Retirement

Retirement Benefit Choices & Considerations for Your Recent Life Event If You’re an NCFlex Participant: Notify your Health Benefits Representative (HBR) or benefits department within 30 days of your employment status change. • Plans offering conversion or portability of coverage require you to elect and pay for continuation within 31days of your retirement/termination date. You will not automatically receive enrollment forms from the vendors, so you’ll need to print the forms from www.ncflex.org or contact each vendor. – Under the portability/continuation feature, you may continue your AD&D or term life insurance coverage under the NCFlex Group Insurance policy if you terminate employment before age 70. You pay the full cost of continued coverage plus a small billing fee. Premium rates for portable term life insurance are generally less expensive than conversion rates. – Under the conversion feature, you may convert your cancer and term life insurance (only after COBRA is continued inside Life Events YOUR STATE BENEFIT DECISIONS Congratulations on your decision to retire. As your employment ends and you make the transition from employee to retiree, this life event may require you to make multiple changes to your bene ts. The following chart lists considerations by bene t and action steps you should take. FOR: STATE HEALTH PLAN CONSIDER THESE OPTIONS: • Elect to continue coverage for yourself and your eligible dependents through the retiree plan. • Drop coverage if enrolling in your spouse’s benefit plans. • Drop coverage for your spouse and/or dependents (you may change your coverage tier). TAKE THESE ACTIONS: 1. Your HBR will give you a Retiree Group Enrollment/Change Application (HM Form) 60 days prior to your retirement. 2. Complete the HM Form and mail it to the Retirement Systems Division at the address shown on the form. Important Notes: • Your spouse and dependents are eligible for continuation of coverage on a fully contributory basis and will continue to have the same health coverage prior to the life event. • If dropping coverage for your spouse, dependents, or both, change your coverage to retiree only, retiree/spouse or retiree/ child(ren). Their coverage will end the last day of the month in which you retire. • Coverage will terminate automatically as of the last day of the month in which your employment terminates. • COBRA continuation coverage is available. Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. NCFLEX DENTAL Important Note: Continuation of Coverage: The ending date may occur earlier if your payroll deductions cannot cover your NCFlex benefit costs. • COBRA enrollment materials will be sent to your last known address. The cost is 102% of the monthly premium. Instructions on where to send payments will be included in the COBRA materials. www.ncflex.org Retirement Benefit Choices & Considerations for Your Recent Life Event exhausted) coverages to individual policies. Term life insurance is converted to a whole life policy, which has cash value, and premiums do not change as you get older. You pay the full cost of individual policy coverage. Premium rates for life insurance conversion are generally more expensive than portable life insurance rates. • If you and/or your family members were participating in the NCFlex dental, vision care, cancer and health care flexible spending account on the date of your retirement with the State, you will receive COBRA continuation enrollment materials from each vendor. The materials will explain your options, enrollment deadlines and premium costs. • When canceling benefits, coverage continues through the end of the month, provided there are adequate payroll deductions to cover the premium costs. Flexible spending accounts end on the termination/loss of coverage date, or the last month a contribution was payroll deducted. Life Events FOR: NCFLEX VISION CARE CONSIDER THESE OPTIONS: • Coverage will terminate automatically as of the last day of the month in which your employment terminates. • COBRA continuation coverage is available. TAKE THESE ACTIONS: Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. Important Note: Continuation of Coverage: The ending date may occur earlier if your payroll deductions cannot cover your NCFlex benefit costs. • COBRA enrollment materials will be sent to your last known address. The cost is 102% of the monthly premium. Instructions on where to send payments will be included in the COBRA materials. Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. NCFLEX CANCER • Coverage will terminate automatically as of the last day of the month in which your employment terminates. • COBRA continuation or conversion coverage is available. Important Note: Continuation of Coverage: The ending date may occur earlier if your payroll deductions cannot cover your NCFlex benefit costs. • COBRA enrollment materials will be sent to your last known address. The cost is 102% of the monthly premium. Instructions on where to send payments will be included in the COBRA materials. • You may also convert the benefit to an individual policy provided your application and premium are received within 31 days of your retirement/termination date. Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. NCFLEX ACCIDENTAL DEATHAND DISMEMBERMENT AD&D • Coverage will terminate automatically as of the last day of the month in which your employment terminates. • You may continue the coverage through the portability option. Important Note: Continuation of Coverage: The ending date may occur earlier if your payroll deductions cannot cover your NCFlex benefit costs. • You can contact the AD&D vendor for an application (or to ask questions) or print the AD&D portability enrollment form from www.ncflex.org under Resources, Forms. • If you are under 70, you may elect to continue all or any part of your dependent’s AD&D benefit. • The vendor must receive your portability application and premium within 31 days after your insurance terminates. 2 A FEW THINGS TO CONSIDER: FOR: NCFLEX GROUP TERM LIFE CONSIDER THESE OPTIONS: • Coverage will terminate automatically as of the last day of the month in which your employment terminates. • You may continue or convert the coverage. TAKE THESE ACTIONS: Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form. You are not required to sign or date this form. • Do you need to turn in any employer-owned property? Contact your HBR and/or supervisor for instructions. • Do you want to change your mailing address? Contact your HBR and/or payroll office. Remember to notify your local post office about your new address. • Does your spouse have benefits coverage through his/her employer? You may want to compare your spouse’s plans to your State retirement medical coverage (if applicable), NCFlex benefits and the voluntary dental and vision benefits offered by the State Retirement System to decide which coverage is best for you and your family. • Do you want to know the status of unused vacation and/or sick time? Contact your HBR and/or payroll office. • Do you have questions about your last paycheck or retirement benefits? Contact your HBR and/or payroll office. • Contact the Social Security Administration or visit www.ssa.gov for information on benefits that may be available to you. • If you are eligible for Medicare, you’ll need to enroll in Part A and B at the same time you are enrolling for Social Security benefits. • Do you want to update your estate documentation, will, power of attorney and beneficiary information? If you don’t have any of these, consider contacting an attorney to prepare them. Important Note: Continuation of Coverage: The ending date may occur earlier if your payroll deductions cannot cover your NCFlex benefit costs. • Continuation: – If you are under 70, you may elect to continue any or all of your group term life benefit. – You can contact the group term life vendor for an application (or to ask questions) or print the continuation form from www.ncflex.org under Resources, Forms. • Conversion: – If you are age 70 or above, you can convert the benefit to a more expensive individual policy. • You can contact the group term life vendor for an application or to ask questions. • The vendor must receive your portability application and premium within 31 days after your insurance terminates. Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. NCFLEX HEALTH CARE FLEXIBLE SPENDING ACCOUNT HCFSA • Contributions will stop automatically as of your retirement date. • COBRA continuation coverage is available. Important Note: If you stop contributing to your HCFSA, you may use the balance remaining in your account to reimburse claims incurred before your termination date. Continuation of Coverage: • COBRA enrollment materials will be sent to your last known address. The cost is 102% of your monthly premium. Payments are made by sending an after-tax check to Aon Consulting by the first day of each month. Instructions on where to send payments will be included in the COBRA materials. Your HBR is responsible for notifying the appropriate vendors by completing the Family/Employment Status Change Form or making this change online. Your signature is not required. NCFLEX DEPENDENT DAY CARE FLEXIBLE SPENDING ACCOUNT DDCFSA STATE RETIREMENT • Contributions will stop automatically as of your retirement date. Important Note: You may use any balance remaining in your DDCFSA to reimburse claims incurred before your termination date. Continuation of Coverage: • This coverage cannot be continued. 1. Review the retirement checklist and retirement benefits handbook at www.myncretirement.com. 2. Contact your employer 120 days before your planned retirement date to begin the retirement process. • Review your retirement benefits. www.ncflex.org 3 Retirement Benefit Choices & Considerations for Your Recent Life Event Life Events State Health Plan North Carolina Teachers’ and State Employees’ Comprehensive Major Medical Plan www.ncflex.org 4