PSC/CUNY Pre-Retirement Conference Fall 2015 October 2,2015

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1 OFFICE OF HUMAN RESOURCES SHARED SERVICES UNIVERSITY BENEFITS OFFICE PSC/CUNY Pre-Retirement Conference Fall 2015 October 2,2015

2 PSC/CUNY Pre-Retirement Seminar 2 Presented by: University Benefits Office Talin Spenjian

3 Agenda 3 Phased Retirement TRAVIA Leave Retirement Process Timeline Retiree Healthcare Paperwork Medicare Part B

4 4 Phased Retirement Pilot Program is now a permanent benefit Participants of Optional Retirement Program TIAA-CREF Voluntary Program Irrevocable upon Human Resources approval Supersedes any right to return to work during or following TRAVIA Leave

5 Phased Retirement (con t) 5 Tenured Faculty, Librarians, Counselors and Lecturers with CCE Available to those who have attained age 65 and have completed 15 or more years of fulltime continuous service at the start of the phasing period Work commitment shall be 50% of contractual full-time work load Salary shall be 50% of full-time salary Can phase for 1, 2 or 3 years beginning on the first day of the Fall semester May elect to take TRAVIA in final Spring semester of phasing period or be paid out TRAVIA in a lump sum at 100% of salary Combined period of phasing and TRAVIA may not exceed 3 years

6 Phased Retirement (con t) 6 HEO Title Series (13.3b status) and Tenured CLT Available to those who have attained age 65 and have completed 15 or more years of fulltime continuous service at start of phasing period Work commitment shall be 80% of contractual full-time work load Salary shall be 80% of full-time salary Can phase for 6 months or 1 year beginning on the first day of Fall or Spring semester May elect to take TRAVIA after phasing period or be paid out TRAVIA in a lump sum at 100% of salary

7 TRAVIA Leave Eligible Instructional Staff 7 Eligible to receive up to half your accumulated unused sick leave up to a maximum of one semester If you are at the maximum of 160 days, TRAVIA will be equal to 5 months. Prorated for less than 160 days. TRAVIA does not count against Social Security income Donation of sick leave to the Dedicated Sick Leave Program or Catastrophic Sick Leave Bank Program may adversely impact your TRAVIA payout

8 8 Retiree Timeline ACTION ITEMS SUGGESTED TIME FRAME Verification of service 6-12 months prior to retirement Complete TRAVIA Leave Form 4 months prior to leave start date Contact pension system (TRS, ERS, BERS or TIAA- CREF). The first 3 pension systems usually need a specific date. Contact a PSC-CUNY Pension Counselor 5 months prior to retirement Apply for Medicare Part A- hospitalization-free (apply at age 65) Apply for Medicare Part B- This is for Doctors-there is a premium for this (active vs. retiree determines effective date) 3 months prior to 65 th birthday Medicare Part B - not needed prior to age 65 as active employee. If 65 or older, 3 months prior to retirement Note: Medicare Part D (prescriptions)provided through PSC Welfare Fund will be addressed by the PSC/CUNY Welfare Fund speaker Meet with HR to submit completed retirement paperwork 2 months prior to retirement Contact NYSUT to ensure continuation of eligible optional benefits 2 months prior to retirement

9 Retiree Healthcare 9 TIAA-CREF Monthly Lifetime Income Annuity Must Provide Proof to Benefits Officer Medicare eligible plans vs. non-medicare eligible plans- Special Medicare Enrollment Form from Health Plan Medicare eligible enrolling in HMO plan, Medigap Plan- Health Benefits Application Medicare eligibility after retirement- must provide proof Transfer Period even years, retiree once in a lifetime-retired for more than one year

10 Medicare Part B Premium Reimbursement 10 TRS, ERS, or BERS Administered by the NYC Health Benefits Program: NYC Office of Labor Relations 40 Rector Street, 3 rd Floor, New York, NY Retiree Hotline (212) TIAA-CREF Complete Application for Reimbursement and send to: City University of New York Attn: University Benefits Office 555 West 57 th Street-11 th Floor New York, NY (646)

11 Cuny Benefits Contact 11 Your College Benefits Officer m/university-benefits/benefits-office-contacts.html

12 Q & A