University Human Resources

Health Insurance Empire Plan Empire Plan Independent Health-HMO Independent Health-HMO Community Blue -HMO Community Blue -HMO Option Transfer University Human Resources

Dental & Vision UUP UUP CSEA PEF Dept. of Civil Service University Human Resources

Retirement Benefits The two New York State plans are : The Employees’ Retirement System, (ERS)The Employees’ Retirement System, (ERS) The Teachers’ Retirement System, (TRS)The Teachers’ Retirement System, (TRS) The Optional Retirement Plan (ORP) which includes: ING, METLIFE, TIAA-CREF, & VALICING, METLIFE, TIAA-CREF, & VALIC There are three retirement plans for SUNY employees: University Human Resources

Retirement Eligibility ERS is available to any employee on the State payroll Phone: TRS is available to any employee on the State payroll in a faculty title with very few exceptions (Phone: ) The ORP is available to employees on the State payroll who have a faculty or professional title and are either full-time, geographic full-time (GFT) or part- time term University Human Resources

Retirement Plan Types ERS and TRS are Defined Benefit Plans Your age at the time of retirementYour age at the time of retirement Minimum age 55Minimum age 55 Your years of serviceYour years of service Your final average salary (FAS- Highest consecutive months)Your final average salary (FAS- Highest consecutive months) The amount of your retirement benefit is calculated with a formula using: University Human Resources

ERS and TRS Vesting Vesting determines if you are eligible for a benefit at retirement Vesting determines if you are eligible for a benefit at retirement The vesting period = service required to be eligible The vesting period = service required to be eligible 5 or 10 years of full-time service (what tier) is the vesting period for ERS and TRS 5 or 10 years of full-time service (what tier) is the vesting period for ERS and TRS Part-time service is prorated Part-time service is prorated Tier 1 before 7/1/73; Tier 2: 7/1/73-7/26/76; Tier 1 before 7/1/73; Tier 2: 7/1/73-7/26/76; Tier 3: 7/27/76-8/31/83; Tier 4: 9/1/83-12/31/09; Tier 5: 1/1/10-3/31/12; Tier 6: 4/1/12 or after University Human Resources

Plan Types Continued Vesting Period is 366 days Employee contribution (what tier) The ORP is a Defined Contribution Plan University Human Resources

Employer Contribution The Employer (what tier) contribution is defined: The Employer (what tier) contribution is defined: Tiers: 1, 2, 3, 4. 12/15% Tiers: 1, 2, 3, 4. 12/15% Tier 4a: (7/1/92- 3/31/12) 8% for the first 7 years of employment; 10% (8- 10); 13% thereafter Tier 4a: (7/1/92- 3/31/12) 8% for the first 7 years of employment; 10% (8- 10); 13% thereafter Tier 6: 8%, 10% thereafter Tier 6: 8%, 10% thereafter The benefit received at retirement is determined by the amount contributed and investment performance over time University Human Resources

ING, METLIFE, & VALIC SUNY has approved plans to diversify funds accumulated in CREF accounts To be eligible you must be vested To be eligible you must be vested You can move all or part of your CREF funds to: You can move all or part of your CREF funds to: ING ING METLIFE METLIFE VALIC (Variable Annuity Insurance Company) VALIC (Variable Annuity Insurance Company) University Human Resources

403B/457B Tax Deferred Savings Plans University Human Resources

Additional Ways to Save Save up to $17,000 (age 50 + $22,500) on a tax deferred basis in Supplemental Retirement Accounts available: Supplemental Retirement Accounts available: A tax-deferred annuity, sec. 403(b) of the IRS Code with TIAA-CREF A 403(b) with ING (MetLife or VALIC). Call: for more information or an enrollment kit A 403(b) with Fidelity University Human Resources

Additional Ways to Save Continued…. You may also save up to an additional $17,000 (age 50 + $22,500) in 2012 on a tax deferred basis through the NYS Deferred Compensation Plan, Sec 457 of the IRS Code. You may contact Nationwide Retirement Solutions at or for more information or an enrollment packet. University Human Resources

Retirement from State Service Health Insurance/Sick Leave Credit University Human Resources

Steps to Retirement Submit requests for estimates of retirement income to retirement system (ERS-less than 18 mo.) and other carriers. Submit requests for estimates of retirement income to retirement system (ERS-less than 18 mo.) and other carriers. Decide on an exact, beginning of business, date of retirement. Decide on an exact, beginning of business, date of retirement. Notify your Supervisor or Department Head in writing (irrevocable resignation for purposes of retirement); Send a copy to UHR. Notify your Supervisor or Department Head in writing (irrevocable resignation for purposes of retirement); Send a copy to UHR. University Human Resources

Steps to Retirement Continued... File retirement application with your retirement system. File retirement application with your retirement system. ORP TIAA - CREF Buffalo office (716) ORP TIAA - CREF Buffalo office (716) ERS-retire end of month (15-90 days) ERS-retire end of month (15-90 days) Attend a Retirement Information Session presented by UHR. Attend a Retirement Information Session presented by UHR. Complete and return health insurance and Survivor Benefit forms to UHR. Complete and return health insurance and Survivor Benefit forms to UHR. Bring Time Sheets up to date and submit to your supervisor for signature. Bring Time Sheets up to date and submit to your supervisor for signature. University Human Resources

Health Insurance Eligibility Must have completed a minimum service period (10 years if hired after 4/1/75). Must have completed a minimum service period (10 years if hired after 4/1/75). Must qualify for retirement as a member of a State Retirement System or ORP (age 55). Must qualify for retirement as a member of a State Retirement System or ORP (age 55). Must be enrolled in the New York State Health Insurance Program (NYSHIP) either as an enrollee or dependent at the time of retirement. Must be enrolled in the New York State Health Insurance Program (NYSHIP) either as an enrollee or dependent at the time of retirement. University Human Resources

Current Monthly Premium Rates for Retirees, Effective 7/1/2012 Grade 9 and below/Annual Salary $41,536 or below: ProviderIndividualFamily Empire Plan $71.38 $ Community Blue $69.99 $ Independent Health $98.61$ University Human Resources

Current Monthly Premium Rates for Retirees, Effective 7/1/2012 Grade 10 and above/Annual Salary $41,537 or above: ProviderIndividualFamily Empire Plan $95.18 $ Community Blue $93.32$ Independent Health $121.00$ University Human Resources

Value of Sick Leave Accruals Sick leave accruals, based on salary and age at time of retirement, up to a maximum of 200 days, are converted to a Lifetime Monthly Credit. Sick leave accruals, based on salary and age at time of retirement, up to a maximum of 200 days, are converted to a Lifetime Monthly Credit. Dual Annuitant Option: Passing the credit along at 70% of its value. Credit does not end with your death. Dual Annuitant Option: Passing the credit along at 70% of its value. Credit does not end with your death. Deferred Health Insurance. Deferred Health Insurance. Health Insurance premiums increase. Health Insurance premiums increase. University Human Resources

Calculating Your Monthly Credit Determine your hourly rate of pay by dividing your annual salary by 1957 (2088 if you work an eight hour day). Determine your hourly rate of pay by dividing your annual salary by 1957 (2088 if you work an eight hour day). Multiply the hourly rate by the number of sick leave hours to get the total dollar value. Multiply the hourly rate by the number of sick leave hours to get the total dollar value. Divide the dollar value by your actuarial life expectancy provided by NYSHIP. Divide the dollar value by your actuarial life expectancy provided by NYSHIP. The result is your lifetime, monthly sick leave credit regardless of life expectancy. The result is your lifetime, monthly sick leave credit regardless of life expectancy. University Human Resources

Monthly Credit continued... Sick leave accruals are converted to a credit only when an employee’s status goes directly from active to retiree. Sick leave accruals are converted to a credit only when an employee’s status goes directly from active to retiree. The same sick leave credit is applied every month to your health insurance premium. The same sick leave credit is applied every month to your health insurance premium. If credit is less, you pay the balance. If credit is less, you pay the balance. If credit is more, you pay nothing. If credit is more, you pay nothing. There are no refunds for credit not used. There are no refunds for credit not used. University Human Resources

Medicare and Active Employees Enroll in Medicare Part A (hospital) ONLY Enroll in Medicare Part A (hospital) ONLY days prior to age days prior to age 65 or PH: or PH: NYSHIP remains primary while still working. NYSHIP remains primary while still working. Domestic Partner; ESRD; ALS Domestic Partner; ESRD; ALS Once retired-enroll in Part B (Medical): $99.90/month. Once retired-enroll in Part B (Medical): $99.90/month. University Human Resources

Death Benefits for Retirees: The Survivor’s Benefit Program Provides a $3000 death benefit for all state retirees. Provides a $3000 death benefit for all state retirees. Payable to the beneficiary of the retiree. Payable to the beneficiary of the retiree. ORP-same; ERS/TRS-Option “0”, must name beneficiary; otherwise, same as option. ORP-same; ERS/TRS-Option “0”, must name beneficiary; otherwise, same as option. Retiree must have 10 years of State Service. Retiree must have 10 years of State Service. Survivor must notify the Survivor Benefit Unit at ERS-submit death certificate. Survivor must notify the Survivor Benefit Unit at ERS-submit death certificate. University Human Resources

Privileges and Memberships Library privileges Library privileges Emeritus Status for faculty Emeritus Status for faculty Membership in the Emeritus Center for Faculty and Staff Membership in the Emeritus Center for Faculty and Staff Discounted Access to recreational facilities. Discounted Access to recreational facilities. account Membership in REV- UP, our volunteer program Credit Union The Reporter: on-line Parking University Human Resources

Additional Information For further information please visit the Human Resources website at: For further information please visit the Human Resources website at: University Human Resources

Benefits Directory Liz Dundon, Manager Claudia Samulski, Time and Attendance Anne Bielinski, Retirement Administration University Human Resources

Benefits Directory Continued Sharon Milliken Tax Deferred Savings Mary Wlodarczyk Insurance/Dental/Vision Sharon Hassett Insurance/Dental/Vision University Human Resources

Benefits Directory Continued To Contact a Benefits Representative: Call Campus Mail – 120 Crofts Hall University Human Resources