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GW Retiree Benefits

GW Retiree Benefits. Overview of Benefits Offered. Retirement Eligibility. Age 65 with any number of years of service. Age 60 with at least 10 years of continuous FTE service. Age 55 with at least 20 years of continuous FTE service. FTE = Full-time equivalent. 2. Retirement Savings Plan.

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GW Retiree Benefits

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  1. GW Retiree Benefits Overview of Benefits Offered

  2. Retirement Eligibility Age 65 with any number of years of service Age 60 with at least 10 years of continuous FTE service Age 55 with at least 20 years of continuous FTE service FTE = Full-time equivalent 2

  3. Retirement Savings Plan • At retirement, all funds are available to you • Before retirement, funds are available for In-Service Withdrawals • All 403(b) contributions available at age 59½ • Matching contributions in 401(a) available at age 59½ • Base contributions in 401(a) available at age 62 • Savings can remain in the plans until Required Minimum Distributions begin at age 70½ • Prior to your retirement, you should contact your investment provider(s) to request an analysis of the payment options available to you upon retirement 3

  4. Suite of Benefits for Active Employees • Medical • Dental • Vision • Flexible Spending/Health Savings Accounts • Health Advocate • Castlight • Basic and Supplemental Life and AD&D Insurance • Short Term and Long Term Disability Insurance • Legal Resources • Tuition Remission and Tuition Exchange • Employee Discount Programs

  5. Retiree Benefits • Medical & Prescription • Pre-65 • 65 and over • Health Advocate • Dental • Vision • Basic Life Insurance • Tuition Remission and Tuition Exchange • Discount ID Protection, Auto & Home and Pet Insurance 5

  6. Group Health Insurance • Active employee medical, dental and vision insurance continue until the end of the month in which the employee retires • Employees may elect retiree plans effective the first of the month following retirement • Please allow time for your enrollment and transition 6

  7. Medical & Prescription Insurance • GW Retiree HSP Plan • Retirees under age 65 • Dependents under age 65 • Via Benefits • Retirees age 65 or older • Dependents age 65 or older 7

  8. Medical & Prescription Insurance: Under 65 • Retirees and dependents under age 65 may enroll in the GW Retiree Health Savings Plan (HSP) • The GW Retiree HSP is a high deductible health plan (HDHP) • You will be eligible to open a Health Savings Account (HSA) at any institution you choose • The GW Retiree HSP can be continued until retirees or dependents turn age 65 8

  9. Medical & Prescription Insurance: 65 and Over • GW offers the services of Via Benefits, a Medicare Exchange company, who can assist with the selection of individual Medicare supplemental medical and prescription plans • In order to elect a plan through Via Benefits, retirees and spouses age 65 or over must enroll in Medicare Parts A and B • Prescription plans include GW provided Catastrophic Drug Coverage • Retired Faculty only: Health Reimbursement Account 9

  10. Health Advocate • Retirees enrolled in the GW Retiree HSP or in a supplemental plan through Via Benefits remain eligible for the Health Advocate benefit • Health Advocate can help you find providers, understand and appeal claims, compare plans and more • Available to you, your spouse and your dependent(s) 10

  11. Dental and Vision Insurance • All retirees who have dental or vision insurance through GW may continue coverage through retiree plans with identical structure and cost to the active employee plans • This insurance can be continued for as long as desired • If this insurance is dropped, it can be added again during a future annual open enrollment period 11

  12. Basic Life Insurance • Active employees receive group term life insurance in an amount equal to their annualized salary rounded up to the next $1,000 increment (age reductions apply). • At date of retirement, the benefit will reduce to 80% of the pre-retirement amount, rounded up to the next $1,000 increment • Every July 1 following retirement anniversary, benefit reduces another 20%, before reducing to $2500 on July 1 following 4th retirement anniversary or retiree is age 70 (whichever is earlier) • Premiums continue to be paid by GW, and the imputed value of premiums for coverage over $50,000 will continue to be taxable to the retiree 12

  13. Tuition Benefits • Retirees with more than 10 years of full-time service retain benefits for themselves, their spouse or domestic partner and their eligible dependent(s) • Retirees with less than 10 years of full-time service retain tuition benefits for themselves. Spouse or domestic partner and eligible dependent children will remain eligible if they are already using the benefit at the time of retirement. • Eligible dependents of retirees may also participate in the Tuition Exchange Program on a space available basis 13

  14. What happens to other benefits? • Health Savings AccountsUnused funds will remain available for you to use to cover future health care expenses (including Medicare premiums) • Flexible Spending Accounts • Healthcare FSA election ends last day of month of retirement, but can be continued through end of year under COBRA • Dependent Care FSA funds can be used to cover expenses incurred through end of the year of retirement • Optional Life & AD&D CoverageEnds last day of employment. Lincoln Financial will mail Port/Conversion notice with option to continue coverage 14

  15. What happens to other benefits? • Short-term and Long-term Disability CoverageEnds last day of employment. No option to continue • Legal ResourcesCan be continued through Legal Resources. Contact Legal Resources within 30 days of retirement to retain coverage • Other discount programs and perksGW Retirees remain eligible for discount Home & Auto coverage, ID Theft Protection, Pet Insurance. 15

  16. How Do I Retire From GW? • Visit the GW Benefits Retirement Website: benefits.gwu.edu/retirement • Download and read the Retirement Planning Guide • Questions? Contact GW Benefits. Appointments are available upon request • 90 days prior to retirement: • Contact your Social Security office to inquire about retirement benefits • Review Medical plan options: • Age 65 and older: Contact Medicare to inquire about Medicare Part A & B enrollment, andcontact Via Benefits for Medicare supplemental plan options • Age 64 or younger: Review the GW Retiree HSP Plan • Make an appointment with your retirement provider (TIAA or Fidelity Investments) • Inform your supervisor of your approaching retirement 16

  17. GW Benefits Retirement Websitebenefits.gwu.edu/retirement 17

  18. Contact Informationavailable in Retirement Planning Guide 18

  19. Questions? 19

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