What Steps do I Take to Retire from the LIU?

Retirement Q & A

  • What is retirement?

    Retirement is the act of leaving one’s job, career, or occupation permanently.  

     What steps do I need to take in order to retire from the Lincoln Intermediate Unit?

    Vacation/Personal Days

         Any vacation or personal days remaining at the time of retirement will be paid out in your final paycheck. Questions regarding

         vacation and/or personal day pay out should be directed to the Payroll Department by calling (717) 624-6424.

    Sick Days 

    Please refer to your respective collective bargaining agreement which outlines sick day reimbursement procedures. Eligible sick day reimbursement will be contributed into a 403(b) tax sheltered annuity account. Questions regarding sick day reimbursement should be directed to the LIU Business Office by calling (717) 624-6439. 

     LIUEA                                                                

    - Must be eligible to receive a retirement annuity from PSERS

    - Must have served 5 years with the LIU immediately preceding retirement  

    - Eligible for reimbursement of unused sick days at the rate of $60 per day up to a maximum of 79 days.                                 

    ESPA

    - Must be eligible to receive a retirement annuity from PSERS

    - Must be eligible for sick leave in position held at time of retirement

    - Must have served 10 years with the LIU immediately preceding retirement

    - Eligible for reimbursement of unused sick days at the rate of 70% of his/her daily rate (but not more than $60 per day) to a total maximum of $4000.      

    If I do not have a 403(b) account, how do I establish one?

    Contact the LIU Business Office by calling (717) 624-6439 to request a listing of authorized agents.  Please leave a message with your name and contact information.

    Life Insurance – does it continue after I retire?

    Life insurance under the Lincoln Intermediate Unit group plan terminates as of your last day of employment.  You may contact Ms. Holly King by calling (717) 849-4931, of the Gladfelter Agency, if you desire to convert to an individual policy. 

    Disability Income Protection – does it continue after I retire?

    Disability Income Protection under the Lincoln Intermediate Unit group plan terminates as of your last day of employment.

    How does retiree health insurance work and what does it cost?

    Please refer to your respective collecting bargaining agreement.  Questions regarding retirement health plan benefits can be directed to the Benefits Analyst by calling (717) 624-6441. 

    • Insurance ends the last day of the month you retire.  *188 or 200 day employees who complete the school year in full will be covered by insurance through the last day of August.  This DOES NOT include those on the stretch schedule.
    • You may be eligible to purchase LIU medical and/or dental and vision insurance until the age of 65. After 65, you can purchase dental and vision only.  Election of coverage can be changed every year during open enrollment.  Spouses can stay on insurance as long as he/she was on at time of retirement and is not Medicare eligible.
    • You can purchase HOP (Health Options Program) medical insurance from PSERS (1-800-773-7725) or you can purchase medical insurance elsewhere.
    • 2018.2019 School Year Retiree Monthly Insurance Premiums for Eligible Retirees*:  

     

    EmployeeOnly

    Employee & Child     

    Employee & Children

    Employee & Spouse

    Family

    LIUEA/ACT 93

     

     

     

       

    Medical

    $ 806.00

    $ 1209.00

    $ 1692.00

    $1773.00

    $2337.00

    Dental

    $ 31.68

    $ 76.03

    $89.34

    $76.03

    $89.34

    Vision

    $ 4.59

    $ 9.18

    $ 11.93

    $9.18

    $11.93

    ESPA 

     

     

     

     

     

    Medical

    $ 839.00 $ 1260.00 $ 1763.00 $1847.00 $2435.00

    Dental

    $ 31.68 $ 76.03 $ 89.34 $76.03 $89.34

    Vision

    $ 4.59 $ 9.18 $ 11.93 $9.18 $11.93

                           *Estimates only.  Final rates will be provided to eligible retirees based upon current premiums and eligiblity.                                                                                          

    PSERS Premium Assistance (1-866-483-5509)

         You may be eligible for Premium Assistance if you are a retiree who meets one of the following requirements:

    • You have at least 24.5 years of credited service regardless of age, or
    • You terminate school employment and retire at or after reaching age 62 with at least 15 years of credited service, or
    • You are receiving a disability retirement benefit from PSERS

         Even if you meet the eligibility requirements, you cannot receive Premium Assistance if you do not choose a medical plan

         offered through HOP or if you do not continue to participate in your former school employer’s plan. 

    PSERS suggests five steps to help facilitate the retirement process:

    • Attend a Foundations for Your Future Program offered by PSERS
    • Request an estimate of your benefits (PSRS-151 form)
    • Schedule an Exit Counseling Session
    • Attend your Exit Counseling Session
    • Submit your completed Application for Retirement to PSERS

    PSERS Normal Retirement (Superannuation) for Class T-C and Class T-D members:

    • 35 years of service – any age
    • 30 years of service – age 60
    • 1 year of service - age 62

    What about Social Security?  Am I eligible?

         Contact Social Security Administration (www.socialsecurity.gov)

    What if my address changes after retiring?

         Please notify in writing the LIU Human Resources office as well as PSERS of any change of address.