Suggested Timeline

Get Retirement Estimate (18 mo.)Other retirement money issues: income

sources and expenses (6 mo.)Meet with Human Resources (6 mo.) Inform your supervisor (3-6 mo.)File Retirement Application 30 to 90 days

before your retirement date if receiving distribution

Retirement Distribution ORP

Your choice how and when to begin income

Options include annuitizing, cash withdrawal, systematic withdrawal, etc.

ORP members can call their carriers to discuss retirement distribution options

Retirement DistributionERS and TRS

Visit web sites: ERS: www.osc.state.ny.us/retire TRS: www.nystrs.org

Request an estimate

Consult with a representativeMust give 30 days notice but no more than 90 days

Know Thy Tier (ERS/TRS)

Tier 1: joined before July 1, 1973Tier 2: between July 1, 1973 and July 26,

1976Tier 3: between July 27, 1976 and August 31,

1983Tier 4: who joined on or after September 1,

1983Tier 5: who joined on or after January 1, 2010

HEALTH INSURANCE

Am I Eligible in Retirement?

Minimum state service time: 10 years in benefits-eligible positions

Age 55 and eligible for retirement

Enrolled in a health insurance program on date of retirement

ELIGIBLE DEPENDENTS

Spouse - eligible after your death until they remarry

Domestic partner - eligible after your death until enters new partnership

Children to age 19 to age 25 if full-time students disabled child

HEALTH INSURANCE2010 *Monthly* Rates

(equal to your current share of cost)

Individual Family

• CDPHP (Albany area) $ 45.17 $ 252.01

• Empire Plan $ 49.91 $ 216.41

• HIP (Downstate) $ 30.78 $ 151.76

• Indep. Health (Buffalo) $ 82.13 $ 359.39

• MVP (Rochester) $ 79.42 $ 307.75

HEALTH INSURANCE SICK LEAVE CREDIT

• Good news: if you retire from state service, accrued sick leave helps pay foryour health insurance throughout retirement!

• Lifetime monthly credit that helps offset your cost of health insurance in retirement

• Maximum accrual 200 days

HEALTH INSURANCE SICK LEAVE CREDIT

– Calculation based on • salary,

• amount of accumulated Sick Leave, and

• actuarial tables

– Sick Leave credit applies only in retirement – it cannot be used by survivors if you die prior to retirement

COST of HEALTH INSURANCE... DUAL ANNUITANT

If you specify, your dependents may use your sick leave credit upon your death

30% reduction of value of your creditThis choice must be elected prior to

retirement

Sample Sick Leave Calculation

Employee Salary $65,000Age at retirement 65200 sick daysMultiply daily rate of pay by the number of

sick leave days and divide that figure by the life expectancy in months

249.31 X 200 = $49,862/ 192 = $259.69$259.69 X .70 = $181.78 dual annuitant

Premiums will increase, credit will remain constant

In the last 10 years monthly premiums up by 10.4% Ind, 10.1% FamilyIn the last 5 years monthly premiums up by 11.8% Ind, 11.4% Family

DEFERRING HEALTH INSURANCE

Indefinite deferral... Must provide proof of other coverage

Sick Leave Credit increases

Must elect prior to retirement

Health Insurance Premium Payments

• If you retired from ERS or TRS, the premium is deducted from your retirement check.

• If you retired from the SUNY ORP, you will be billed quarterly

HEALTH INSURANCE PAYMENTS

May take up to six months to start

Be prepared for a large bill or pension check deduction for retroactivity

MEDICARE

• Part A – hospital coverage (free)

• Part B – outpatient and inpatient medical coverage. Cost for 2010 $96.40/mo.

• Part D – prescription drugs (**Warning: few should enroll**)

• No coverage outside the U.S.

MEDICAREWhen Does Eligibility Begin?

It is your primary insurance if:– You are retired AND– You are over 65 (start enrollment process

3 months prior to birthday)

– Diagnosed with end-stage renal disease or ALS (Lou Gehrig’s disease)

Medicare and NYSHIP

WORKINGNYSHIP primary

regardless of ageMedicare is

secondary (if enrolled)

DO NOT have to enroll in Medicare until retire

RETIREDMedicare is Primary first day of month you or your dependent turns 65Must be enrolled for Medicare A & BIf out of US, NYSHIP is primary

MEDICARE

State reimburses Part B cost if primary

Enroll through Social Security 1-800-772-1213

State will NOT cover expenses that are a Medicare responsibility

MEDICARE

• It is YOUR responsibility to enroll in Medicare Parts A and B

• Contact Social Security– At least 3 months prior to retiring when you or

your dependent is age 65– If retired, at least 3 months prior to age 65

CHANGING COVERAGE

Permitted changes option transfer at any time, once per 12 mo. family to individual, individual to family cancel and reenroll (no recalculation of SL)

Contact NYS Dept. Of Civil Service, Employee Benefits Division 518-457-5754 1-800-833-4344

DENTAL AND VISION

Benefits expire Several options to consider Sick Leave Credit does *not* offset

Dental/Vision costs Purchase through COBRA

same as current coverage 18 months elect within 60 days

Dental/Vision Coverage - CSEA

Must purchase as a package Cost $75 per month - family or individual

Contact the CSEA Benefit Fund to convert 1 (800) 323-2732 Ext 803 CSEA also offers several other plans

DENTAL/VISION COVERAGE -M/C & PEF

GHI Preferred Dental Same as current coverage for those in GHI Dental costs for 2010

$30.00 Individual $80.00 Family

Vision cost for 2010 $4.00 Individual $10 Family

Combined Dental/Vision $35.00 Individual $90.00 Family

DENTAL/VISION- UUP

COBRA Monthly rates

$43.04 Individual $102.75 Family

UUP dental programs www.uupinfo.org/benefits

UUP also offers several other plans

Union Benefits

Life, auto, homeowners insuranceRetiree membershipDiscounts/services

Paychecks

2 weeks lag pay1 week deferred pay

CSEA, M/C, PEF

vacation pay (max 30 days)

RETURNING TO WORK

Applicable to NYS Public Employment

Could be a limit on social security earnings

Section 212: $30,000 in 2010 unlimited at age 65 +

NYSHIP benefits and return to work

• If Benefits Eligible, can re-enroll in dental, vision, other benefits

Medicare stops being primary

Not eligible for Medicare reimbursement for Medicare Part B

Eligibility for Health Insurance as a Vestee

• If leave state employment before age 55 may be eligible for health benefits at retirement– Must be enrolled in NYSHIP at the time you leave– Must have a minimum of 10 years of service in a

benefits eligible position

• Must continue NYSHIP coverage until retirement age

Eligibility for Health Insurance as a Vestee

• To continue coverage in NYSHIP by:– Paying 100% of the cost of the insurance through

retirement ageOR

– Continuing NYSHIP enrollment as a dependentOR

– Be employed by another agency that participates with NYSHIP

QUESTIONS??

Office of Human Resources

2 Union Ave.

Saratoga Springs, NY 12866

518-587-2100, ext. 2240

518-587-5448 (fax)

Website: www.esc.edu/hr