Grandfathered Retiree I Benefits
Faculty/staff members who are age 55+ and separate from service with 20 or more years of service as of May 31, 2007 are in the Grandfathered Retiree I category.

A retirement insurance application should be submitted to Human Resources within 30 days of the retirement date to be eligible to continue with retiree insurance benefits as noted below.

Insurance Options:

Medical Insurance

Pre-Age 65

Retirees who are under age 65 may choose to continue in their current Baylor Group Medical Plan. The cost of this plan will be specific to the retiree's coverage election, i.e., retiree only, retiree and spouse, retiree and children or retiree and family. The premium rates may be adjusted each year with an effective date of January 1, 20xx and retirees are notified of changes to benefits and/or premiums prior to the new calendar year.

Post-Age 65
Medicare will become your primary medical insurance plan upon retirement and you will receive funding sponsored by Baylor University to help reimburse you for eligible expenses. Baylor University partners with OneExchange, a Towers Watson company, whose licensed benefit advisors and comprehensive knowledge of the Medicare market combine to make them a trusted advisor for our retirees. OneExchange will help you and your spouse (if applicable) choose the health care coverage that matches your medical requirements and budget.

Medicare Part B Premium Benefit
Baylor provides Grandfathered Retirees a subsidy to offset the standard premium cost for Medicare Part B. This additional funding source will be included in your Health Reimbursement Arrangement (HRA) with OneExchange.

If you choose to decline enrollment in health care coverage at age 65+ through OneExchange (i.e., you have military or other source for medical coverage), your Medicare Part B subsidy will be processed with the Baylor payroll office for direct deposit into your personal checking account. A copy of your Medicare ID card should be provided to Human Resources. Upon receipt of a copy of your Medicare ID card noting enrollment in Medicare Part B, HR will request this benefit for you.

The Internal Revenue Service (IRS) has concluded that these types of direct payments may be considered non-taxable if the employer requires an accounting to insure coverage in the benefit for which the reimbursement is being made. Social Security provides a statement entitled 'Your New Benefit Amount' that shows your Social Security benefit and your Medicare Part B deduction amount. The payroll office should receive a copy of this document to allow this payment to be non-taxable.

Click here to learn more about the OneExchange program and Baylor's HRA funding.

Dental Insurance

Retirees may continue on the group dental insurance plan at the full cost of monthly premiums for retiree only, retiree-spouse or retiree-family coverage for as long as the benefit is needed. Upon opting out of the dental benefit or if premiums are not kept current, termination from dental benefit is permanent. You will also have an option for enrollment in a dental plan with OneExchange. Their licensed benefit advisors will provide this information upon request.

Life Insurance

Upon retirement, you may be eligible for reduced term life insurance coverage and Baylor continues to carry this reduced amount with the group at Baylor's expense for the remainder of the retiree's lifetime. Grandfathered retirees, who chose to receive supplemental pay to replace this benefit in 2013, will not be eligible for this reduced term life insurance coverage. All Grandfathered retirees will also have the option to purchase a $5,000 or $10,000 plan with a reduced group rate.

Dependent Life Insurance

Life insurance coverage for dependents is canceled upon the member's retirement.

Long Term Disability Insurance

Long-term disability coverage is automatically canceled at retirement.

Other Insurance

For any other payroll-deducted insurance, i.e., cancer, intensive care, the payroll office will contact the insurance company to request that they begin billing you at your home address. The Accidental Death/Dismemberment coverage (AD&D) provided through Blue Cross is available only for active employees and could not be continued upon retirement.

Surviving Spouse (current)
A surviving spouse who was enrolled in the medical plan as of the faculty/staff's retirement date will continue to have access to the group medical plan for pre-age 65 surviving spouses or the OneExchange program for post-age 65 surviving spouse.

Retirement Income Plan Funds
At retirement, the retiree will receive retirement income based on the accumulation of Baylor's contributions, the retiree's prior contributions (tax deferred annuities) and the earnings and appreciation of such contributions in the retirement fund according to the terms of the Baylor University Retirement Income Plan.

Tuition Remission
No tuition remission benefits are provided to retirees.

Spouses and Children
  1. Current students are able to complete academic degree/certification program in which they are enrolled.
  2. Future students may receive one year of tuition remission for each year of service earned by the official retiree (aggregate of such students' years of tuition remission not to exceed years of service by retiree).


Other Benefits
Retiree and spouse ID card, SLC/recreation facilities, library checkout, dining discount (McMullen-Connally Faculty Center - faculty/executive staff, or SUB - staff), 10% bookstore discount, access to free athletic events, season (discount) tickets for football/basketball games - pending availability, check cashing, parking permit, and electronic mail system with active Bear ID.