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The USC Emeriti Center, in collaboration with the Staff Retirement Association and the Retired Faculty Association, is pleased to offer this summary list of questions and answers that USC faculty and staff might have as they think about the possibility of retirement. Additional questions can always be addressed by e-mailing emeriti@usc.edu.
1. Is there a process to follow when I decide that I might want to consider retirement in the foreseeable future? Yes. First, contact your Home Department Coordinator and begin to explore the options that might be available to you. Next, contact the Benefits Office to ask pertinent questions about your benefits and how they will "transition" into retirement. You may reach the Benefits Office by calling 213-740-6027 or e-mailing benefits@usc.edu. Next, contact the USC Emeriti Center to learn about the privileges that you might be entitled to as a USC retiree. You may reach the USC Emeriti Center by calling 213-740-8921 or e-mailing emeriti@usc.edu.
2. Who is my Home Department Coordinator? The Home Department Coordinator is the individual responsible for personnel issues and processing payroll for your academic or administrative unit or department. Some departments may refer to this person as Finance Director, Personnel Manager, or Senior Business Officer. If in doubt, look up your name in the online campus directory, www.usc.edu/directories/. Your Home Department Coordinator will be listed below your contact information.
3. What is the USC Emeriti Center and what can it offer me? Since its establishment in 1978, the USC Emeriti Center has focused on assisting faculty and staff in their retirement years as well as preparing active faculty and staff for retirement. The Emeriti Center's mission is to render services to retirees and pre-retirees by providing information, rendering services, and enhancing opportunities for continuing growth during retirement years. In so doing, the Emeriti Center helps enrich the personal and professional lives of persons at the University and the greater community.
4. How can I get in contact with the USC Emeriti Center? The Emeriti Center is located on the University Park Campus in the Gerontology building, GER, Room 220, 3715 McClintock Ave., Los Angeles 90089-0191. The Emeriti Center is open Monday-Friday, 8:30 a.m.–5:00 p.m. For more information about the Emeriti Center, logon to www.usc.edu/emeriticenter or call 213-740-8921.
5. What is the Emeriti College? The Emeriti College, a division of the Emeriti Center, was established in 1990. It aims to identify and advance the continuing intellectual interests of retirees and serve the University. The Emeriti College promotes lifelong scholarship and research, and facilitates the availability of scholars who wish to share their accumulated knowledge with society through lectures, short courses and publications, both collegially and for the public. The Emeriti College's ultimate goal is to provide means by which mature persons may keep their minds vigorous, their interests expanding, and their skills sharp. To achieve this goal, the Emeriti College has several programs in progress and many new initiatives to help implement the strategic plan objectives of the Emeriti Center. For more information about the Emeriti College, contact Judith C. Diaz, Assistant Director, by e-mail to judydiaz@usc.edu or by telephoning her at 213-740-8841, or visit the Emeriti College website.
6. Is there an active USC retiree community? Yes. This community welcomes (prior to retirement, at retirement, or subsequent to retirement) all USC faculty and staff into participation in the Retired Faculty Association (RFA) or the Staff Retirement Association (SRA) which are membership organizations with a variety of active programs. The Emeriti Center, in turn, supports these organizations as well as offers a broad array of other programs. You may call 213-740-7122 to find out more about these organizations or visit the Emeriti Center website at www.usc.edu/emeriticenter and click on the links to the RFA and SRA. You can also access the RFA and SRA websites directly at www.usc.edu/rfa or www.usc.edu/sra.
7. How will I know what is happening on campus? You may logon to the University's website calendar of events at www.usc.edu/webapps/events_calendar/custom. You may also be added to the Emeriti Center's e-mail List Serve to receive notices regarding upcoming Emeriti Center events as well as other items of interest to our retiree community. To be added to the e-mail List Serve, please contact the Emeriti Center at 213-740-8921 or emeriti@usc.edu.
8. What are some of the privileges I can receive as a retiree? Retirees who have 10 years or more of benefits-eligible employment at USC and are 55 years or older upon completion of employment are issued a Gold Card by the USC Emeriti Center. A separate card is issued to a spouse or partner upon request. Among the privileges available to a Gold Card eligible retiree are: courtesy parking for USC lots on the University Park Campus and the Health Sciences Campus, subject to availability and other restrictions; a 10% discount at the University Bookstore on general books and gift items; continuation of your USC e-mail account; listing in the USC campus directory; free or discounted admission to selected cultural events; continuation of football season ticket purchase; and usage of the University libraries. A full listing of retiree privileges is available on the Emeriti Center's website at www.usc.edu/emeriticenter. Click on the link "Retiree Privileges."
9. How do I sign up to receive the USC Gold Card and its privileges? To obtain a gold card and sign up for other privileges, you must first fill out a retiree verification form as well as other forms from the USC Emeriti Center. Contact the Emeriti Center three months prior to your planned retirement date to obtain a packet of materials and forms to complete.
We suggest you contact your financial advisor to consider your financial options in retirement.
10. I heard retirees can receive a health stipend. How does this work? A monthly stipend is available only to retirees with 15 years of service and who are age 65 upon retirement. Retirees who leave with 15 years of service but are not yet 65 can "age" into the plan. They will be contacted by the Benefits Office upon attaining age 65 to sign up for the stipend. The program is reviewed annually by the Board of Trustees to determine whether it should be continued and whether it should be extended to new retirees, taking into account funding adequacy, cost stability, financial statement impact, and budgetary considerations. The program does not confer on any individual any vested right in, or to, the benefits and may be altered, amended, or terminated within the sole discretion of the University. Applications and renewals are mailed out annually in July. To receive an application, contact Kevin Johnson, Office of Benefits Administration, at 213-437-1839 or by e-mail to kfjohnso@usc.edu.
11. Can I receive individual counseling regarding my retirement funds? Yes. Each of the retirement plan investment companies (Fidelity Investments, Prudential, AIG SunAmerica, TIAA-CREF, and Vanguard Company) offer individual counseling sessions to participants throughout the year. Visit the Benefits Office website (choose "Coming Events") for a schedule and how to make an appointment. You may also contact the Office of Benefits Administration at 213-740-6027 or by e-mail to benefits@usc.edu for additional information.
12. What are the websites for the retirement plan investment companies at
USC? You may access the retirement plan investment company websites at:
| Fidelity Investments | www.mysavingsatwork.com | |
| Prudential | www.prudiential.com | |
| AIG SunAmerica | www.sunamerica.com | |
| TIAA-CREF | www.tiaa-cref.org | |
| Vanguard Company | www.vanguard.com |
13. How do I choose a financial planner? As you work on tracking progress toward your retirement goals, you may decide that you want guidance from a professional. Visit the Benefits Office website to obtain a PDF copy of "Planning Your Retirement" which provides recommendations on how to choose a financial planner as well as other pertinent information about retirement planning. You may access the retirement planner at www.usc.edu/dept/Benefits/ by clicking on the "Retirement Planning" link at the left-hand side.
14. Is it possible to estimate what my retirement income might be, both immediately and over the future of my retirement? Yes. The Emeriti Center suggests you consult with your financial advisor to discuss your retirement income. You should also make an appointment with one of the retirement plan investment companies who are available at both UPC and HSC campuses at least once a month. The investment companies that manage the retirement accounts under USC retirement plans have extensive retirement planning tools on their Web sites (see Item 12, above). If you don't have access to the Internet from your home or workplace, you are welcome to visit the Benefits Office or Emeriti Center to use these online retirement resources.
15. Can retired staff and faculty receive compensation for work they do at the University after retirement? Yes, by agreement and under specified circumstances. Working less than 45-50% time is a basic directive.
16. Can I still teach? Yes, in negotiation with the Dean as to courses and arrangements. More information is available on the Faculty Portal at www.usc.edu/faculty. Click on the tab "Essential Guidelines" and then on the link "for Retirement Planning." On post-retirement continued teaching or research, scroll down this page to "Continued Academic Activity" and click on "Post-retirement continued teaching or research." See also the following paragraph on Emeritus Faculty in the Faculty Handbook:
"The designation Emeritus may be awarded to a tenured or full-time nontenure track faculty member on or after
retirement, or may be approved in contemplation of retirement to be effective upon retirement. The award of the
designation is not automatic. It indicates honorable retirement from assigned duties, recognizes faithful service
worthy of high commendation, and expresses an anticipation of continued membership in the academic community. The
President may approve the title to be added to the last academic title a faculty member held in active service (e.g.,
professor emeritus.) The President will consider the recommendation of the department or other appropriate academic
unit and the dean, the individual's curriculum vita, and a summary of the individual's contributions. The
President may also approve the designation for a title of honor or administrative title (e.g., named chair emeritus,
Distinguished Professor Emeritus, dean emeritus.) The emeritus designation carries with it the honor of the title and
the use of University facilities as authorized by the Provost. An emeritus faculty member is eligible to be recalled
to service on a year-to-year or other fixed term basis (without tenure and generally without eligibility for benefits) for
whatever services, compensation, and percentage of effort are agreed between the individual and the dean with the approval
of the Provost. As agreed between the individual and the dean with the approval of the Provost, the emeritus faculty
member (whether with or without compensation) may be authorized to continue to be principal investigator of grants and
contracts, have research space as allocated, direct graduate students, and continue active participation in departmental and
university activities as agreed."
USC Faculty Handbook 2006,
Section 4–B (2)(b), pp. 40–41.
17. If my unit asks me to help out, can I do that and can I get paid? Yes, but special arrangements need to be made so the University complies with State and Federal laws. Occasional part-time work is usually the easiest to arrange.
18. May I obtain coverage supplemental to Medicare through USC? Yes, USC Senior Care is the USC Care Medical Group sponsored plan which provides coverage supplemental to Medicare for former employees of USC, their spouses or mutual financial dependents. This plan allows you to continue to see USC Care physicians without any co-payment or deductible. You may also see non-USC providers anywhere in the United States for a modest co-pay as long as the provider accepts Medicare assignment. We recommend you compare premiums and benefits of USC Senior Care to other Medicare supplement plans. You will need to do your research in order to select a plan that best meets your needs and financial situation. However, once you opt out of USC Senior Care, you will not be able to re-enroll.
19. Does the USC Senior Care program include prescription drug coverage? No. USC Senior Care has no pharmaceutical benefit. Members must enroll in a Medicare Part D policy for pharmaceutical benefits.
20. How about vision and dental? USC Senior Care does include dental and vision benefits.
21. How can I find out more about USC Senior Care? You may contact USC Senior Care by calling 1-800-USC-CARE (1-800-872-2273). Tell the operator you would like to speak with a USC Senior Care service representative. That representative will answer any questions you may have, take your name and address, and send you an enrollment packet. You may also visit their website at www.usc.edu/health/usccare.
22. If I retire before age 65, what health care coverage options are available to me? If you retire prior to age 65 and are not yet eligible for Medicare, you may elect to continue your coverage through COBRA. Rates for COBRA coverage after termination of employment are available on the benefits website at www.usc.edu/benefits. From the home page, choose "Forms." scroll down to "Health and Welfare" and click on "Cashpay Rates and COBRA rates." Under COBRA, if you select the USC Network Plan, you may continue coverage for up to 18 months. If you choose an HMO plan (Kaiser, Pacificare, California Care), you may continue coverage for up to 36 months through Cal-COBRA. It is possible to select USC Network (18 months) and then select an HMO (18 months) for a total of 36 months.
23. How can I obtain information about my estimated Social Security benefits? Each year, you should receive the Social Security Statement from the Social Security Administration. This statement gives you an estimate of your Social Security benefits under current law. For more information about your earnings, go to the website at www.socialsecurity.gov/mystatement. You may also contact any Social Security office by calling 1-800-772-1213.
24. Will I receive the same monthly amount in Social Security as long as I live? Probably not. In general, you may expect a very modest annual increase to offset cost-of-living increases. You will be notified of any new monthly amount in December of each year.
25. Are my Social Security benefits taxed? Yes, with a rate determined by how much other income you have in a particular year.
26. What is my full retirement age? The age at which you are eligible to receive full Social Security benefits is based on your year of birth. Visit the Social Security website to find out what your full retirement age is.
27. What if I retire prior to my full retirement age? You may opt to retire prior to your full retirement age. However, the earliest you can retire and receive Social Security benefits is age 62. Visit the Social Security website or call their toll-free number (1-800-772-1213) to find out how this will affect your Social Security income.
28. What is the difference between Medicare Part A and Part B? Medicare Part A helps to provide coverage for inpatient care including hospital, skilled nursing facility, some home health care, and hospice care. Medicare Part B helps pay for doctor's services as well as other medical services and supplies not covered by Part A. Medicare has significant co-payments and deductibles—it does not provide complete or comprehensive coverage. You will want coverage in addition to Medicare.
29. When should I enroll in Medicare Part A? You should file for Medicare Part A at age 65 even if you are still working. There is no additional out-of-pocket cost for you to enroll in Part A. The initial enrollment includes a seven-month time frame: three months before your 65th birthday, the month of your 65th birthday, and three months after your 65th birthday. However, if you do not file during this initial seven-month time frame; you can only file during the general enrollment period between January 1st-March 31st of each year. You will not be penalized with a higher cost if you apply after the initial seven-month time frame, but it is recommended that you apply for Part A during the initial period.
30. When should I enroll in Medicare Part B? You do not need to file for Medicare Part B if you still have health care coverage through your employer or other creditable health insurance coverage, such as coverage through a spouse's insurance. Once you attain age 65 and no longer have creditable health insurance coverage (i.e., you are no longer working or are no longer covered through spouse's insurance), you must apply for Medicare Part B. If you do not apply for Medicare Part B and are at least age 65 and do not have health care coverage, you will be subject to a 10% monthly premium increase for each 12-month period that you were eligible but did not enroll.
31. Is there a monthly premium to enroll in Medicare Part A and B? There is no monthly premium to enroll in Medicare Part A. The monthly premium for Medicare Part B is $93.50 in 2007. You can expect this rate to increase annually.
32. How can I find out more information about Medicare? You can find out more about Medicare by calling toll-free at 1-800-MEDICARE (1-800-633-4227) or visiting the Medicare website at www.medicare.gov. You may also contact the Center for Health Care Rights at 1-800-824-0780 for more information.
