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2 Please silence all cell phones. This presentation is based on current legislation and is subject to change without notice. This material is to be used for training purposes only. Please contact the North Carolina Retirement Systems Division for guidance or assistance. 2
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52 A sick leave day is determined by the employer s sick leave accrual policy and may or may not be equal to 8 hours. Example 1 An employee who earns 1 day of sick leave per month under the employer s sick leave accrual policy may work an extended shift of 12 hours per day and accrue 12 hours of sick leave each month. When the employer certifies unused sick leave on the employee s retirement application (Form 6), if that employee has 12 hours of eligible unused sick leave, the employer should report 1 day of unused sick leave, rather than 1.5 days. Example 2 An employee who earns 1 day of sick leave per month under the employer s sick leave accrual policy may work 7.5 hours per day and accrue 7.5 hours of sick leave each month. When the employer certifies unused sick leave on the employee s Form 6, if that employee has 7.5 hours of eligible unused sick leave, the employer should report 1 day of unused sick leave. 52
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70 2015 Non Medicare Plan Options Include: Enhanced 80/20 Plan Traditional 70/30 Plan Consumer Directed Health Plan State Health Plan: or 70
71 2015 Medicare Primary Plan Options Medicare Advantage Base Plan Humana or UnitedHealthcare Medicare Advantage Enhanced Plan Humana or UnitedHealthcare Traditional 70/30 Plan Benefit Booklets for each plan are located on the State Health Plan Website: Humana: UnitedHealthcare: /30 Plan:
72 It is important to understand that a Medicare eligible retiree must have both Medicare Part A and Part B in place to enroll into a Medicare Advantage Plan. If you worked beyond age 65 and already have Medicare Part A in place, you will want to have your Medicare Part B in place so it is effective on your retirement date. If you have not elected your Medicare Part B and are in the Traditional 70/30 plan, you will incur greater out of pocket costs as the Plan will reduce your claim by the benefit that would have been available to you under Medicare Part B, and then pay the remaining claim amount under the terms of your plan. As a result, you are responsible for the amount that would have been paid by Medicare Part B if you do not enroll in Medicare Part B. 72
73 1st hired prior to October 1, 2006: Need 5 years of state contributory membership service to be eligible for state paid individual retiree group coverage under the State Health Plan 70/30 or Medicare Advantage Base Plan at retirement * 1st hired on or after October 1, 2006: Need 20 years of retirement service credit to be eligible for statepaid individual retiree group coverage under the State Health Plan 70/30 or Medicare Advantage Base Plan at retirement * If 5 years but less than 10 years, you may enroll and pay full cost * If 10 years but less than 20 years, you may enroll and pay 50% of the cost * *additional fee for the other plans 73
74 If you are not Medicare Primary you will be automatically enrolled in the health plan you were enrolled in as an active employee along with any covered dependents. 74
75 SHP retiree group coverage begins on first day of the month following your effective date of retirement. If under 65, you will be automatically enrolled in the health plan you were enrolled in as an active employee along with any covered dependents. You can change your auto enrollment plan or coverage (or opt out of coverage) up to 30 days after the coverage effective date. 75
76 If you and/or your dependents are Medicare eligible and your retirement process is completed 60 days or more prior to your coverage effective date, you will be automatically enrolled into a Medicare Advantage Base Plan. You will have up to 30 days prior to your coverage effective date to change plans. If no action is taken, you will remain in your assigned Medicare Advantage Plan until the next Open Enrollment. If you are Medicare-eligible and your retirement process is completed less than 60 days prior to your coverage effective date, you will be automatically enrolled in 70/30 Plan and remain there until the next Open Enrollment. Keep in mind that Non-Medicare eligible dependents will be enrolled into the health plan they were enrolled in while you were an active employee. 76
77 In an effort to continuously enhance the benefits available to retired public employees, the Retirement Systems Division is proud to offer you supplemental insurance through our trusted partner, Pierce Insurance. Soon after you retire, Pierce will mail information about these insurance products directly to you. Enrollment is optional and retirees pay the full cost of coverage; however, you may be able to benefit from the lower group rates offered through Pierce. If you would like to contact Pierce Insurance directly with questions, please call NCRETIRE or go to 77
78 Must have one year of contributing membership service. 78
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85 NOTE: Explain federal tax base 85
86 If the member has maintained five or more years of retirement membership service in TSERS as of August 12, 1989, the member s entire retirement benefit is exempt from North Carolina income tax If the member has not maintained five or more years of retirement membership service in TSERS as of August 12, 1989, the member will be required to pay North Carolina income tax on the taxable portion of his/her retirement benefit if he/she is a resident of North Carolina 86
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89 After a six month waiting period, the retired member may return under an Earnings Restriction. The Earnable Allowance in a non contributing capacity during the 12 months following retirement or during any calendar year = 50% of the retired member s compensation during the 12 months of service before retirement excluding termination payments or $32,260 (2017 amount), whichever is greater. The Earnable Allowance is increased each year based on the percentage increase in the national Consumer Price Index. 89
90 Importance of retiree requesting Statement of Earnable Amount 90
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99 Please note that in an effort to serve our members better, the North Carolina Retirement Systems and Department of State Treasurer are moving to a new location this summer. The new address will be 3200 Atlantic Avenue, Raleigh, NC. If you have scheduled an appointment to meet with a Retirement Systems Division counselor, please call ahead to 877 NCSECURE ( ) to confirm the time, location and directions to your appointment. 99
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