Steps toward Retirement

Transcription

1 Steps tward Retirement Eligibility, Actin Steps, and Benefit Optins fr Faculty and Staff Nearing Retirement Eligibility fr Official University Retiree Status The fllwing jb types f the University are eligible fr retirement status frm the University f Pittsburgh: Executives Full-time regular Faculty Part-time regular Faculty in the tenure stream r tenured fr n less than half time Full-time regular Librarian Full-time regular Research Assciate Full-time regular Staff wh are nt cvered by a cllective bargaining agreement. Unin emplyees shuld check their Cllective Bargaining Agreement fr eligibility. If yu have nt been in ne f the jb types listed abve fr yur full career, the Benefits Department will review yur emplyment histry t determine eligibility. In additin t wrking in ne f the jb types abve, retiree status is granted if the fllwing eligibility criteria are met: Recgnized University f Pittsburgh start date prir t July 1, 2004: Must be age 62 years r lder n the last day f wrk. Recgnized University f Pittsburgh start date n r after July 1, 2004: Must be a minimum f age 62 years n last day f wrk with age plus University service (assciated with the recgnized Pitt start date) equal r greater than 85. Actin Steps and Imprtant Infrmatin Register fr a grup infrmatin sessin fr the Benefits Department The Benefits Department ffers retiree infrmatinal sessins several times each mnth. While these sessins are nt required, it is recmmended that yu attend ne several mnths prir t yur retirement date s yu understand the benefits being ffered as well as the prcess t sign up fr the benefits. We encurage yu t bring yur spuse/dmestic partner t the sessin. Yu can register fr a sessin n-line at:

2 Steps tward Retirement Ntify yur Department Decide upn a terminatin/retirement date, which is defined as yur actual last day at wrk. Ntify yur department f yur retirement date. The ntificatin perid may vary by psitin and department. Speak with yur immediate supervisr regarding specific department requirements. A lnger ntificatin perid will allw fr a smther transitin and timely prcessing f all necessary paperwrk. We recmmend ntifying yur department at least 3 mnths prir t yur retirement date. If yu are a staff member and interested in keeping yur Pitt address, please ntify yur department administratr at the time yu submit yur resignatin. If yur request is apprved, yur department administratr must ntify the Benefits Department at hr-benque@pitt.edu prir t yur retirement date. All Emeritus faculty will retain their address upn retirement. Cntact Scial Security Administratin Cntact Scial Security Administratin three mnths prir t retirement (if age 65 and ver) OR three mnths prir t turning age 65 if retiring befre the age f 65. The Scial Security ffice can assist yu with cllecting yur Scial Security benefits as well as enrlling yu in Medicare Part A and Part B. If yu are ver 65 when yu retire, yu must crdinate the effective date f Medicare with the date yur active medical benefits will end. Yur active benefits end the last day f the mnth in which yu retire. Telephne: (800) Web site: Review Retirement Savings Plan Optins (Mst retirees nly have ne f the tw ptins) Defined Cntributin Plan - Three t six mnths prir t yur retirement date review yur accunts and discuss ptential investment and distributin strategies. TIAA is cmmitted t cntinue investment advice fr bth TIAA and Vanguard funds during and after emplyment at the University f Pittsburgh. Upn retirement frm the University f Pittsburgh, emplyees have the pprtunity t cntinue their investment relatinship with TIAA. TIAA Telephne Cunseling: (800) Persnal Appintments: (412) Appintment by Web site: Defined Benefit Plan - If applicable, cntact the Pensin Administratin Center t learn mre abut yur pensin benefit in retirement. Telephne: (866)

3 Steps tward Retirement Imprtant dcuments yu will receive fllwing the prcessing f yur retirement Retiree Benefits Enrllment Packet Mailed t yur hme address by the University s retiree benefits administratr, UPMC Benefit Management Services (BMS), apprximately 30 days befre yur retirement date (assuming that yur retirement has been prcessed in a timely manner by yur Department). Please call BMS at (888) if yu have any questins abut this packet. Medical Insurance Carrier Applicatin If yu are ver 65, and yu elect University-spnsred medical insurance, yu will be required t cmplete an applicatin fr the insurance carrier. This frm will be mailed t yur hme frm the insurance carrier nce yu submit yur enrllment frm with yur health plan electins. Benefit Optins t cnsider: Medical Eligible retirees and their spuse/dmestic partner between the ages f 62 and have the fllwing ptins: Cntinue active cverage until age 65 - Yu will be respnsible fr paying the cst share r difference that is nt cvered by the University. This cst share is the same amunt paid mnthly by active faculty and staff. Yur cst share is paid fr n an after-tax basis. Use Defined Dllar Benefit (DDB) credits Yu may purchase ther, nn-university spnsred, health insurance and prescriptin cverage and receive reimbursement up t yur DDB credit balance. The chsen insurance ptin cannt be emplyer spnsred, and it must be purchased n an after-tax basis. Accrue the DDB credits - Yu may have access t anther active grup health plan. This cverage may be available thrugh the active medical plan f yur spuse/dmestic partner r anther emplyer, and is usually paid fr n a pre-tax basis. Yur credits will accrue in yur accunt fr future use if yu have ther active cverage. Eligible retirees and their spuse/dmestic partner wh are 65 r lder have the fllwing cst sharing arrangement: Enrll in University-Spnsred cverage and use DDB credits - Active medical cverage thrugh the University discntinues. Hwever, yu becme eligible fr several University-spnsred pst-65 plans and Defined Dllar Benefit (DDB) credits. The change ccurs because f the integratin with Medicare prgrams. Please refer t the sectin f the Web site describing Pst-65 medical plans. The DDB credits may be used t cver the cst f the Universityspnsred pst-65 cverage. Depending n the cst f the cverage, the DDB credits may cver the full cst f the cverage, and even leave yu with a surplus f credits, r yu may have t pay the difference between the cst f cverage and the amunt f credits yu receive.

4 Steps tward Retirement Use DDB credits fr ther cverage Yu may purchase ther, nn-university spnsred, health insurance and prescriptin cverage and receive reimbursement up t yur DDB credit balance. The chsen insurance ptin cannt be emplyer spnsred and it must be purchased n an after-tax basis. Accrue the DDB credits - Yu may have access t anther active grup health plan. This cverage may be available thrugh the active medical plan f yur spuse/dmestic partner r anther emplyer, and is usually paid fr n a pre-tax basis. Yur credits will accrue in yur accunt fr future use if yu have ther active cverage. Spuse/Dmestic partners under the age f 65 may have access t University cverage; hwever, they are respnsible fr the full cst f that cverage until they reach age 62. In ther wrds, University subsidized cverage is nt prvided t spuses/dmestic partners under the age f 62. Spuse/Dmestic partners ver 62 have the same ptins based n age as described abve. Dental/Visin Retirees/Spuses/Dmestic Partners under age 65 are eligible t cntinue the same dental and visin plan cverage with the same premiums as active faculty and staff. Retirees/Spuses/Dmestic Partners ver the age f 65 are eligible fr a pst-65 dental plan and a pst-65 visin plan, which have mnthly premiums assciated with them. Flexible Spending Accunts Participants can file claims fr reimbursement fr six mnths fllwing the date f retirement. Hwever, expenses have t be incurred n r befre the last day f wrk. Cntact UPMC Health Plan at (888) with questins. Life Insurance Fr fficial retirement frm the University, the University prvides grup life insurance at n cst in the amunt f $15,000 if yu have cmpleted 10 r mre years f service. Fr service f less than 10 years, the amunt f cverage is calculated at $1,500 fr each year f service. The University will pay the full cst f the premium and it will cntinue thrughut yur lifetime. AD&D insurance terminates upn retirement. Yu als have a prtability ptin t cntinue any Optinal (Supplemental) Life and Optinal Dependent Life cverage at grup rates thrugh Aetna after yu leave the University. Under this ptin, the value f the plicy decreases and the premium increases as yu get lder. Subject t the terms f the Grup Plicy, a cnversin feature allws an emplyee t cntinue the balance f Basic Life, excluding the Retiree Life amunt. The cnversin feature is an ptin fr emplyees wh d nt qualify fr prtability r when prtability is nt available (Basic Life). It enables an emplyee t cnvert their cverage t an individual insurance plicy when their grup cverage ceases. N medical examinatin is required, but applicatin and payment f the first premium must be made within 31 days f the date Grup Cverage terminates. Cntact Aetna directly at (800) with questins r if yu wuld like t prt/cnvert yur basic and/r ptinal life insurance.

5 Steps tward Retirement Lng Term Care Participants are able t prt (cntinue) Lng Term Care insurance after retirement. Unum will autmatically start direct billing the retiree fr the same cverage they had as an active emplyee. Cntact Unum directly at (800) with questins. Educatin Benefits Staff: Please refer t University f Pittsburgh Plicy , r call the Benefits Department at (412) Faculty: Please refer t University f Pittsburgh Plicy , r call the Faculty Recrds Department at (412) Visit the University s Retiree Benefits Web site at: Fr additinal infrmatin including: Health care ptins plan grids Cntact infrmatin Frms Retiree Summary Guide Explanatin f DDB Credits Helpful links DISCLOSURE: The infrmatin presented in this Retirement Checklist is intended t prvide a general verview and discussin f the plans. Descriptive literature is available frm the carriers and the Benefits Department. Plans and administratin f University plans are subject t change.