1. What About My Benefits in Retirement?
How do I prepare?
NOTES:
Human Resources - Employee Benefits
April, 2017

2. Overview Eligibility for Health Insurance Vesting Rights
NOTES:.
Eligibility for Health Insurance
Vesting Rights
Cost, Sick Leave Credit
Deferring Coverage
Dependent Survivors
Medicare
Dental and Vision

3. Retiree Health Insurance … Am I Eligible?
NOTES:
Must have worked 10 years in a NYSHIP benefits eligible position;
Must be at least age 55 AND eligible for retirement from a public pension system including ERS/TRS/PFRS or ORP; and
Must be enrolled in a health insurance program on date of retirement (in your own name, as a NYSHIP dependent or OPT-OUT participant)

4. What Makes Me Benefits-Eligible?
Classified service employees must work at least ½ time or 50%
Part-time Professionals eligibility determined by $ amount annualized (currently $14,430 or more)
Part-time Faculty determined by courses taught per semester (2 courses)

5. Requirements May Be Waived Only When …
Disability retirement (non work-related) – 10 years service required, but age waived
Disability retirement (work-related) – both age and 10 years eligibility waived

6. Health Insurance - Vesting -
What does it mean?
Allows you to retain rights to retiree health insurance in the future if you meet state service requirement but not age requirement
AND….

7. Health Insurance - Vesting -
You must pay full share cost until eligible for retirement (age 55)
Lose your sick leave credit

8. Health Insurance - Payment -
NOTES:
2017 Monthly Retiree Rates
Individual
Family
Empire Plan (001)
SG 9 or below ($41,756 or below) $ $
SG 10 or above ($41,757 or above) $ $
CDPHP (300) $ $ $ $
HMO Blue (072) $ $ $ $
MVP (330) $ $ $ $

9. Health Insurance - Premium Payment -
NOTES:
Deducted directly from your state retirement check (ERS,TRS or PFRS)
-OR-
Directly billed - monthly
*As of now- Employee only share continues for all qualified retirees

10. Health Insurance - Sick Leave Credit -
If you retire from state service, accrued sick leave helps pay for your health insurance throughout retirement

11. Health Insurance - Sick Leave Credit -
Lifetime monthly credit helps offset your cost of health insurance in retirement
Maximum accrual 200 days or
1,500 hours for 7 ½ hr. or
1,600 hours for 8 hr. OR part-time equivalent

12. Health Insurance - Sick Leave Credit -
NOTES:
Calculation based upon salary, amount of accumulated sick leave and age based actuarial tables
To calculate: see Planning for Retirement booklet insert

13. The Importance of Preserving your Sick Leave
NOTES:
Final leave balances must be finalized and reported to Human Resources on your last day worked in order to obtain credit.
Retirement system credit (if applicable)
Final paycheck
Health insurance (sick leave credit)

14. Single/Full Option vs. Dual Annuitant
Single/Full Option – use full value of your sick leave for your life time – highest credit
Dual Annuitant - 30% permanent reduction of your monthly credit – continues for your eligible dependents lifetime
Election must be made prior to retirement and is an irrevocable decision

15. Things to Consider When Selecting Dual Annuitant
Lifetime reduction – even if you outlive any other dependents
Premium reduction to individual rate for dependent
Consider the financial situation for your survivor

16. Dependent Survivors
Notify Department of Civil Service and retirement system of death
3-month free extended health insurance coverage
Option to continue coverage
When does survivor coverage end?
Surviving spouse remarries,
Surviving domestic partner, re-partners,
Dependent children age-out,
If cancelled for non-payment
If not taken when initially offered
NOTES:

17. Deferred Health Insurance
What does this mean?
It allows you to postpone your retiree benefits until a later date
You must:
Prove comparable coverage
Elect prior to retirement

18. Deferred Health Insurance - Advantages-
NOTES:
Preserve sick leave
Sick leave credit increases
*Indefinite ... until you choose to activate NYSHIP coverage

19. Medicare Who is eligible? Age 65 – most common
NOTES:
Who is eligible?
Age 65 – most common
Regardless of age, after receiving SSDI (social security disability insurance) benefits for 24 months
When receiving SSDI due to ALS/Lou Gehrig’s Disease
After Medicare’s waiting period for End Stage Renal Disease

20. Parts of Medicare
Part A – Hospitalization – MUST ENROLL (when insured as a retiree or covered with post- employment insurance)
Covers inpatient care in a hospital or skilled nursing facility, hospice care and home health care.
In most cases Part A is free

21. Parts of Medicare
Part B – MUST ENROLL (when covered as a retiree or with post-employment coverage)
Covers doctors’ services, outpatient hospital services, durable medical equipment and some other services and supplies not covered by Part A
Monthly basic premium
$ if enrolled in Part B on or after January 1, 2017

22. Parts of Medicare Part C – Medicare Advantage Plan
Empire Plan enrollees - you do NOT want to enroll in Part C
HMO enrollees - discuss with your HMO – Be careful!

23. Parts of Medicare Part D – Prescription Drug
In most cases do NOT enroll
Medicare primary enrollees & dependents enrolled in the Empire Plan have RX coverage under Empire Plan Medicare RX (Silverscripts), a Medicare Part D RX Drug Plan with expanded coverage designed especially for NYSHIP enrollees. Once Medicare primary – automatic enrollment
HMO enrollees – RX through HMO – contact HMO directly

24. *without Medicare you will not have primary insurance*
MEDICARE’S ROLE
Once you are retired or covered as a dependent on a NYSHIP retiree plan and eligible for Medicare what happens?
You (and/or dependents who qualify) must enroll for Parts A & B
Medicare A & B will become primary for anyone who qualifies
NY State will reimburse Medicare Part B premiums for anyone who is primary
*without Medicare you will not have primary insurance*

25. Medicare Crossover Program
How do I enroll?
Call Social Security at
Visit 2 Court St, Binghamton
Go on-line to
When should I enroll?
Approximately 3 months before you first become eligible
Medicare Crossover Program
*Medicare pays for expenses within the U.S., Puerto Rio, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands
NOTES:

26. Vision and Dental Benefits expire upon retirement Options:
NOTES:
Benefits expire upon retirement
Options:
1. COBRA (limited time)
2. GHI/Emblem Health - Dental Program
3. CSEA or UUP Retiree Dental Plan
(must pay union dues)

27. Contact Information
CSEA Benefit Fund
UUP Benefit Fund
GHI/Emblem Heath
Dept. of Civil Service
Empire State Plaza
Albany, NY

28. Things to Consider
MUST provide a letter of retirement to department supervisor and copy HR
ERS/TRS/PFRS members MUST file service retirement application with system directly
Schedule retiree meeting with Benefits office
Contact the applicable carrier (TIAA; Voya; Fidelity; VALIC; MetLife or Deferred Compensation about tax-deferred accounts (if applicable)
NOTES:

29. Campus Contacts Benefits Staff
NOTES:
Kim Avery Ext
Luanne DiRico Ext
Karen Kocan Ext

30. Relax and Enjoy! Human Resources - Employee Benefits April, 2017
NOTES:
Human Resources - Employee Benefits
April, 2017