The choice is a decision that will vary among individuals. It is important to note that there is a distinction between personal retirement compared to official University of Pittsburgh Retirement Status. Members of the faculty and staff may elect to leave their employment at the University of Pittsburgh with Official University Retirement Status. Or, if criteria are not fulfilled for the official designation, the member of the faculty or staff may elect to leave as a personal retirement. For either circumstance, to enable faculty and staff to voluntarily retire at the desired age, there is a variety of options for access to retirement funds and for participation in insurance and benefit programs.
Separate criteria exist for accessing retirement funds and participating in each benefit program.
Being eligible for one option does not necessarily imply eligibility for any or all of the others. Nevertheless, under most circumstances of separation from the employee from the University, the University and the carrier have obligations to the former employee. There are transitional opportunities and options for obtaining insurance coverages with continuity, either directly through the University or under arrangements directly with the carriers. For retirement at an age less than 65 years, medical insurance benefits in effect during active employment may be continued for the retiree, spouse under age 65 years, and eligible dependent children, until the retiree reaches age 65 years. The University contribution continues and the retiree is billed for the equivalent of the payroll deduction.