Your Retirement Guide. Employees

Transcription

1 Yur Retirement Guide Emplyees

2 Retirement is a big step. Over the next few weeks and mnths yu ll be asked t make many imprtant decisins abut yur New Yrk Life benefits and yur financial security. This easy-t-use guide takes yu step by step thrugh the New Yrk Life retirement prcess. It als prvides infrmatin abut sme f the ther things yu need t knw, d, and cnsider s yur retirement starts ff right. Tip: CHECKLIST Please use the checklist n the last page t keep track f the steps yu cmplete as yu g thrugh the retirement prcess. 2

3 Hw t get started. Yu can begin the retirement prcess either f tw ways: Initiate yur retirement nline at the Yur Benefits Resurces TM website (YBR). After lgging nt YBR, yu can g t Savings and Retirement, and then click n Retire Nw. Yu will be asked t enter yur last wrk day and t verify yur persnal data (such as date f birth and, if applicable, yur spuse s date f birth). All yu have t d is fllw the steps. A retirement specialist will call yu after yu have initiated yur retirement, t review yur electins and discuss yur benefits with yu. Call the Benefits Center at and select pensin, then begin retirement t reach a retirement specialist. That specialist will becme yur single pint f cntact fr the entire prcess, and he r she will wrk with yu using this guide until yu retire. Yur retirement specialist s jb is t make the prcess easy, cnvenient, and hassle free s yu can retire with peace f mind. Each time yu call, simply ask fr yur retirement specialist by name and the custmer service representative will transfer yu t him r her. Nte: If yur retirement specialist isn t available when yu call, a custmer service representative will schedule an appintment fr yur retirement specialist t return yur call. Tips: Start the prcess early. Start the retirement prcess three mnths befre yu want t stp wrking. This will give bth yu and New Yrk Life enugh time t get everything in place fr a smth transitin. When yu call, yur retirement specialist will walk yu thrugh the prcess and the steps yu ll need t take. Yu ll receive a retirement kit sn after yur call r after yu initiate it nline. Remember t reprt address changes. After yu retire, dn t frget t let New Yrk Life knw if yur address changes. T reprt an address change, visit YBR at newyrklife r call and ask t speak with a representative. Be sure t set up yur user ID and passwrd n YBR befre yu retire. Yu ll need them when yu call after yu retire. 3

4 Wrking with yur retirement specialist. Retirement specialists understand hw imprtant yur retirement decisins are. They ll take yur electins ver the phne, help yu cmplete and submit any required paperwrk, and help yu understand: Hw t chse a retirement date that maximizes the benefits yu ll receive frm New Yrk Life; Yur pensin plan and 401(k) Savings Plan payut ptins, and retiree medical ptins (if eligible); The pensin benefits frms and infrmatin yu ll receive; Hw t begin receiving yur Scial Security and Medicare benefits; and What actins yu need t take, and when. Nte: Yu may als want t cnsider cnsulting a tax advisr abut yur retirement ptins. Online tls and infrmatin Access Yur Benefits Resurces (YBR) via the cmpany intranet r directly frm the Internet ( using yur YBR user ID and passwrd fr detailed, persnalized infrmatin abut yur New Yrk Life benefits and easy-t-use mdeling tls that will help yu make decisins abut yur benefit ptins. Representatives are als available via the Benefits Center at , Mnday t Friday, 9:00 a.m. t 5:00 p.m. Eastern Time. Tip: Set up an ID and passwrd n YBR befre yu retire. Fr yur security, yu ll need yur user ID and passwrd fr Yur Benefits Resurces (YBR) t wrk with a retirement specialist r access persnalized infrmatin r mdeling tls n YBR. If yu have never set them up r dn t remember them, visit newyrklife r call t set them up r request new nes. Yu ll need them t call r lg n after yu ve retired, s be sure they have been set up befre yur last day wrked. 4

5 Retirement actin steps. Use this guide t keep track f what yu need t d as yu wrk thrugh the retirement prcess. Tips: Use direct depsit. Direct depsit makes receiving yur pensin payments easy and cnvenient. T set up direct depsit, have yur bank r ther accunt infrmatin available as yu wrk thrugh the retirement prcess. Sign up t be ntified when yur W-2 and 1095C tax frms becme available electrnically. It nly takes a few minutes! 1. G t cm/nylretirees 2. Fllw the steps t enrll 3. Yu ll receive an cnfirmatin when yu ve successfully enrlled 4. Yu ll receive an n the 1st f the mnth with a direct link t yur statement. Access is immediate via a secure website. Yu can then view r print yur statement. G Green! Elect t receive infrmatin electrnically. Make yur electin n YBR at cm/newyrklife r call

6 Yur New Yrk Life benefits. Emplyee Pensin Plan What yu need t knw If yu re vested in the Plan, yu ll receive a pensin benefit. What yu need t d Review the infrmatin in the retirement kit yu ll receive sn after yu start the retirement prcess. Chse the type f payments yu want, as well as hw and when yu want t receive them. Return the required frms at least 30 days befre yur retirement date t make sure yur payments wn t be delayed. (There is still at least a ne-mnth lag befre yu will see yur first pensin payment). Cpy yur dcuments. D nt send yur nly cpy! Have yur bank r ther accunt infrmatin available t set up direct depsit. Call yur retirement specialist r visit YBR fr mre infrmatin. Imprtant: Chse yur retirement date carefully. If yu are grandfathered under the Pensin Plan, yur age and years f service have a big impact n the amunt f yur benefit. They als impact yur eligibility fr health care benefits in retirement. Yur retirement specialist can give yu the infrmatin yu need t help yu make the decisin that s right fr yu. Nte: Yur retirement date is the day after yur last day f wrk. Since yur pensin benefit cmmencement date must be the first day f a mnth, t avid any gap in incme (i.e., a perid where yu will nt receive a salary r a pensin benefit), yur last day f wrk shuld be the last business day f the mnth prir t yur benefit cmmencement date. 6

7 Yur New Yrk Life benefits (cntinued) New Yrk Life 401(k) Savings Plan What yu need t knw Yur cntributins and cmpany match stp when yu retire. Yu must pay back utstanding lans within 60 days f retiring r the balance will becme taxable incme. Yu can leave yur mney in yur accunt if yur balance is greater than $1,000, take a prtin r all f it in cash, r rll ver a prtin r all f it int an individual retirement accunt (IRA) r anther emplyer s eligible retirement plan. Yu ll cntinue t chse hw yur accunt balance is invested. Yu must begin required minimum distributin (RMD) payments n r befre April 1 f the year fllwing the year yu reach age 70½ r the year yu separate frm service with the cmpany, whichever is later. What yu need t d Chse if, hw, and when yu want t take mney ut. If yu want t leave yur mney in the Plan and yur accunt balance is greater than $1,000, n actin is required at retirement. Cntact yur retirement specialist r visit YBR fr mre infrmatin. 7

8 Yur New Yrk Life benefits (cntinued) Retiree medical and dental cverage under the Grup Plan fr New Yrk Life Retired Agents and Emplyees ( Grup Plan ) What yu need t knw Medical cverage Eligibility Yu will be eligible fr retiree medical benefits if, at retirement, yu are at least age 55 and have 10 r mre years f service and: Yu (and yur current eligible dependents) are enrlled in cverage as an active emplyee n yur last day f wrk befre yu retire. Enrllment Yu will autmatically be enrlled in retiree medical (if eligible). Hwever, there may be decisins yu need t make regarding the cmpany subsidy. Please call the Benefits Center t review these decisins. If yu and/r yur enrlled eligible dependents are Medicare-eligible, Medicare will be primary. If yu and/r yur eligible dependents are Medicare-eligible when yu retire, yu will be placed int the ptin available t Medicare-eligible retirees. If yu call the Benefits Center and decline enrllment fr retiree medical cverage at retirement, yu will nt be able t enrll fr retiree medical cverage in the future Medicare-eligible retirees: NYL and Medicare wrk tgether Medicare is Primary Medicare Part A (Hspital) and Medicare Part B (Medical) cverage New Yrk Life s retiree medical cverage under the Grup Plan fr Medicare-eligible retirees integrates with Medicare and, in determining yur benefits, assumes that yu are enrlled in bth Part A and Part B cverage. Althugh enrllment in Part B is ptinal, it s imprtant that yu have bth Part A and Part B cverage t receive the mst benefits pssible. Here s why: Whether yu have Part B cverage r nt, ur Plan will nt pay fr cverage that Medicare wuld pay fr. S, if yu dn t have Part B cverage yu ll be respnsible fr paying the expenses that Part B wuld have cvered. Part D (Prescriptin Drug) cverage New Yrk Life s retiree medical cverage under the Grup Plan fr Medicare-eligible retirees includes cverage fr prescriptin drugs prvided thrugh Express Scripts Medicare TM Prescriptin Drug Plan (PDP); this is an apprved Medicare Part D plan. S, if yu enrll fr New Yrk Life Tip: Primary vs Secndary Cverage When Medicare is primary and NYL is secndary, claims shuld be filed with Medicare first and New Yrk Life (NYL) secnd. Yu shuld cnsider signing up fr Medicare Direct with Aetna s Medicare will autmatically frward the claims t Aetna t see if there is any additinal payment respnsibility under NYL s cverage. 8

9 Yur New Yrk Life benefits (cntinued) retiree medical cverage, yu d nt need t purchase Medicare Part D n yur wn. Yu will receive imprtant materials abut this prgram when yu are eligible fr it, and yu shuld fllw the instructins prvided. Speak t yur retirement specialist if yu have questins abut this cverage, yur cntributins, r what yu need t d. Nn-Medicare-eligible retirees: If yu re nt Medicare-eligible when yu retire, New Yrk Life s plan will be yur primary plan until yu becme eligible fr Medicare (generally at age 65). Medicare becmes yur primary cverage as sn as yu are eligible even if yu have nt enrlled in it. If yu and yur spuse becme eligible fr Medicare at different times, yu ll be eligible fr different New Yrk Life retiree medical ptins. Cst: Yu will be directly billed by the New Yrk Life Benefits Center fr yur mnthly retiree medical cntributins. Yur mnthly cntributins will nt be deducted frm yur mnthly pensin payments. Yu will be respnsible fr paying yur mnthly retiree medical cntributins n time. - If yu d nt pay yur mnthly cntributins n time, yur cverage will be terminated due t nn-payment. Yu will frfeit yur cverage fr nn-payment and yu will n lnger have medical cverage. - Yu can set up direct debit fr yur medical payments t ensure cntinuus cverage. - Yu must elect retiree cverage when yu are first eligible; if yu d nt, yu cannt request t add cverage at a later date fr yu r any eligible dependent. Imprtant: If yu marry after yu retire, yu cannt add yur new spuse t yur cverage. Yu may add a newbrn r newly eligible child t yur cverage after yu retire. If yu drp cverage fr yurself, cverage fr yur dependents will be drpped. If yu drp yur retiree cverage r if yu cntinue yur cverage but d nt cntinue cverage fr yur enrlled eligible dependents, they cannt be added at a later date. Retiree dental cverage New Yrk Life n lnger ffers a retiree dental plan. If yu were enrlled in dental as an active emplyee, yu will be ffered COBRA. Hwever, certain retirees that have met certain age and service requirements may be grandfathered and eligible fr dental cverage. If yu are eligible fr retiree dental cverage, yu will receive additinal infrmatin regarding retiree dental cverage n yur enrllment wrksheet. Yur retirement specialist will als be able t prvide yu with additinal infrmatin. What yu need t d Enrll in Medicare three mnths befre yu reach age 65. If yu wait t enrll, yu may have t pay a penalty. If yu are ver age 65 when yu retire and have nt already enrlled fr Medicare Part B, yu can enrll during the eight-mnth perid that begins the mnth yur emplyment ends. If yu dn t enrll during this perid, yu can enrll between January 1 and March 31 each year and cverage will begin n July 1; hwever, yu may pay a penalty. Visit r call t enrll in Medicare. Fr infrmatin abut Medicare, visit r call MEDICARE Enrll in Medicare Direct t have Medicare frward claims directly t Aetna by calling Aetna Cncierge at Cntact yur retirement specialist r visit YBR fr mre infrmatin. 9

10 Yur New Yrk Life benefits (cntinued) Flexible spending accunt fr health care What yu need t knw Participatin ends n yur retirement date. Yu may submit claims incurred befre yur retirement date fr expense reimbursement under yur flexible spending accunt until March 31 f the fllwing year. Life insurance cverage What yu need t knw Eligible retirees will have retiree life insurance paid fr by the cmpany. Cverage amunts will vary based n a schedule and may differ frm yur current cverage amunt. Yur retirement specialist will be able t review yur cverage with yu. Yu will have an pprtunity t cnvert all r a prtin f yur reduced amunt f active life cverage. What yu need t d Yu will receive infrmatin regarding cnversin f the reductin in yur active life cverage at retirement. Cntact yur retirement specialist r visit YBR fr mre infrmatin. 10

11 Yur New Yrk Life benefits (cntinued) Disability insurance What yu need t knw Lng-term disability cverage ends n yur last day wrked. Vluntary benefits What yu need t knw Legal Services Plan cverage under the Legal Services Plan will end upn yur last day wrked. If at the time f yur retirement, yu have a cvered matter which is pen r pending, and which has been authrized by Hyatt Legal Plans, yur case will be cmpleted. Qualified Transprtatin Benefit Yu have 90 days frm the date yur last day wrked is reprted t WageWrks t spend the remaining funds n yur Cmmuter Card (fr eligible transit expenses.). After 90 days, remaining pst-tax funds will be returned t yu at the address WageWrks has n file. Any pre-tax funds remaining n yur card after 90 days will be frfeited, per IRS regulatins. If yu participate in the Qualified Transprtatin Benefit, yu shuld cntact WageWrks abut yur accunt at and fllw prmpts fr All Other Benefits. NYL-A-Plan If as an active emplyee yu had NYL-A-Plan premiums deducted frm yur paycheck, yu can cntinue t have these premiums deducted frm yur retirement check. Cntact the Minneaplis Service Center at t set up yur premiums after retirement. Lng Term Care insurance If as an active emplyee yu had lng-term care (LTC) premiums deducted frm yur paycheck, yu can cntinue t have these premiums deducted frm yur retirement check. Cntact LTC at t set up yur premiums after retirement. Vacatin days What yu need t knw Any unused accrued vacatin days will be paid ut t yu in yur final paycheck. Any vacatin days used, but nt accrued, will be deducted frm yur final pay. 11

12 Other resurces/ actin steps. Scial Security What yu need t knw Yu may begin receiving a reduced benefit as early as age 62; r, yu may begin receiving a full benefit between ages 65 and 67, depending n yur birth date. If yu were a participant in the Pensin Plan prir t January 1, 1989 and are subject t Scial Security ffset, it will be applied t yur mnthly pensin benefit when yu reach age 65 r, if later, upn yur retirement. What yu need t d Apply fr benefits by visiting r calling Imprtant: Apply fr Scial Security benefits at least three mnths befre yu want t start receiving yur Scial Security benefits t ensure they will begin when yu need them t. 12

13 Yur retirement plan payment ptins and cnsideratins If yu are eligible, yu ll be asked t chse amng several Emplyee Pensin Plan payment ptins and New Yrk Life 401(k) Savings Plan payment ptins as part f the retirement prcess. Yur retirement specialist can help yu understand yur ptins. Yu may have t pay incme taxes n yur pensin payments and any mney yu take ut f yur New Yrk Life 401(k) Savings Plan. Yu shuld discuss yur persnal situatin with yur wn qualified tax and financial advisr. This guide is necessarily brief and prvides nly general descriptins f the benefits available t yu under the Pensin Plan, New Yrk Life 401(k) Savings Plan, and Grup Plan fr New Yrk Life Emplyees and the New Yrk Life Insurance Cmpany Flexible Benefits Plan. Yu shuld refer t the applicable summary plan descriptins fr mre infrmatin. Specific benefits, eligibility, ptins, requirements and exclusins will be determined nly by the terms and cnditins cntained in the applicable plan and relevant plan dcuments. In the event f any cnflict between 1) the plan dcuments and summary plan descriptins, and 2) this guide, the prvisins f the plan dcuments and summary plan descriptins will gvern. New Yrk Life reserves the right t end r terminate any benefit plan, including withut limitatin, New Yrk Life 401(k) Savings Plan, the Pensin Plan, the Grup Plan fr New Yrk Life Emplyees and the New Yrk Life Insurance Cmpany Flexible Benefits Plan, in whle r in part, at any time withut ntice t, r cnsent f, emplyees r their dependents r beneficiaries. N attempt is made t ffer tax r ther advice with respect t the benefits made available t emplyees r ffer slutins t individual prblems. Fr that advice, yu shuld cnsult yur wn prfessinal advisrs. Yur Benefits Resurces is a trademark f Hewitt Assciates LLC. NYL RG_PDF 13

14 Retirement Checklist Yur Retirement Specialist is: Hints t remember yur: YBR User ID: YBR Passwrd: Reset r set Passwrd Be sure t have the fllwing n hand t cmplete the retirement prcess: Cpies f yur Birth certificate Marriage license Spuse s birth certificate Bank accunt infrmatin Qualified Dmestic Relatins Order (QDRO) Divrce decree (if applicable) Mailing address t be used after yu retire (cnfirm at Persnal address t be used after yu retire (cnfirm at Other things t keep in mind: Beneficiary infrmatin (cnfirm fr yur New Yrk Life 401(k) Savings Plan and Life Insurance at Review yur Scial Security recrds at r call Create r review yur will Enrll in Medicare, if eligible. Visit r call Ntify yur Manager Sign up fr electrnic tax frms at Set up yur YBR User ID and Passwrd befre yu retire. Visit newyrklife Be sure t make cpies f all yur dcuments; d nt send us yur nly cpy. Fr assistance: Benefits Center: Representatives are available Mnday t Friday, 9:00 a.m. 5:00 p.m., Eastern Time. Yur Benefits Resurces (YBR): 14