Pierce County RETIREMENT. Handbook. For additional questions contact: Human Resources (253)

Transcription

1 Pierce County RETIREMENT Handbook For additional questions contact: Human Resources (253)

2 TABLE OF CONTENTS ELIGIBILITY & STATE RETIREMENT SYSTEM PG 2 AFTER RETIREMENT PG 3 MEDICAL & DENTAL BENEFITS PG 4 RETIREMENT PLANS & ELIGIBILITY PG 5 EXTENDING EMPLOYEE BENEFITS PG 6 SICK LEAVE, HRA/VEBA, & FINAL PAYCHECK PG 7

3 2 AM I ELIGIBLE? You are considered to be retired when you have met the required qualifications for service retirement under your State of Washington Retirement System and have elected to receive a service or disability retirement benefit or elected to receive a lump-sum payment in lieu of retirement, immediately upon leaving County employment. Withdrawing from your PERS3 defined contribution fund or deferred compensation fund (e.g. Nationwide) is not considered a service retirement. STATE RETIREMENT SYSTEM Sixty to ninety days before your anticipated retirement date, contact the WA Department of Retirement Systems (DRS). They will provide you with an estimate of your monthly retirement benefit and information regarding the types of benefits for which you will be eligible. For more information, handbooks are available from the Human Resources Department or on-line from the DRS web site. The DRS requires a certified copy of the retiree s birth certificate as well as a certified copy of the spouse/dp s birth certificate in order to process the retirement application. Once you apply for a retirement benefit, DRS will send you a written or electronic notification confirming the date chosen. In order to be separated and receive sick accrual pay out as a service retiree, your application for service retirement in the month following your separation from employment must be on file with DRS prior to your last day of employment. Forward a copy of your confirmation of service retirement notice from DRS to Human Resources.

4 3 WORKING AFTER RETIREMENT Retirees are limited in their ability to return to work for a DRS covered employer without impacting retirement income. A pamphlet is available on-line from DRS, which explains the restrictions for returning to work in detail. 1-(800) GIVING NOTICE TO THE COUNTY When a retirement date has been finalized, inform your department in writing of your anticipated retirement date. A minimum of two weeks notice is required; however, it is recommended you provide notice thirty to sixty days in advance of your retirement. COBRA insurance continuation information will be sent post-retirement. SOCIAL SECURITY Contact the Social Security Administration to determine if you are eligible for benefits. The Tacoma office is located at 2608 South 47th Street, near the Tacoma Mall. 1-(800)

5 4 MEDICAL AND DENTAL BENEFITS DENTAL Pierce County offers eligible retirees and dependents the option to continue dental coverage for up to 18 months under the provisions of the federal COBRA program (Consolidated Omnibus Budget Reconciliation Act). Navia Benefit Solutions is the third party administrator for COBRA continuation; you will receive your enrollment information and make payments directly with Navia Benefit Solutions. COBRA DENTAL PLAN RATES-2018 WDS $ NOTE: COBRA rates listed are for general information only. Willamette $ MEDICAL For those Retirees, Spouses/Domestic Partners Who Are Over 65 and/or Eligible for Medicare: Medicare becomes the primary health care coverage for retirees and/or spouses/domestic partners over the age of 65. There is no 'Retiree Medical Plan health care coverage available through Pierce County for individuals eligible for Medicare and/or over the age of 65. Continuation coverage will be offered for up to 18 months under the provisions of the federal COBRA program. Navia Benefit Solutions is the third party administrator for COBRA continuation; you will receive your enrollment information and make payments directly with Navia Benefit Solutions. COBRA MEDICAL PLAN RATES-2018 PPO I $ Kaiser Permanente $

6 5 RETIREMENT PLANS & ELIGIBILITY RETIREES, SPOUSES/DOMESTIC PARTNERS WHO ARE UNDER AGE 65 AND NOT ELIGIBLE FOR MEDICARE EARLY RETIREE MEDICAL PLAN RATES-2018 PPO Subscriber $1, PPO Spouse/DP* $ A retiree under age 65 is considered an "early retiree." Pierce County offers eligible retirees and dependents an 'Early Retiree Medical Plan' through the County s self-insured plan administered by Regence Blue Shield. This coverage is available to each retiree or spouse until the retiree or spouse reaches age 65 and dependent children are eligible until they reach age 26. At the present time, the County plan is the only retiree plan available to Pierce County retirees. If you wish to continue medical benefits after retirement, you must change to the plan for early retiree coverage or continue your current plan under the provisions of COBRA (see above). There is no underwriting or waiting period if you transfer to a retiree plan. PPO 1st Child $ PPO all other children $ * Spouse/DP becomes the subscriber if the retiree is not covered ** No charge for more than two eligible dependent children You should plan to pay your first month s premium when you submit your enrollment form to Human Resources. Checks are made payable to Regence BlueShield. Subsequent premiums are paid directly to Regence. Direct deduction of premiums from your bank account is available. DEFERRED COMPENSATION REPRESENTATIVE CONTACT INFORMATION If you participate in this voluntary program, contact your representative approximately 45 days in advance of your anticipated retirement date to discuss options. IRS regulations mandate that a withdrawal of funds must begin the year following the year in which a participant turns 70 ½. Nationwide Retirement Solutions Customer Service: (844) Mike Ferguson, Retirement Specialist (509) fergusm9@nationwide.com

7 6 FLEXIBLE SPENDING Contributions to the flexible spending accounts cease with the final pay check. Service dates, for health care or dependent care expenses, must be no later than the last day of work. Continuation coverage will be offered for the remainder of the calendar year of separation under the provisions of the federal COBRA program. Navia Benefit Solutions is the third party administrator for COBRA continuation; you will receive your enrollment information and make payments directly with Navia. 1-(800) or 1-(425) LIFE INSURANCE UNION WITHDRAWL You will be offered the option to convert your base plan to an individual policy if you apply within 31 days from the date your employment ends. The supplemental policy is available through a portability provision. Both of these options are paid directly to the carrier. It is generally recommended that you compare rates with other insurance providers. Contact your union/guild to inform them of your retirement and for information regarding withdrawal from membership. Contact information is available from your shop steward or the Human Resources Department.

8 7 HRA/VEBA TIME OFF ACCURALS Retiring Pierce County employees are paid for accrued and unused compensatory time at 100% of their base hourly rate plus longevity, if eligible. Accrued and unused vacation time is paid at 100% of their base hourly rate plus longevity, if eligible, to a maximum of sixty (60) days. Accrued sick leave is paid to a maximum of two hundred (200) days at varying percentages of an eligible employee's base hourly rate plus longevity, if applicable. The following sliding scale only applies when an employee s separation meets the definition of service retirement as explained on page 2 of this document. Day % Day % Day % A DAY SHALL BE CALCULATED BY DIVIDING THE EMPLOYEE S STANDARD WEEKLY HOURS BY FIVE (5). A Health Reimbursement Arrangement (HRA) is a type of health plan that reimburses out-ofpocket healthcare costs incurred by you, your spouse and qualified dependents. All contributions, investment earnings, and withdrawals (claims) are tax-free! If you are in a benefit group that is participating in this program, 50% or 100% of your sick leave payoff will be placed into the HRA/VEBA program tax-free for your future healthcare expenses. For a list of the participating employee groups and contribution percentage, please see the Human Resources web site or contact Human Resources at (253) FINAL PAYCHECK Your final pay will be available the next regularly scheduled payday following your separation from employment and will include any accrued compensatory time as well as payoffs for accrued vacation and sick leave. Please note that federal withholding tax is set at a higher fixed rate on your lump sum payoff amounts. If you have a direct deposit established, your final check(s) will be deposited to your bank account and your check stub(s) will be mailed to you. If you do not participate in direct deposit, your final check(s) will be sent to you by certified mail from the Human Resources Department on the date issued, or you may request to have them held for pick up at the Human Resources office.