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Retirement Incentive Program 2009 An overview for ARP participants May 2009. Agenda. Retirement Incentive Program Eligibility Requirements Program Features Decision Criteria Retiree Health Insurance Retiree Life Insurance Additional Information Retirement Website Retirement InfoLine

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Presentation Transcript
agenda
Agenda
  • Retirement Incentive Program
    • Eligibility Requirements
    • Program Features
    • Decision Criteria
  • Retiree Health Insurance
  • Retiree Life Insurance
  • Additional Information
    • Retirement Website
    • Retirement InfoLine
  • Q & As
eligibility requirements
Eligibility Requirements
  • Age 55 or older on or before June 30, 2009
  • 10 years of actual state service
    • Not prorated for part-time employees (date to date)
program features
Program Features
  • Employee choice of June 1, 2009 or July 1, 2009 retirement date
  • Incentive: $6,000
    • Paid in 3 installments of $2,000 in July 2012, 2013 and 2014
  • Retiree health
    • Eligibility for Preferred Plan
    • Prescription drug copays: $3 generic/$6 brand name
slide5

Decision Criteria

  • Can I afford to retire?
    • Income sources in retirement
    • Expenses in retirement
  • Am I ready to retire?
    • Consideration: how you will spend your days
    • Stricter rules on re-hired retirees

5

retiree health insurance
Retiree Health Insurance
  • Coverage effective one month after retirement
    • Remain in employee health plan first month of retirement
  • Plan designs generally same as those offered to active employees
    • Make election at retirement and during annual open enrollments
  • Medicare-eligible participants
    • Must enroll in Medicare Part B, cost reimbursed
    • Need to provide Medicare with proof of creditable coverage to avoid late entrant penalty
    • Medicare Part D enrollment unnecessary
slide7

Retiree Health Insurance

  • Important noteA portion of your ARP benefit must be used to purchase an annuity naming your spouse as contingent annuitant to ensure continued eligibility for the retiree health plan after your death

7

slide8

Retiree Life Insurance

  • Provided to employees enrolled in basic life insurance at retirement
  • Amount of coverage based on years of service
    • 25 or more years of service, 50% of basic amount
    • Prorated if less than 25 years of service
  • No cost to retiree
retirement website
Retirement Website
  • A Guide to Retirement Benefits
    • Overview of retirement benefits and processes
  • Retirement Application Information
    • Form needed to initiate retirement paperwork
  • Retirement Forms and Checklist
  • ARP Summary Plan Descriptions
slide10

Retirement InfoLine

  • (860) 486-6544
  • Dedicated line for retirement questions
  • Calls answered within 24 hours (M-F, workdays)

10

slide11

Next Steps

  • Make timely decision
    • Provide supervisor/management with as much notice as possible
    • Provide HR with Application Information as soon as possible
    • Paperwork must be submitted prior to retirement date
  • Print forms from retirement website
  • Attach required proof
    • Birth certificate (you, spouse, dependent children)
    • Marriage certificate, if married
    • Medicare Part B card, if Medicare-eligible
  • Attend sign up session
slide12

Retirement Incentive Program

Questions and Answers

For additional questions

  • Retirement Website (hr.uconn.edu>Benefits>Retirement)
  • Dedicated telephone number(860) 486-6544