PLANNING FOR RETIREMENT
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1 PLANNING FOR RETIREMENT Business Day 2014 University Human Resources Anne Bielinski Lissa Jasinowski
2 Overview Overview of Retirement Plans Supplemental Retirement Plans Steps to Retirement Retiree Health Insurance Medicare Additional Benefits
3 OVERVIEW OF RETIREMENT PLANS
4 Retirement Plan Options Employees Retirement System (ERS) Any employee on state payroll Teachers Retirement System (TRS) State employees in faculty title (very few exceptions) Optional Retirement Program (ORP) State employees with faculty or professional title, full-time, geographic full-time (GFT) or part-time term (part-time temporary not eligible) TIAA-CREF, VOYA, MetLife, & VALIC
5 Defined Benefit Plans ERS & TRS are defined benefit plans The amount of your retirement benefit is calculated based on a formula Years of Service Age at Time of Retirement Final Average Salary Retirement Benefit
6 Defined Contribution Plan (ORP) ORP is a Defined Contribution Plan ORP vendors include MetLife, TIAA-CREF, VALIC, VOYA Retirement benefit based on amount contributed to the plan and investment performance Employee/employer contributions are made based on tier
7 SUPPLEMENTAL RETIREMENT PLANS
8 Additional Ways to Save Tax Deferred Savings Plans Pension Supplemental Retirement Accounts
9 Additional Ways to Save 403(b) Supplemental Retirement Annuity Plan $17,500 annual maximum, $23,000 if over age 50 Deduction is fixed amount Contact list for approved vendors to set up account Complete Salary Reduction Agreement Form
10 Additional Ways to Save 457 NYS Deferred Compensation Plan Plan # $17,500 annual maximum, $23,000 if over age 50 Deduction is percentage of pay For information or to enroll, contact Nationwide Retirement Solutions at or visit
11 STEPS TO RETIREMENT
12 Your Responsibilities 1. Attend a retirement information session 2. Submit requests for estimates of retirement income to retirement system 3. Decide on an exact, beginning of business, date of retirement 4. Notify your Supervisor/Department Head in writing and send a copy to UHR Irrevocable resignation for purposes of retirement
13 Your Responsibilities 4. File retirement application with your retirement system 5. Complete and return health insurance and Survivor Benefit forms to UHR 6. Bring timesheets up to date and submit to your supervisor for signature
14 Department Responsibilities 1. Process paperwork changing you to retiree status 2. Forward final time accruals to UHR Retirement Administrator
15 RETIREE HEALTH INSURANCE
16 Eligibility Requirements 1. Minimum service period of 10 years if hired after April 1st, Must qualify for retirement as member of State Retirement System or ORP 3. Must be enrolled in NYSHIP as enrollee or dependent at time of retirement
17 Dependent Survivor Eligibility Before Retirement Work related death Employer pays 100% Non-work related death Employee with 10 years of service within 10 years of retirement, dependents pay employee share Employee with 10 years of service but more than 10 years until retirement, dependents pay full share
18 Health Insurance Premiums Income Sensitive Rates ERS & TRS Retirees Premiums deducted from monthly pension check ORP Retirees Responsible to pay Department of Civil Service, Employee Benefits Division (EBD) on a monthly basis
19 Value of Sick Leave Accruals LIFETIME Monthly Credit based on: 1. Age 2. Salary 3. Sick leave accruals (maximum 200 days) Calculation 1. Determine hourly rate of pay Divide annual salary by 1957 (2088 if you work 8 hour day) 2. Determine total dollar value Multiply hourly rate by number of sick leave hours 3. Determine LIFETIME credit Divide dollar value by actuarial life expectancy provided by NYSHIP
20 Sick Leave Credit Options 1. Single Annuitant Option 100% of Value Credit ends with your death Dependent(s) still eligible for health insurance, only credit ends If you predecease your spouse, who is also covered under the plan, your spouse will only lose the credit but can continue coverage at the lower single premium 2. Dual Annuitant Option 70% of Value Credit passes to dependent(s) after your death If you have family coverage, you are not required to choose this option
21 Application of Sick Leave Credit Sick leave accruals converted to credit only when employee status goes directly from active to retiree. Same credit is applied every month to your health insurance premium. If the credit is more, you pay nothing. No refunds for credit not used. If the credit is less, you pay the balance.
22 MEDICARE
23 Medicare Overview Part A Hospital Free for insured people Part B Medical Cost of $ per month Part C Medicare Advantage Plans Do not enroll, your supplemental coverage will be through NYSHIP when Medicare is primary Part D Drug Do not enroll unless Medicaid eligible Credible prescription coverage through your NYSHIP plan
24 Enrolling in Medicare Parts A & B Automatically enrolled 1 st day of the month turn 65 if collecting from Social Security OR Enroll within 3 months of 65 th birthday or upon retirement if 65 and over State penalty for delaying enrollment Enrollment Options for online application Call Social Security at (800) Visit local Social Security office
25 After You Enroll in Medicare You will receive a new Medicare card Send a copy of the card to Civil Service, EBD with letter State Medicare reimbursement for you and possibly your spouse ERS/TRS Members added to pension check ORP Members receive quarterly check from Civil Service
26 Medicare as Primary Coverage Once retired, primary coverage at age 65 NYSHIP coverage becomes supplemental once Medicare is primary Coverage specific to enrollees based on age Medicare becomes primary 1 st of month following active employer health insurance runout OR Medicare becomes primary 1 st of month in which you turn age 65
27 ADDITIONAL BENEFITS
28 Dental/Vision Coverage CSEA and UUP Employees Coverage directly through your union Eligible for COBRA once active employee coverage ends Once COBRA coverage ends, dues paying members eligible for retiree plans C-82, NYSCOPBA, PBANYS, PEF & M/C Retirees Coverage directly through NYS Eligible for COBRA once active employee coverage ends
29 Death Benefits for Employees Before Retirement ERS/TRS enrollees Benefit is dependent upon the option chosen at the time of enrollment up to a maximum of three year s salary ORP enrollees Benefit is account balance
30 The Survivor s Benefit Program $3,000 death benefit for all state retirees Payable to the beneficiary of the retiree Eligibility 10 years of full-time state service within the last 15 years ORP enrollees Partial annuitize within 90 days if less than 62 Same as retirement contracts
31 Privileges and Memberships Library privileges Faculty emeritus status Emeritus Center membership for faculty and staff Discounted access to recreational facilities account REV-UP volunteer program Credit union membership The Reporter Parking
32 Interested in More Information? Sign up for a Retirement Information Session: 1. Go to 2. Under Quick Start, select Sign up for retirement information session
33 Health Insurance Resources Your New Human Resources Upon Retirement Employee Benefits Division (800) MyNYSHIP Enrollee Self Service
34 Resources Medicare (800) access your Medicare information Social Security (800)
35 Resources Employees Retirement System (ERS) (866) Teachers Retirement System (TRS) (800) Optional Retirement Program (ORP, TIAA-CREF) (800)
36 Resources UUP (800) CSEA (800)
37 Contact for Questions State Benefits Administration University Human Resources 120 Crofts Hall, North Campus Julie Phillips, Manager (716) Anne Bielinski (716) Lissa Jasinowski (716)
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