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Suggested Timeline

Suggested Timeline. Get Retirement Estimate (18 mo.) Other retirement money issues: income sources and expenses (6 mo.) Meet with Human Resources (6 mo.) Inform your supervisor (3-6 mo.) File Retirement Application 30 to 90 days before your retirement date if receiving distribution.

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Suggested Timeline

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  1. Suggested Timeline • Get Retirement Estimate (18 mo.) • Other retirement money issues: income sources and expenses (6 mo.) • Meet with Human Resources (6 mo.) • Inform your supervisor (3-6 mo.) • File Retirement Application 30 to 90 days before your retirement date if receiving distribution

  2. Retirement Distribution ORP • Your choice how and when to begin income • Options include annuitizing, cash withdrawal, systematic withdrawal, etc. • ORP members can call their carriers to discuss retirement distribution options

  3. Retirement DistributionERS and TRS • Visit web sites: • ERS: www.osc.state.ny.us/retire • TRS: www.nystrs.org • Request an estimate • Consult with a representative Must give 30 days notice but no more than 90 days

  4. Know Thy Tier (ERS/TRS) • Tier 1: joined before July 1, 1973 • Tier 2: between July 1, 1973 and July 26, 1976 • Tier 3: between July 27, 1976 and August 31, 1983 • Tier 4: who joined on or after September 1, 1983 • Tier 5: who joined on or after January 1, 2010

  5. HEALTH INSURANCE Am I Eligible in Retirement? • Minimum state service time: 10 years in benefits-eligible positions • Age 55 and eligible for retirement • Enrolled in a health insurance program on date of retirement

  6. ELIGIBLE DEPENDENTS • Spouse - eligible after your death until they remarry • Domestic partner - eligible after your death until enters new partnership • Children • to age 19 • to age 25 if full-time students • disabled child

  7. HEALTH INSURANCE2010 *Monthly* Rates(equal to your current share of cost) Individual Family • CDPHP (Albany area) $ 45.17 $ 252.01 • Empire Plan $ 49.91 $ 216.41 • HIP (Downstate) $ 30.78 $ 151.76 • Indep. Health (Buffalo) $ 82.13 $ 359.39 • MVP (Rochester) $ 79.42 $ 307.75

  8. HEALTH INSURANCESICK LEAVE CREDIT • Good news: if you retire from state service, accrued sick leave helps pay for your health insurance throughout retirement! • Lifetime monthly credit that helps offset your cost of health insurance in retirement • Maximum accrual 200 days

  9. HEALTH INSURANCESICK LEAVE CREDIT • Calculation based on • salary, • amount of accumulated Sick Leave, and • actuarial tables • Sick Leave credit applies only in retirement – it cannot be used by survivors if you die prior to retirement

  10. COST of HEALTH INSURANCE... DUAL ANNUITANT • If you specify, your dependents may use your sick leave credit upon your death • 30% reduction of value of your credit • This choice must be elected prior to retirement

  11. Sample Sick Leave Calculation • Employee Salary $65,000 • Age at retirement 65 • 200 sick days • Multiply daily rate of pay by the number of sick leave days and divide that figure by the life expectancy in months • 249.31 X 200 = $49,862/ 192 = $259.69 • $259.69 X .70 = $181.78 dual annuitant

  12. Premiums will increase, credit will remain constant In the last 10 years monthly premiums up by 10.4% Ind, 10.1% Family In the last 5 years monthly premiums up by 11.8% Ind, 11.4% Family

  13. DEFERRING HEALTH INSURANCE • Indefinite deferral... Must provide proof of other coverage • Sick Leave Credit increases • Must elect prior to retirement

  14. Health Insurance Premium Payments • If you retired from ERS or TRS, the premium is deducted from your retirement check. • If you retired from the SUNY ORP, you will be billed quarterly

  15. HEALTH INSURANCE PAYMENTS • May take up to six months to start • Be prepared for a large bill or pension check deduction for retroactivity

  16. MEDICARE • Part A – hospital coverage (free) • Part B – outpatient and inpatient medical coverage. Cost for 2010 $96.40/mo. • Part D – prescription drugs (**Warning: few should enroll**) • No coverage outside the U.S.

  17. MEDICAREWhen Does Eligibility Begin? It is your primary insurance if: • You are retired AND • You are over 65 (start enrollment process 3 months prior to birthday) • Diagnosed with end-stage renal disease or ALS (Lou Gehrig’s disease)

  18. Medicare and NYSHIP WORKING • NYSHIP primary regardless of age • Medicare is secondary (if enrolled) • DO NOT have to enroll in Medicare until retire RETIRED • Medicare is Primary first day of month you or your dependent turns 65 • Must be enrolled for Medicare A & B • If out of US, NYSHIP is primary

  19. MEDICARE • State reimburses Part B cost if primary • Enroll through Social Security • 1-800-772-1213 • State will NOT cover expenses that are a Medicare responsibility

  20. MEDICARE • It is YOUR responsibility to enroll in Medicare Parts A and B • Contact Social Security • At least 3 months prior to retiring when you or your dependent is age 65 • If retired, at least 3 months prior to age 65

  21. CHANGING COVERAGE • Permitted changes • option transfer at any time, once per 12 mo. • family to individual, individual to family • cancel and reenroll (no recalculation of SL) • Contact NYS Dept. Of Civil Service, Employee Benefits Division • 518-457-5754 • 1-800-833-4344

  22. DENTAL AND VISION Benefits expire • Several options to consider • Sick Leave Credit does *not* offset Dental/Vision costs • Purchase through COBRA • same as current coverage • 18 months • elect within 60 days

  23. Dental/Vision Coverage - CSEA • Must purchase as a package • Cost $75 per month - family or individual • Contact the CSEA Benefit Fund to convert • 1 (800) 323-2732 Ext 803 • CSEA also offers several other plans

  24. DENTAL/VISION COVERAGE -M/C & PEF GHI Preferred Dental • Same as current coverage for those in GHI • Dental costs for 2010 • $30.00 Individual • $80.00 Family • Vision cost for 2010 • $4.00 Individual • $10 Family • Combined Dental/Vision • $35.00 Individual • $90.00 Family

  25. DENTAL/VISION- UUP • COBRA • Monthly rates • $43.04 Individual • $102.75 Family • UUP dental programs • www.uupinfo.org/benefits • UUP also offers several other plans

  26. Union Benefits • Life, auto, homeowners insurance • Retiree membership • Discounts/services

  27. Paychecks • 2 weeks lag pay • 1 week deferred pay • CSEA, M/C, PEF • vacation pay (max 30 days)

  28. RETURNING TO WORK • Applicable to NYS Public Employment • Could be a limit on social security earnings • Section 212: • $30,000 in 2010 • unlimited at age 65 +

  29. NYSHIP benefits and return to work • If Benefits Eligible, can re-enroll in dental, vision, other benefits • Medicare stops being primary • Not eligible for Medicare reimbursement for Medicare Part B

  30. Eligibility for Health Insurance as a Vestee • If leave state employment before age 55 may be eligible for health benefits at retirement • Must be enrolled in NYSHIP at the time you leave • Must have a minimum of 10 years of service in a benefits eligible position • Must continue NYSHIP coverage until retirement age

  31. Eligibility for Health Insurance as a Vestee • To continue coverage in NYSHIP by: • Paying 100% of the cost of the insurance through retirement age OR • Continuing NYSHIP enrollment as a dependent OR • Be employed by another agency that participates with NYSHIP

  32. QUESTIONS?? Office of Human Resources 2 Union Ave. Saratoga Springs, NY 12866 518-587-2100, ext. 2240 518-587-5448 (fax) Website: www.esc.edu/hr

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