What Happens To My Benefits When I Retire from MCW? Benefits remain in effect as long as you are full-time or full professional effort Health Benefits: Options are based on your (and/or spouse’s) age at retirement. Under age 65: MCW Health Plan continuation options available Over age 65: Medicare and Medigap options available

MCW Health Continuation of Coverage for Early Retirees After 10 years of service have been completed, employees and their spouses, age may continue their MCW Health Care Benefit Plan coverage if they retire. (See chart on website for schedule: Coverage ends at age 65, when participant becomes eligible for Medicare.

Rates for Early Retiree Health Continuation Coverage Single: $510/month Family: $1,215/month Two single policies can be elected if there are no dependent children that need coverage. These rates are subject to annual increases each July.

Health Plan Continuation for Retirees Age 65 & Over Apply for Social Security and Medicare before reaching Age 65. Consult Social Security’s website for more information on how to apply: Apply for a Medicare Supplement Plan (“Medigap”). Consult Medicare’s website for more information on how to apply:

Non-Health Benefit Options Dental coverage: Under age 65: COBRA continuation available (up to 18 months, until age 65). Current Monthly Cost: Single $28.62 Family $84.30 Over age 65: COBRA not available

Non-Health Benefit Options Group Term Life Insurance: Ends on the last day of the month that employment terminates. Conversion is available to continue coverage through insurance company directly Must apply for coverage and pay premium within 31 days of coverage termination Acceptance guaranteed Rates determined by insurance company

Non-Health Benefit Options Group Long Term Disability Insurance: Ends on the last day worked. Conversion is not available if coverage terminates due to an employee retiring

Retirement Plan Distribution Options Consult with your financial planner or retirement company representative several months before your planned retirement date MCW’s retirement company representatives are on campus each quarter and appointments are available Contact your retirement company directly to obtain distribution forms Benefits Office may need to sign forms

Retirement Plan Distribution Options Mandatory 403b Retirement Plan: Withdrawals are only available upon termination of employment, retirement, death, total disability, financial hardship, or Early Retirement. Definition of “Early Retirement”: Age 59 ½ or older and work effort less than.5 full-time equivalent status. A part-time faculty appointment is required to effectuate Early Retirement.

Retirement Plan Distribution Options Voluntary 403b account: After you reach age 59 ½, withdrawals or rollovers are available while you are still currently employed on a full-time or full professional effort basis. Contact your retirement plan company for distribution form(s).

What If I Need Help in Planning My Retirement? The Benefits Office will prepare a written summary of your options available upon request; and/or the Benefits Manager will meet with you to answer any questions or address unique situations.