1 / 24

RETIREMENT BENEFITS

RETIREMENT BENEFITS. Human Resources - Employee Benefits Spring 2000. Payroll. OVERVIEW . Medical benefits. Notifying the retirement system. Vision and dental. Medicare. Eligibility for health insurance. Death benefit for retired state employees. Vesting. Cost. Returning to work.

Gabriel
Download Presentation

RETIREMENT BENEFITS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. RETIREMENTBENEFITS Human Resources - Employee Benefits Spring 2000

  2. Payroll OVERVIEW • Medical benefits • Notifying the retirement system • Vision and dental • Medicare • Eligibility for health insurance • Death benefit for retired state employees • Vesting • Cost • Returning to work • Deferring coverage

  3. Final leave record signed and returned to Payroll • Retirement system • Final paycheck • Health insurance PAYROLL

  4. Date of last paycheck PAYROLL • 5-day salary withholding (CSEA, M/C, PEF) • Vacation/balance of contract • Notify of any address changes

  5. New York State Employees’ and Teachers’ Retirement Systems NOTIFYING THE RETIREMENT SYSTEM • At least 30 but no more than 90 days ahead of retirement date • ERS 518-474-7736 • TRS 518-447-2666

  6. TIAA - CREF NOTIFYING THE RETIREMENT SYSTEM • Can begin benefits any timeafter retirement • Contact TIAA for retirementapplication package1 800 842 2733

  7. Minimum service period HEALTH INSURANCE / RXAM I ELIGIBLE? • Age 55 and eligible for retirement Age 50 during an incentive • Enrolled in a health insurance program on date of retirement

  8. Must meet service but not age requirement VESTING • Pay full share cost • Loss of unused sick leave credit

  9. Your share • Sick leave credit • Dual annuitant • Payments COST

  10. Your share COST2000 Monthly Rates Individual Family Empire Plan $24.84 $100.83

  11. Your share COST • Sick leave credit http://www.cs.state.ny.us • Dual annuitant • Payments

  12. Notify Department of Civil Service and retirement system DEPENDENT SURVIVORS • 3 months extended coverage period • Option to continue coverage available • When survivor coverage ends

  13. Indefinite DEFERRING COVERAGE • Sick Leave Credit increases • Elect prior to retirement

  14. Coverage continues automatically • Empire Plan benefits administered by Civil Service • Employee Benefits Division • 1-800-833-4344 MEDICAL / RX BENEFITS • Will continue to receive Empire Plan Reports/updates

  15. MEDICAL / SURGICAL BENEFITS United HealthCare (MetLife) 1-800-942-4640 HOSPITAL BENEFITS Blue Cross / United HealthCare 1-800-342-9815 Non-Participating Provider: • Annual Deductible • Submit Claims to UHC • 80% of Covered Expenses • (reasonable & customary) Participating Provider: • Copays • Metropolitan Pays Doctor Directly Hospital Inpatient / Outpatient Care Skilled Nursing Facility Hospice MANAGED CARE EMPIRE PLAN HEALTHCALL (Benefits Management Program) 1-800-992-1213 • - Before Maternity or Scheduled Admissions • - Within 48 Hours of Emergency Admission • - Before Having Certain Procedures MANAGED PHYSICAL MEDICINE (MPN) 1-800-942-4640 Chiropractic Treatment and Physical Therapy VALUEOPTIONS 1-800-446-3995 Mental Health and Substance Abuse Treatment HOMECARE ADVOCACY PROGRAM (HCAP) 1-800-638-9918 Home Care Services and/or Durable Medical Equipment/Supplies

  16. Benefits administered by individual HMO’s HMO’s • Hospital, medical, surgical and prescription coverage • All services provided or arranged by a primary care physician

  17. Emergency coverage worldwide HMO’s • NYSHIP HMO’s now in Floridaand Pennsylvania • HMO reports

  18. Options : VISION and DENTAL • Benefits expire • COBRA • GHI Spectrum Plus • UUP Vision / Dental Plans • CSEA Dental Plan

  19. What is it? MEDICARE • Do I have to have it? • How to enroll • Contact Social Security (1-800-772-1213) • Medicare reimbursement • Expenses outside the US • Medicare crossover

  20. $3,000 death benefit SURVIVOR’S BENEFIT PROGRAM • TIAA-CREF members must annuitize within 90 days • Complete Death Benefit form

  21. Returning to SUNY : $17,000 in 2000 RETURNING TO WORK • Social Security earnings limits • Under 65 $ 10,080 (2000) • Age 65 + no limit

  22. Letter of retirement THINGS TO CONSIDER • CU membership may be continued • Contact Aetna, TIAA-CREF, or Copeland about regular tax-deferred accounts

  23. General retirement information/updates ERS http://www.OSC.state.ny.us/retire/ -- includes deferred compensation information -- TRS http://www.NYSTRS.albany.ny.us TIAA-CREF http://www.tiaa-cref.org INFORMATION from Web Sites

  24. Deborah Roe (716) 395-2126 CONTACTS Benefits • Connie Davis • (716) 395-5135 Payroll

More Related