Flexible Spending. 403b/457 Withdrawals
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1 SERP BRIEFING
2 OVERVIEW OF TOPICS Flexible Spending & Final Pay Check STRS/PERS Pension & Service Credit Medicare Enrollment Process (x3) Retiree Medical Plan Out of State Plans COBRA
3 Flexible Spending Last day to spend money is June 30, 2018 Last day to submit receipts is September 28, 2018 No Rollover amounts after retirement. You must use it or lose it 403b/457 Withdrawals Send form to Envoy Plan Services not to employer. Refer to www. envoyplanservices. com
4 FINAL PAY Academic Workload Banking payout 10-Pay Deferred Pay 12-Pay Classified, Suprv/Confd and Administrators Vacation Payout Information provided with Retiree notice Leave reporting in arrears, pay for current month
5 Pension CalPERS CalSTRS District - Medical Benefits Social Security & Medicare
6 PENSION AND SERVICE CREDIT
7 RETIREMENT PENSION CalSTRS Retirement Recommend submitting Application 3 months in advance. Express Benefit Report submit to Payroll. Excess Sick Leave Reduced Work Load service credit CalPERS Retirement Recommend submitting Application 3 months in advance. Sick Leave transferred to CalPERS, no forms needed. Review Service Credit NOW
8 Purchase of Service Credit Sabbatical Leave Maternity Leave Redeposit of Contributions Service Prior to Membership Consolidation of Cash Balance All Service Credit purchases must be made prior to retirement date.
9 MEDICARE ENROLLMENT Parts A & B only!
10 PROCESS BASED ON AGE #1 Retiree and/or Spouse age 65 or older as of 2/28/18 Form/s provided to take to SS office to enroll in Medicare Part B by April 16, 2018 Request proof of enrollment & Medicare ID# Coverage will start on July 1, 2018 Complete and return carrier forms to Benefits Office by June 8, 2018 *Do not enroll in Parts C or D
11 PROCESS BASED ON AGE #2 Retiree and/or Spouse age 65 between 3/1 and 7/31/18 Enroll during initial enrollment period offered by Medicare Coverage will start on 1 st of birth month Complete and return carrier forms to Benefits Office by June 8, 2018 *Do not enroll in Parts C or D
12 PROCESS BASED ON AGE #3 Retiree and/or Spouse age 65 After 08/01/18 Enroll during initial enrollment period offered by Medicare Coverage will start on 1 st of birth month Complete and return carrier forms to Benefits Office by the 10 th of month prior to birth month *Do not enroll in Parts C or D
13 REQUIRED - ENROLLMENT FORMS Kaiser Senior Advantage Anthem Blue Cross Return form to Benefits Do not send to carrier
14 MEDICARE PREMIUM REIMBURSEMENT Must submit proof of premium cost for every calendar year period If effective date for Part B is on or before 7/1/18 reimbursements begin in July 2018* If effective date for Part B is after 8/1/18 reimbursements begin with that month* IRMAA for Parts B & D reimbursed *Enrollment in supplemental or Advantage plan must be completed to be eligible to receive premium reimbursement
15 Lifetime of Coverage & Protection RETIREE MEDICAL PLAN
16 RETIREE NOTICE Customized per individual Current Plan Total Premium Cost Retiree Percentage of cost Dependent information and cost Return Retiree Election & C.A.R.E. Release Forms
17 OUT OF STATE PLANS Pre 84/86 DOH No cost for PPO plans Traditional PPO $250 Deductible, Rx $2/$5 Medicare Advantage PPO $0 Deductible, Rx $2/$5 *Kaiser Permanente Copay $10-30, Rx $15/$30 No Cost for plan Post 84/86 DOH Traditional PPO $500 Deductible, Rx $5/$15 Est. cost $1,250 each Medicare Advantage PPO $0 Deductible, Rx $5/$15 Est. cost $40-$100 each *Kaiser Permanente Copay $10-30, Rx $15 - $30 Cost varies by State *Limited availability in Oregon, Washington, Maryland, Virginia, DC, Colorado, Georgia, Hawaii Please contact the Benefits Office prior to moving out of California
18 COBRA COVERAGE
19 COBRA NOTICE Customized per individual/family Current Plan/s being offered Coverage end date and last day to elect to continue coverage Premium Cost (See chart) Return COBRA Election Form & Universal Enrollment Form Coverage will not resume until 1st payment is Rcvd.
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