modify or terminate these provisions, including the conditions of eligibility, in whole or in part, as experience,costs to the institution, or changes in public policy make necessary.