Retiring from the University
Employees electing to retire from the University should contact the Benefits staff at (208)-426-4429, or firstname.lastname@example.org to schedule an appointment at least 90 days in advance of their last day. It may be helpful to schedule an appointment early in the planning stages, to understand how the retirement dates you are considering may impact your benefits, and to allow time to meet with retirement vendors and complete required paperwork.
Converting your Unused Sick Leave at Retirement
You must be at least 55 years of age with 5 or more years of service at the time of retirement, to be eligible to convert a portion of your unused sick hours to a cash value, which would be used to pay premiums for one of the benefits listed on the Office of Group Insurance website. You may also access a listing on the Using Sick Leave: State of Idaho Retirees pdf.
This program applies to employees enrolled in the ORP retirement as well as PERSI plan participants, even though PERSI administers the funds.
For employees under 65
Must meet eligibility under the Office of Group Insurance to enroll in the Retiree Health Insurance.
For age 65 and over
Must enroll in one of the approved Medicare Supplement Plans.
There are limits to the amount of hours an employee can convert based on the total Credited State Service hours worked.
- 0-10,400 Credited State Service hours (5 years): ½ of 840 or a maximum of 420 hours
- 10,401-20,800 Credited State Service hours (5-10 years): ½ of 960 or a maximum of 480 hours
- 20,801-31,200 Credited State Service hours (10-15 years): ½ of 1080 or a maximum of 540 hours
- 31,201 Credited State Service hours and over (15+ years): ½ of 1200 or a maximum of 600 hours
To determine the value of the sick leave:
- Multiply your eligible sick leave hours by your hourly rate of pay at the time of your retirement
- If you are an employee that works less than 12 months but has their pay spread over 12 months, you use your actual rate of pay not your paid rate.
Contact the Benefits Office for questions or assistance in determining your sick leave value.
Retiree Life Insurance
For employees retiring from Boise State, Boise State will pay for a Retiree Life Insurance policy for the remainder of your life if you meet the eligibility criteria:
- Retire at age 64 with 15 years of Boise State service
- Retire at any age with 30 years of Boise State service
- Retire at age age 55 or older, if your age plus years of Boise State service total at least 80
The face value of this policy will be equal to 1X your annual salary at the time of your retirement, eligible spouses would be covered at $1,000. The value of the retiree life will reduce by 25% at age 65, and 50% at age 70. The value will not reduce again after age 70.