Benefits During Phased Retirement

Overview

While participating in the Faculty Phased Retirement Plan, faculty members are eligible for the same benefits as during their full faculty engagement. Following are details on benefit programs. 

Health/Dental/Vision/Flexible Spending Accounts

Eligibility for health, dental, and vision insurance plans and flexible spending accounts remains the same during phased retirement.  Contributions are based on full-time equivalent salary during the second and third years of phased retirement.

Yale University Retirement Savings Plans

Eligible faculty may continue to participate in the Yale University Retirement Account Plan (YURAP) or the Tax-Deferred 403(b) Savings Plan. YURAP contributions and match will be based on the actual salary earned in the year (i.e. 100% salary the first year, 75% the second, and 50% the third). Any participant over age 59½ has access to funds they contributed and earnings on those contributions.

457(b) Deferred Compensation Plan

Eligible faculty may contribute to the 457(b) plan during phased retirement.

Life Insurance and Long-Term Disability

Coverage and contributions are based on the actual salary during each year of phased retirement.

Scholarship for Sons and Daughters

Eligibility for this benefit continues during phased retirement and into retirement.

Homebuyer Program

Guidelines for eligibility and participation in this program remain the same during phased retirement and into retirement.  New applications will not be accepted after full retirement.

MedEx

During phased retirement, faculty continue to be eligible for emergency medical, security and travel assistance services through MedEx.

Social Security and Medicare

Faculty may apply for Social Security retirement benefits while on phased retirement by visiting www.socialsecurity.gov/applyforbenefits. Faculty are advised to apply for benefits approximately three months before the date on which they wish to begin receiving benefits. For the Social Security benefit calculator, visit www.socialsecurity.gov/estimator.

Financial Planning Support

The university offers expanded and local support through TIAA-CREF for all faculty members eligible for the Faculty Phased Retirement Plan, eligible faculty members are not required to hold an existing TIAA-CREF account to receive this free and comprehensive financial planning support. 

Faculty members may contact TIAA-CREF to discuss retirement and financial planning by calling 203.281.2400.

Faculty with Vanguard plans may also contact a counselor for a free consultation by calling 610-669-7927.

For general questions, faculty may also contact a faculty retirement counselor at 203-436-5193 for further assistance with available retirement and financial planning support.