Retirement Plan Benefits
The information provided on this website is a general summary of benefits for information purposes only. It does not create any right to any benefit. All benefits are subject to change at any time through the collective bargaining process for employees in any of the College's three bargaining units and/or by the College's Board of Trustees for all other employees.
9.1 Eligibility for Retirement Plan Benefits
The College offers a retirement plan to full-time administrative staff, and full and part-time faculty, confidential and classified employees who meet certain eligibility requirements. (Part-time administrative staff are not eligible to participate.)
For more information, please contact the Human Resources Department at extension 8035.
A comprehensive chart detailing employee eligibility for retirement plan benefits is available on the Human Resources website.
9.2 Mandatory Participation
The College has no mandatory retirement age, but it does have mandatory rules for participation in the retirement plan for eligible full-time faculty and staff. The College offers the option to invest retirement plan contributions with either TIAA or Fidelity Investments. The College contributes 10% of base pay for full-time faculty and staff. The faculty or staff member must contribute five percent (5%) of base pay on a tax-deferred basis.
Participation for eligible part-time faculty, classified or confidential employees is voluntary. The College contributes five percent (5%) of base pay and the part-time faculty member contributes five percent (5%) of base pay on a tax-deferred basis.
9.3 Retirement Incentive
The Retirement Incentive Option is offered to eligible full-time faculty, administrative, classified or confidential employees at age 63 and at least twenty years of full-time service who meet specified eligibility criteria.
Please contact the Human Resources Benefit office at extension 8208 for further information.
9.4 Retiree Benefits
Community College of Philadelphia offers retiree benefits to full-time employees (except Temporary) who elect retirement and meet certain criteria: for retirements after August 31, 2014, a full-time employee must be at least age 62 with at least 10 years of full-time employment and his/her age plus years of full-time service must equal at least seventy-seven (77); including service as a Visiting Lecturer.
Full-time employees (except Temporary) who elect to participate in the College Retirement Incentive Option plan (age 63 and older with at least 20 years of full-time service to the College including services as a Visiting Lecturer) are also eligible for retiree benefits.
Retirees receive the following benefits:
- College retiree I.D. card,
- Use of the College Gym and Library,
- Tuition Remission for retiree, spouse and children,
- The right to maintain a College email address,
- Life Insurance until age 65, and
- Post-Retirement Health care Insurance as outlined below*
Post-Retirement Health Care Eligibility and Benefits
Full-Time Employees who retire from the College on or before December 31, 2020 who meet “the Rule of 77”, i.e., are at least sixty-two (62) years of age with at least ten (10) years of full-time service at the College where the Employee’s age plus years of full-time service with the College equal at least seventy- seven (77).
Eligible for all medical, dental, and prescription drug insurance coverage (including dependent coverage) that is available to regular full-time employees through end of the Academic Year in which they turn age 65 (for faculty and classified) or end of fiscal year in which they turn age 65 (for administrators and confidential). Retirees may retain their PPO or HMO coverage with no contribution toward premium/premium equivalent through age 65/eligibility for Medicare. Once the retired employee is 65/eligible for Medicare, the retired employee shall transition to Medicare and may elect which, if any, supplemental coverage provided by the College is desired for the retiree and his/her dependents including supplemental medical insurance, prescription and dental insurance coverage. Starting August 1 following the retiree’s 65th birthday (for prior full-time administrators and confidential employees) and October 1 following the retiree’s 65th birthday (for prior full-time faculty and classified employees), the cost of additional insurance coverage selected by the retiree, beyond Medicare, is to be equally shared by the retiree and the Board. The cost of Medicare (Employee and Spouse), if any, shall be paid by the College; provided that the Medicare cost paid by the College shall be the lesser of the Medicare Part B rate the retiree is actually charged, or the published Medicare Part B rate in effect each year.
For clarification, prior to the retiree’s 65th birthday (and through August 1 following their 65th birthday for full-time Administrators and Confidential employees) and through October 1st following their 65th birthday for full-time faculty and classified employees), the College will cover the cost of the medical insurance, prescription and dental for the retiree, spouse and eligible children. However, a spouse who has attained age 65 will be responsible for the cost of his/her Medicare Part B premium until such time that the retiree attains age 65. When that happens, the College will begin to share the cost of benefits for the retiree and his/her family as noted above.
After August 1 of the retiree’s 65th birthday (for full-time administrators and full-time confidential) and after October 1 of the retiree’s 65 birthday (for full-time faculty and full-time classified employees), if the retiree’s spouse is under 65, s/he remains on the College’s active medical plans, as do any eligible dependent children. The College will divide the cost of the active College-provided benefits in half, and the retiree is responsible for paying the remaining 50% for benefits. The College does not deduct the cost of the Medicare Part B from the spouse’s half until the spouse reaches age 65 and goes on Medicare.If there are any dependent children, they can continue on the active medical and prescription drug plans until they attain age 26 and on the dental plan until that child turns age 19, unless the child is a full-time student, at which time dental coverage will term at end of plan year (August 31) after that child turns 23.
|Group 2||Full-Time Employees who as of December 31, 2020 have met the Rule of 77 but retire from full-time service with the College on or after January 1, 2021.||Eligible for the same benefits as Group 1.|
|Group 3||Full-Time Employees who: (1) on October 1, 2018 were employed as a Full-Time Employee; but as of January 1, 2021 had not met the Rule of 77; and (2) thereafter meet the Rule of 77 on or before their retirement date.||Eligible for all medical, dental, and prescription drug insurance coverage (including dependent coverage) that is available to regular full-time employees through age 65/eligibility for Medicare. Retirees may retain their PPO or HMO coverage with no contribution toward their premium/premium equivalent through age 65/eligibility for Medicare. Once the retired employee is 65/eligible for Medicare, the retired employee shall transition to Medicare and may elect which, if any, supplemental coverage provided by the College is desired for the retiree and his/her dependents including supplemental medical insurance, prescription and dental insurance coverage. The cost of additional insurance coverage selected by the retiree, beyond Medicare, is to be equally shared by the retiree and the Board. The College shall not contribute to the cost of Medicare Part B payments for Employee or Spouse.
For clarification, prior to the retiree’s 65th birthday, the College will cover the cost of the medical insurance, prescription and dental for the retiree, spouse and eligible children. However, the spouse who has attained age 65 will be responsible for the cost of his/her Medicare Part B premium.
After the retiree’s 65 birthday, if the retiree’s spouse is under 65, s/he remains on the College’s active medical plans, as do any eligible dependent children. The College will divide the cost of the active medical benefits in half, and the retiree is responsible for paying the remaining 50% for all College provided benefits. For retirees in Group 3, the College does not contribute anything toward the Medicare Part B for retiree or spouse.
|Group 4||Full-Time Employees hired after October 1, 2018, who meet the Rule of 77 on or before their retirement date.||Eligible for the same benefits as Group 3, but only for a maximum of 5 years following their retirement from the College.|
When a Married Retiree Who Is Older than 65 Dies
If a married retiree dies, we continue to split the cost of the coverage for the spouse for three months. At that time, if the surviving spouse is over 65, s/he would have to pay the full cost of all coverage or be dropped from the plan. As long as s/he continues to pay, the College will continue coverage. If the surviving spouse is under 65, the coverage will end after the third month.
When a Married Retiree Who Is Younger than 65 Dies
If a married retiree dies and the spouse is under 65, we continue to cover the spouse (and eligible children) for three months at 100% CCP cost. At the end of the three months, we offer COBRA coverage for 36 months for spouse and any children. If the spouse reaches age 65 before the 36 months are exhausted, COBRA ends. Eligible children can be covered for no longer than 36 months by COBRA.
Retirees Who Return to Teach Part Time
Retirees age 65 and above who are enrolled in Medicare Part B with the College Supplemental Plan and return to teach part-time at the College will have similar benefits as those offered to the Adjunct Faculty as outlined in the collective bargaining agreement. This also holds true for any retiree-spouse who is covered by the retiree’s health benefits and teaches part time at CCP.
The retiree (or working spouse) who returns to teach must join the part-time faculty benefits and pay a portion of the monthly cost for single medical coverage. Medical coverage as a part-timer will become primary insurance and Medicare Part B will become secondary. The College will stop any applicable reimbursement for Medicare** for Groups 1 and 2 and will remove the retiree (or working spouse) from supplemental coverage. Prescription plan and dental plan coverage for the retiree continues at no cost; the retiree pays 100% of the monthly cost for medical, Rx and dental coverage for the spouse (and children, if eligible). With the exception of teaching, retirees over 65 cannot return to work in any other capacity.
When a retiree stops teaching part-time for CCP, s/he will return to the regular retiree benefits as outlined above.
For more information on benefits please contact the Director of Benefits, Hillary Davie at firstname.lastname@example.org
* When considering your retirement options, be aware that whatever coverage tier you choose at your retirement cannot be increased at a later date. For example, if you choose to carry single coverage into retirement, you cannot decide to carry your spouse at a later date. Additionally, you cannot opt out of these benefits and have your spouse or dependents continue.
** We are not permitted to reimburse for Medicare Part B or subsidize supplemental insurance in accordance with federal law.
9.5 Supplemental Retirement Savings Plans (SRAs)
SRAs are a tax deferred way to supplement your retirement savings. All employees except work-study students are eligible to apply. SRA Plan contributions may be invested with either TIAA or Fidelity Investments.