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Washington and Lee University

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Retirees

BENEFITS AT RETIREMENT

Health Insurance at Retirement

Social Security recipients and their spouses are eligible at age 65 for Medicare health insurance.  If an employee has 10 or more years of service in a full-time benefit-eligible position, he/she may retire as early as age 59½, and continue participation in the group health insurance plan until age 65, at which time Medicare coverage begins. Assuming the employee meets the qualifications, the University’s retiree health benefit plan that is in effect at that time will then be available at age 65. Retiree health insurance benefits are determined by date of hire.
For employees hired before April 1, 2003 who retire after July 1, 2008, the University will provide up to a total of $35,000 for you (and up to an additional $35,000 for eligible spouses) toward your health care at retirement. The University makes its contributions to an EMERITI health savings account in annual installments once you retire. You can then use these funds to purchase a Medicare Supplement plan or Part D Prescription drug plan offered by Aetna through the EMERITI program, for reimbursement of premiums paid for coverage through another carrier, for Medicare premiums and/or to cover out-of-pocket medical expenses.
For employees hired on or after April 1, 2003, the University makes monthly contributions to the EMERITI Program for all full-time employees who have attained age 40 and have completed two years of benefit eligible service. The University contributions, along with any voluntary contribution you make, are invested through Fidelity. You may direct these investments to either a Fidelity Freedom Fund that closest meets your retirement age or Fidelity’s Retirement Money Market Portfolio.

Components of this program include:

  • A tax-advantaged way to invest and accumulate assets to pay for your insurance premiums and other health expenses in retirement—the Emeriti Health Accounts—with investments and administrative services provided by Fidelity Investments (Fidelity).
  • A specially designed group health insurance program building on the foundation of Medicare—the Emeriti Health Insurance Plan Options—underwritten by Aetna Life Insurance Company (Aetna). There is a range of plan options, and all include Medicare-approved Part D prescription drug coverage.
  • An innovative, tax-free way to pay for other qualified out-of-pocket medical expenses—the Emeriti Reimbursement Benefit—administered by Acclaris, a third-party claims processor.

Educational Grants at Retirement or Disability

If an employee has worked full-time for six or more consecutive years immediately preceding his/her retirement (as defined above), the employee’s children will remain eligible for the educational grant benefit.

If an employee has worked full-time for six or more consecutive years immediately preceding his/her separation due to disability, the employee’s children will remain eligible for the educational grant benefit provided that the disabled employee continues to meet the disability definition under the University’s long term disability program.