Learn more about what you can expect when you make the decision to retire or voluntarily terminate your employment at Samford.

Retirement

Health and Dental Insurance

If you are a member of the Samford University health and dental plans at the time of your retirement and are under 65 years of age, you may continue your coverage as a retiree. You will pay the current premium for retired employees, which will be due the first of each month. You can continue coverage under the plan until you reach the age of 65.

Your spouse and dependent children may also continue coverage under the plan provided your spouse and/or dependent children were covered under your plan at the time of you retirement. Your spouse can continue coverage until he/she turns 65. Your dependent child(ren) under the age of 19 or under the age of 26 (if a full-time student) who was covered under the plan at the time of your retirement may also continue coverage under the plan until he/she no longer meets the requirements of a dependent.

Life Insurance

As a full time employee of Samford University you are eligible to receive a group term life benefit in the amount of two and one-half times your salary. This benefit is paid by the university. This amount reduces 35% if you are still actively employed at age 65. As a retiree of Samford University, you will be eligible to continue to receive a portion of this group term life benefit. This benefit will continue to be paid for by the university.

Pension Plan

To apply for your monthly pension benefit, you must first request a pension estimate. This should be done at least 30 days prior to retirement, and can be requested up to 90 days prior to retirement. Also at this time, you will need to notify your direct supervisor or department head of your intentions to retire. Once the pension estimate has been received, you will be contacted by human resources to set up an appointment to complete your pension paperwork. Your pension benefit will be paid the first of the month following your retirement date. The benefit will continue to be paid on the first of each month thereafter. You may elect to have your monthly benefit direct deposited to your bank account, or mailed to your home address.

As a participant in your employer’s defined benefit pension plan you have access to the Retirement Focus Service Center – a secure customer service center that helps you access your account information. To set up your Retirement Focus account, follow the easy steps in the Enrollment Instructions.

Summary Plan Description Retirement Focus Enrollment Instructions

Employee Tuition Benefit

Retirees with 15 or more years of service who were eligible for employee tuition benefit (ETB) prior to retirement are permitted to audit or take for credit undergraduate and graduate courses as long as there are sufficient non-employee students in the class. This benefit applies to full-time and part-time undergraduate and graduate studies through the attainment of one bachelor’s degree and one master’s degree utilizing the university’s employee tuition benefit. It does not apply to room, meals, books, special course fees or any other charges other than tuition as established by the board of trustees.

The ETB is also available to your spouse and dependent children upon your retirement if you were eligible for the benefit prior to retirement and if you retire with 15 or more years of service. The benefit applies to full-time and part-time undergraduate studies through the attainment of one bachelor’s degree. It does not apply to room, meals, books, special course fees or any other charges other than tuition as established by the board of trustees.

Flex Spending Account

If you were participating in the health care spending account or the dependent care spending account, your enrollment will continue until the end of the month in which you retire. You may choose to continue contributions to the account by enrolling in COBRA coverage. However, be advised that these deductions will no longer be made with pre-tax payroll deductions. If you have questions concerning your flex spending account, please Blue Cross and Blue Shield of Alabama at 1-800-292-8868.

Tax-Deferred Annuities

If you participated in the tax-deferred annuities, you will need to contact your tax-deferred annuities provider for instructions on your payment options.

  • TIAA-CREF: 1-800-842-2776 Monday through Friday from 8 a.m. to 10 p.m. and Saturday 9 a.m. to 6 p.m. EST
  • AIG-VALIC: 1-800-248-2542
  • Fidelity Investments: 1-800-343-0860, Monday through Friday 8 a.m. to midnight EST
  • GuideStone: 1-888-984-8433 Monday through Friday 7 a.m. to 6 p.m. CST
  • Merril Lynch: 1-800-637-7455
  • Insurance Investors: 1-205-933-2920

Vacation Time

Unused vacation will not be paid out upon retirement from Samford.

COBRA Continuation Coverage

Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), employees covered by Samford’s health insurance at the time of termination are eligible for continued coverage for up to 18 months. Other benefits, such as life insurance, may be eligible for portability. For details and applications, please contact the Benefits Coordinator at benefits@samford.edu.

Sick and Personal Time

Sick and personal time will not be paid out upon retirement from Samford.

Other Benefits

As a retiree, you will be eligible for the following benefits:

  • You will be allowed to keep your Samford email address
  • You can continue to eat in the cafeteria at the employee rate, for example, $2 on Fridays
  • You will be eligible to receive free tickets to athletic and theater events
  • Learn more about information regarding retiree library privileges.
  • In order to park in faculty/staff parking lots, temporary parking passes will need to be issued to you from the Department of Transportation Services. To obtain a pass, please contact Transportation Services at 205-726-4146 or send an email to parking@samford.edu.
  • You may go by public safety to obtain a retiree ID badge.

Voluntary Termination

Health and Dental Insurance

If you are a member of the Samford University health and dental plans and terminate your employment, your coverage will continue through the end of the month in which you terminate, provided that you have paid the premium currently in effect for employees. You also have the right under COBRA to continue your coverage by paying the full premium (employer and employee portions) currently in effect. A letter explaining this coverage in more detail and an application for COBRA continuation coverage will be mailed to you upon your termination. Please contact human resources for further information about this coverage.

Life Insurance

As a full-time employee of Samford University, you were enrolled in the group term life insurance, and you may have participated in the optional group term life insurance plan. If you would like to continue with Lincoln Financial life insurance, you must do so within 31 days of your termination date. At your request a letter as well as a conversion application will be mailed to you upon termination. If you have any questions, please contact human resources.

Pension Plan

If you have completed five years of eligible service with Samford University, you are vested in the pension plan. A letter will be sent to you in the mail within 30 business days following your termination date to inform you of your benefit and will include instructions on how and when you can start your monthly benefit. If you have any questions concerning the pension plan, contact human resources.

Employee Tuition Benefit

If you were participating in the employee tuition benefit (ETB) at the time of your termination you may be liable for a portion of the value of the ETB for that term. If your termination date is before the end of the term during which you or your spouse or dependent received the ETB, the student will be billed pro rata for the remaining value of the ETB for that term.

Tax-Deferred Annuities

If you participated in the tax-deferred annuities (TDA), you will need to contact your TDA provider for instructions on your payment/rollover options. The contact numbers for the providers are as follows:

  • TIAA-CREF: 1-800-842-2776 Monday–Friday, 8 am–10 pm and Saturday 9 am–6 pm EST
  • AIG-VALIC: Bill Smith, 1-800-892-5558 ext. 88290
  • Fidelity Investments: 1-800-343-0860, Monday–Friday 8 am to midnight EST
  • GuideStone: 1-888-984-8433 Monday–Friday, 7 am–6 pm CST
  • Merril Lynch: Contact the Office of Human Resources
  • Insurance Investors: contact the Office of Human Resources

Flex Spending Account

If you were participating in the health care spending account or the dependent care spending account, your enrollment will continue until the end of the month in which you terminate. If you have been reimbursed for more than you have contributed to the account, you will be billed for the difference. You may choose to continue contributions to the account by enrolling in continued coverage with BCBS. However, be advised that these deductions will no longer be made with pre-tax payroll deductions. If you have questions concerning your flex spending account or wish to apply for COBRA coverage, please contact BCBS at 1-800-213-7930.

Sick and Personal Time

Sick and personal time will not be paid out upon termination from Samford.

Vacation Time

Unused vacation will not be paid out upon termination from Samford.

COBRA Continuation Coverage

Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), employees covered by Samford’s health insurance at the time of termination are eligible for continued coverage for up to 18 months. Other benefits, such as life insurance, may be eligible for portability. For details and applications, please contact the Benefits Coordinator at benefits@samford.edu.

Recognition upon Termination

If you terminate your employment with Samford following 10 or more years of service, but do not retire, the university will allot an amount equal to $10 per full year of service to be used as the budget unit supervisor deems appropriate for a gift, luncheon, reception or other recognition. The Office of Human Resources will fund such activity. For further information, please contact human resources.