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Retiree Information Packet Draft

VIEWS: 0 PAGES: 22

									OFFICE OF HUMAN RESOURCES
RETIREMENT CHECKLIST




                                  Your Guide to
                                    Retirement
This is intended to provide an overview of plan benefits only.
                       INFORMATION FOR RETIREES

This packet is intended to provide a brief overview of benefits and
services available to eligible retired faculty and staff.


Table of Contents

Retirement Checklist ........................................................................................ 2

Eligibility for Retiree Benefits ......................................................................... 3-4

Enrolling for Retiree Health Benefits ................................................................. 5

Medical Plan Options: Retirees/Spouses Under Age 65..................................... 6

Medical Plan Options: Retirees/Spouses Age 65 and Over ............................. 7-8

Cost of Retiree Medical Benefits ........................................................................ 9

Dental Coverage for Retirees ........................................................................... 10

Life Insurance for Retirees ......................................................................... 11-12

Tuition Benefits for Retirees ........................................................................... 13

Other Benefits for Retirees ............................................................................ 144

Frequently Asked Questions ...................................................................... 15-16

Retiree Health Plan Glossary ................................................................... 17-179

Retiree Contact Directory........................................................................... 20-21




                                                      1
Retirement Checklist

 Suggested Timeline             To Do List            Completed
90 days or more prior   Contact the Office of
    to retirement       Human Resources to
                        verify your eligibility for
                        retiree medical and
                        dental benefits
                        Review the retiree health
                        insurance plans that are
                        available to you,
                        including the Le Moyne
                        College retiree health
                        plan
                        Contact TIAA-CREF
                        concerning your
                        retirement account
                        Enroll in Medicare Part A
                        and B if over age 65
  60 days prior to      Notify supervisor and
    retirement          Office of Human
                        Resources of your intent
                        to retire. The Office of
                        Human Resources will
                        prepare a packet for you
                        concerning your benefits
                        which will be mailed to
                        your home.
                        Determine what funding
                        options you are electing
                        with TIAA-CREF for your
                        retirement payments.
                        Contact the Social
                        Security Administration
                        to inform them of your
                        intent to retire and to
                        determine your monthly
                        social security payment.
                        Verify with the Office of
                        Human Resources if you
                        are eligible for vacation
                        and/or sick pay buy-out
  30 days prior to      Return all benefit forms
    retirement          to the Office of Human
                        Resources




                                     2
Eligibility for Retiree Benefits
If you meet the age and service minimum (age 55 and 15 years of service), and
retire by June 30, 2010, you are eligible to receive retiree health benefits as
described on Page 10 of this document.

For retirees retiring before July 1, 2010, Le Moyne College will pay the same
contribution toward the monthly premium cost for under age 65 eligible retirees
as they do for active employees. Le Moyne will continue the same contribution
for eligible spouses under age 65 as active employees for a maximum five years
from the employee’s retirement date. View the monthly premium rates.

If you retire after July 1, 2010, you are eligible to receive retiree health benefits
if you meet the minimum age plus years of service requirement of at least 75.
This means that your age plus your years of service must total at least 75. The
minimum age plus years of service eligibility requirement applies to retiree
health and life benefits. Please see Page 10 for more details.

   If you terminate employment and do not meet the eligibility requirements
  described above, you may be eligible to continue your existing medical and
 dental benefits through COBRA for up to 18 months. For more information on
       COBRA, contact the Office of Human Resources at (315)445-4155.

Note the following about your dependent children:

      Unmarried dependent children and unmarried dependent full-time
       college students may continue to receive coverage up to age 25
       (BluePoint POS) or age 26 (HeatlhyBlue). You must certify the student
       status of your dependent children twice a year. Benefits for dependent
       students will stop at the end of the month in which they are no longer
       enrolled as full-time students or they turn age 25 or 26.
      A dependent child between the age of 19 and 25 or 26 who met the
       definition of eligibility other than full-time student status at the time of
       retirement may enroll in Le Moyne's health plans at a later date if
       medical coverage under another plan is canceled or if the child enrolls in
       school full-time.
      If you have a dependent child who was disabled prior to age 19 and has
       been approved and certified by your insurance carrier, that child may be
       covered under the College’s retiree medical plan past the limiting age as
       described above as long as your carrier continues to consider him/her to
       be disabled. If your dependent child is collecting Social Security and is
       eligible for Medicare Parts A and B, then he/she must enroll for
       Medicare. Contact your insurance carrier for more information on
       coverage for disabled dependent children.




                                          3
In the event of your death:

      Your surviving spouse may continue to receive coverage until
       remarriage/recertification or death.
      Your eligible unmarried dependent children may continue to receive
       coverage up to age 25 or 26 (depending on the plan in which you are
       enrolled).
      Your eligible unmarried disabled dependent children may continue to
       receive coverage past age 25 or 26 as long as your insurance carrier
       continues to consider them to be disabled.




                                       4
Enrolling for Retiree Health Benefits
If you decide to retire, you must elect or defer retiree medical coverage at least
30 days prior to your last day of service.

Electing Coverage
To elect coverage under Le Moyne’s retiree health benefits, you must list
yourself and the spouse you’d like to cover on Le Moyne’s Retiree Health
Enrollment Form. If you and your spouse do not enroll in the
medical/prescription drug program and do not defer at least 30 days prior to
your last day of service, you will be deemed to have permanently waived
coverage and will not be able to enroll at a future date.

Deferring Coverage
You may choose to defer medical coverage for yourself and your spouse. This
means that you can postpone enrolling in Le Moyne’s medical coverage now and
then elect it at a future date. If you or your spouse do not wish to enroll at the
time of your retirement, because you have coverage under another plan, you
must list yourself and your spouse on Le Moyne’s Retiree Health Enrollment
Form and check the deferral box. Note that in order for your spouse to enroll at
some future date, you must also be enrolled at that same time. Remember that
if you don’t enroll or defer within 30 days prior to your last day of service,
you and your spouse will be deemed to have permanently waived coverage
under the College’s retiree medical/prescription plans.

Changing Your Elections
Each year, retirees will have an Annual Enrollment Period, during which
election changes may be made. Otherwise, you can only make changes if you
have a qualifying event, which includes, divorce or the death of a spouse. You
have 30 days from the date of a qualifying event to make a change to your
coverage.




                                         5
Medical Plan Options: Retirees/Spouses Under Age 65

The medical plan options available to retirees and spouses under age 65 are
listed below. For more information about these plans, view a detailed
comparison chart.

BLUE CROSS/BLUE SHIELD (POS)
A point-of-service plan that offers the best of managed care and indemnity
coverage

More choices, more coverage

BluePoint POS combines the best features of managed care and indemnity
plans. You get the freedom of choice offered by traditional indemnity insurance
and the affordability and preventive health features of an HMO. And as a
member of a BlueCross BlueShield health plan, you'll have the security of
coverage for emergency medical conditions while outside the service area.

The freedom to choose what's best for you

      In-network benefits: You'll receive the highest level of coverage for care
       provided or arranged by your PCP. In-network benefits also provide the
       convenience of not having to file any claims. Most services only require a
       small copayment.
      Out-of-network benefits: With BluePoint POS, members have the ability
       to see a doctor who does not participate in the plan. Note that these are
       subject to 20% coinsurance.

Your choice of doctors

BluePoint POS has a network of over 9,000 participating providers across 31
upstate New York counties.

HealthyBLUE
HealthyBlue offers quality health care coverage and pays you for living
healthier, with HealthyRewards.

You can earn up to $500 in HealthyRewards just by living a healthier
lifestyle. And by "living healthier" we mean simple things such as eating better,
exercising more and getting routine check-ups. Then get paid anytime -
throughout the year.

Spouses of retirees may be covered under one of the LMC plan offerings for a
maximum of 5 years.




                                        6
Medical Plan Options: Retirees/Spouses Age 65 and Over

The medical plan option available to retirees and spouses age 65 and over is
listed below. After July 1, 2010, retirees may elect medical coverage through Le
Moyne College or may elect coverage obtained through another carrier and
submit invoices for reimbursement of up to an established percent for HSA
account. See Page 10 for details.

Aetna PPO & Aetna PPO-ESA

Aetna PPO is a Medicare Preferred Provider Organization Plan & Aetna PPO-ESA
is a Medicare Preferred Provider Organization-Extended Service Area Plan.
Both plans give you the freedom to receive covered services from a licensed
provider that accepts Medicare assignment.

Your doctor or hospital must agree to accept the plan’s terms and conditions
prior to providing healthcare services to you, with the exceptions of
emergencies.

Some of the advantages of being an Aetna Plan member are:
   Get coverage for doctor visits, specialists and hospitalization all from one
     plan
   No special networks or referrals needed
   Preventive care services are covered in full
   Receive discounts for vision products and services, special rates on
     vitamins, and more – for no additional cost
   Receive one hearing exam and one eye exam per year, covered in full

For more information, please see the Office of Human Resources in reference to
the Aetna plans.

Coordination with Medicare (Medicare-Eligible Retirees/Spouses)
Medicare Part A. Eligibility for premium-free Medicare Part A starts: (1) when
are age 65 and over and (2) you are eligible for Social Security. If you are
receiving Social Security, enrollment in Medicare Part A is automatic. If you are
receiving Social Security but have opted not to start receiving the benefit,
perhaps because you have decided to continue working, you must still enroll in
Medicare Part A. This enrollment establishes your entitlement with the Social
Security Administration (SSA).

Medicare Part B. If you are covered by a group health plan sponsored by an
employer or your spouse’s employer while either of you are in active
employment, you need not enroll in Medicare Part B. When you enroll in
Medicare Part A, you must notify SSA that you want to decline Part B because
of your active coverage. When your coverage ends under the group health plan,
the SSA will allow you to sign up for Part B without any penalty by providing
proof of prior coverage.




                                        7
Retirees and eligible spouses age 65 and over, or under 65 and Medicare
eligible, must be enrolled in Medicare Part A and B in order to enroll in Le
Moyne’s medical plan for Medicare-eligible retirees/spouses. You will not show
your Medicare Part A and B card when receiving services under the Le Moyne’s
health plan.

You should apply for Medicare at your local Social Security office 90 days prior to
reaching age 65 in order to give Social Security time to process the application.
For information about contacting the SSA office directly, please visit their website
at www.ssa.gov.

Retiree Prescription Drug Benefits

Prescription drug coverage is part of the benefits available through the group
health insurance plans provided to eligible retirees/spouses. All plans provide
prescription mail-order service.

The prescription drug programs offered by Le Moyne College meet the CMS’s
creditable coverage definition. This means that you will be able to enroll in
Medicare Part D during future enrollment periods without penalty if you choose
to discontinue your coverage as long as you present the certificate when you
enroll. For more details on creditable coverage, you can call Medicare at 1-800-
633-4227 or visit www.medicare.gov. If you are hearing impaired, call 1-877-
486-2048.




                                         8
Cost of Retiree Medical Benefits
For retirees retiring before July 1, 2010, Le Moyne College will pay the same
contribution toward the monthly premium cost for under age 65 eligible retirees
as they do for active employees. Le Moyne will continue the same contribution
for eligible spouses under age 65 as active employees for a maximum five years
from the employee’s retirement date. View the monthly premium rates.

Le Moyne College will pay 65% of the monthly premium for eligible retirees over
age 65. Employees may elect to enroll their spouses at their own expense.


For retirees retiring after July 1, 2010, Le Moyne College will establish a
Health Reimbursement Account (HRA). The initial (2010) HRA amount are
shown below:

                85                                      $50,000
 (combined age and years of service)
                75                                      $38,000
 (combined age and years of service)

Accounts will be credited with an annual 3% escalation factor. Subsidy can be
applied to monthly health insurance premiums only and may be sponsored by
Le Moyne College or purchased by the retirees. Monthly premium limit are
subject to the following limits:

                85                                        65%
 (combined age and years of service)
                75                                        50%
 (combined age and years of service)

Retiree’s spouses may enroll in Le Moyne College’s sponsored health insurance
plan at the retiree’s expense. Retiree’s spouse premium expense is not eligible
for reimbursement from HRA account.




                                       9
Dental Coverage for Retirees
Retirees who are currently enrolled in the Le Moyne College group dental plan
can continue coverage into retirement. Active dependents are eligible for
continued coverage per plan guidelines; however no new dependents are eligible
to enroll for coverage after the onset of retirement. Retirees are required to
continue paying 100% of the premium for this coverage.

Additional Dental Information:

      Dental Benefit Highlight Sheet
      Dental Enrollment Form
      Claim forms - (pdf)




                                        10
Life Insurance for Retirees
Eligibility

All retired faculty and staff who were participating in the Le Moyne College
Group Term Life Insurance Plan administered by UNUM on the date of their
retirement.

For retirees retiring before July 1, 2010, If you meet the age and service
minimum (age 55 and 15 years of service), and retire by June 30, 2010, you
are eligible to receive life insurance benefits as described below.

If you retire after July 1, 2010, you are eligible to receive life insurance benefits
if you meet the minimum age plus years of service requirement of at least 75.
This means that your age plus your years of service must total at least 75

Beneficiary

You can name anyone you wish as your beneficiary. You can name a single
beneficiary or you can name two or more beneficiaries to receive the insurance
payment.

If you prefer, you can name a primary beneficiary as well as one or more
contingent beneficiaries to receive the insurance proceeds if the primary
beneficiary dies before you.

If you name more than one beneficiary but do not specify their shares, they will
share equally. If one of your beneficiaries dies before you, his or her interest will
terminate and will be shared equally by any remaining beneficiaries, unless you
specify otherwise in your beneficiary designation.

If you do not designate a beneficiary, or if none of the beneficiaries you name
survives you, death benefits will be paid to the first of the following:

      Your surviving spouse/OQA;
      Surviving children in equal shares;
      Surviving parents in equal shares;
      Surviving siblings in equal shares;
      Estate

You can change your beneficiary at any time by completing a Beneficiary for
Group Life Insurance form. The new designation will take effect on the date
your signed notice is received by the Human Resources Office.

Your Coverage in Retirement



                                         11
When you retire, extension of your life insurance will continue through age 70.
Death benefits will be the lesser of:

      2.5% your base salary rounded to the next higher $1,000.00 at
       retirement, with a 35% reduction at age 65, or $50,000.

Under present policy, which is subject to change, the entire cost of this
continued protection is paid by the Le Moyne College.




                                        12
Tuition Benefits for Retirees
Le Moyne College will remit tuition for retirees for a maximum of one course per
semester taken at Le Moyne College.

Spouse Benefit

Spouses of retirees are eligible to receive tuition remission for undergraduate
courses for maximum of one course per semester taken at Le Moyne College.

Children

Children of retired full-time employees regardless of their dependent status will
be eligible for tuition benefits at Le Moyne College.

Please refer to the policy on Tuition Remission which can be found at
http://lemoyne.edu/HumanResources/Benefits/TuitionBenefits.




                                        13
 Other Benefits for Retirees

 When you retire, you may still be eligible for numerous other special benefits
 including the following. For more information, please use the contact
 information below.


    Benefit       Phone Number                         Website


Use the Noreen
                  315-445-4153                www.lemoyne.edu/library
Falcone Library



Use the Thomas
J. Nyland
                  315-445-4450               www.lemoyne.edu/athletics
Athletic
Complex



Join the Credit
                  888-680-6457                  www.syracusefcu.org
Union


E-mail Access     315-445-4565               www.lemoyne.edu/ITHOME




                                        14
Frequently Asked Questions
The following question and answer format has been designed to answer some of
the more commonly asked questions about the retiree policy at Le Moyne
College. This guideline is only meant as a reference. Please refer to the Retiree
Benefits Policy for eligibility requirements and specific benefit stipulations.

Q. How long will this policy be in effect?

A. Like all other College policies, the retiree policy will remain in effect
indefinitely. However, the College reserves the right to modify or discontinue the
policy.

Q. What if I am not sure I can afford to retire?

A. It is never too early to begin planning for retirement. If you are enrolled in
the TIAA-CREF basic or supplemental retirement plan, make an individual
appointment with the TIAA-CREF representative by calling (315) 477-9000.
TIAA-CREF can prepare retirement estimates designed for your needs or assist
you with a long-term strategy for a future retirement date.

Q. When and whom do I notify when I am ready to retire?

A. You should notify your supervisor or department chair in writing, with a
copy to the Director of Human Resources, about your intention to retire as far
in advance as possible. Early notification will allow your supervisor (staff and
administrators) or department chair (faculty) time to find a replacement. You
should also contact the Director of Human Resources as early as possible so
that you can begin the benefits transition process.

Q. Can I change my mind after I opt out of the medical/dental benefits?

A. No. You may only make changes during the annual open enrollment period
unless you have a qualifying event. Contact the Office of Human Resources for
details on what constitutes as a qualifying event.

Q. Once I retire, will I be invited to College functions and can I use the
facilities?

A. Retirees are invited and encouraged to attend special College functions such
as the annual holiday party, employee recognition luncheons and various
cultural events held on campus. The athletic facilities and library are available
to retirees. Please call the individual departments directly for details.




                                        15
Q. What happens if my dependent child is enrolled or plans to enroll at Le
Moyne College at the time I retire?

A. Your dependent may be eligible to receive tuition remission benefits
according to the Tuition Remission program stipulations. Your dependent must
meet the College’s admission criteria.

Q. Can I take classes at the College after I retire?

A. Yes, retirees can take classes at the College provided there is sufficient space
in the class. You must fill out a tuition remission request form prior to
enrollment by contacting the Office of Human Resources.




                                        16
Retiree Health Plan Glossary
Allowed Amount:
      The maximum fee a health plan will pay for a covered service or
      treatment. The allowed amount is determined by each health plan.

COB:
       Coordination of benefits. If an employee, retiree, or eligible dependents
       are covered under more than one insurance plan, the insurance
       companies determine which coverage is primary. The employee's or
       retiree's primary coverage will pay its benefits first, without regard to
       other coverage.

COBRA:
    The Consolidated Omnibus Budget Reconciliation Act of 1985. This
    statute requires employers to offer the option of purchasing continued
    coverage to qualified beneficiaries who would otherwise lose group health
    insurance coverage as the result of a qualifying event.

Co-payment:
      The amount of money an employee, retiree, or covered dependent pays at
      the time service is rendered. This money goes directly to the health care
      provider. The amount of the co-payment varies by plan.

Coverage, Limitations, Exclusions, or Preauthorization Requirements:
     The amount or extent to which any particular treatment or service is
     covered by a health plan.

Deductible:
     The amount of money an employee or retiree is required to pay before
     direct payment or reimbursement is available from the plan.

Dental Plan:
      A health plan that partially or fully reimburses employees and retirees for
      dental services

ERISA:
     Employee Retirement Income Security Act of 1974. ERISA is the basic
     law designed to protect the rights of beneficiaries of employee benefit
     plans offered by employers.

HIPPA:
     Health Insurance Portability and Accountability Act of 1996. A Federal
     Law which requires employers to provide certificates of coverage to
     minimize pre-existing condition exclusions.

In-Network Service:
      Service provided by a participating provider, Primary Care Physician, or
      provider approved by the plan.


                                        17
Medical Necessity:
     All health plans require that a service or treatment must be considered a
     medical necessity to be covered. The definition of "medical necessity"
     varies by plan. Please contact your plan to determine what types of
     treatment and service are considered medical necessities.

Medical Plan:
     A health plan that partially or fully reimburses employees or retirees for
     costs of personal injuries or illness.

Medicare:
     A federal health insurance program administered by the Social Security
     administration for disabled individuals and those age 65 or older.

Network:
     A group of providers that have contracted with an insurance agency to
     provide services and treatment to individuals.

Open Enrollment Period:
     An annual period during which employees and retirees are given the
     option of enrolling in one or more health care plans.

Out-of-Network Service:
      Service received from providers outside of the plan's network. Such
      services are subject to up-front deductibles.

POS:
       Point-of-Service. An HMO plan that allows members to "self-refer" out of
       the network, subject to higher fees than if care were received from the
       HMO network.

PPO:
       Preferred Provider Organization. A network of medical care providers that
       provides various medical care services to covered employees and retirees
       for specified fees. Although fees charged by PPO providers are usually
       less than those charged by non-PPO providers, the employee may seek
       treatment from any provider.

Preauthorization:
      A Plan's prior approval is required for treatments or services, most often
      in an HMO or POS plan.

Premium:
     The amount of money an employee or retiree pays for insurance
     coverage. A premium does not include additional copayments or
     deductibles incurred for treatment.

Primary Care Physician (PCP):
     The health care professional who belongs to an HMO or POS network
     and provides primary care for employees, retirees, or covered


                                       18
      dependents. An employee or retiree must select a PCP when using an
      HMO or POS plan.

Provider:
      Any approved health care professional who provides treatment or
      services.

Qualifying Event:
      An event such as marriage, divorce, or the birth of a child, that allows a
      change in health care coverage outside of the Open Enrollment period.

State Subsidy:
      The portion of your insurance premium(s) that the State pays as a
      benefit to employees and retirees.

Term Life Insurance:
     Insurance that provides death benefit coverage for a specified period,
     without permanent policy benefits such as cash or loan value.

TIAA-CREF:
     Teachers' Insurance and Annuity Association - College Retirement
     Equities Fund. A nationwide retirement and annuity association set up
     for university and college employees.




                                       19
Retiree Contact Directory

Office of Human Resources
1419 Salt Springs Road
Syracuse, NY 13214
(315) 445-4155

Excellus BCBS – www.excellusbcbs.com or call (800) 462-6615

PrimeMail Mail Order Drug Plan – www.MyPrimeMail.com or (866) 260-0487

Aetna PFFS – (800) 225-0161 or (866) 785-7337

Aetna Mail Order Drug Program – www.AetnaRxHomeDelivery.com or (866)
612-3862 (TDD: 800-201-9457)

Delta Dental – www.deltadentalins.com or (800) 932-0783

TIAA-CREF – www.tiaacref.org or (800) 842-2776

Thomas J. Nyland Athletic Complex – www.lemoyne.edu/athletics or (315) 445-
4450

Noreen Reale Falcone Library - www.lemoyne.edu/library or (315) 445-4153

Bookstore - www.efollett.com or call (315) 445-4130

Social Security Administration – www.ssa.gov or (800) 772-1213
(TTY number (800) 325-0778)


Your benefits as a full-time employee end on the last day of the month in which
you retire. To avoid a break in coverage as you transition into retirement, we
encourage you to complete all areas in the retirement checklist on the time-
frame indicated.


Le Moyne College Retiree Insurance Enrollment

           You must enroll in the retiree insurance plan prior to your
            retirement date.
           Forms you may need to complete:
                  Excellus Insurance Enrollment for Pre-65 retiree (PDF)
                  Aetna PFFS Medicare Advantage Enrollment Application-Post 65
                  Authorization for Automatic Deduction of Premium
                  Delta Dental Retiree Enrollment Form
                  Term Life Beneficiary Designation Form


                                      20
Medicare Enrollment

             Contact the Social Security Administration (SSA) to enroll for
             Medicare Parts A and B. Medicare enrollment must be complete
             before enrolling into the Aetna PFFS Medicare Advantage Plan.

Social Security Benefits

             Contact the Social Security Administration about your Social
             Security pension benefits. Please note that you can apply for
             benefits online by visiting www.ssa.gov. You can apply for
             benefits if you are at least 61 years and 9 months old and want to
             start your benefits in the next four months.

             You will need the following to apply for benefits online:
                   Your date and place of birth
                   Social Security number
                   Your bank routing transit number and account number for
                   electronic deposit of benefits
                   The name and address of your employer(s) for the current
                   and prior year
                   The beginning and ending dates for any active U.S. military
                   service you had before 1968
                   The name, Social Security number and date of birth or age
                   of your current spouse and any former spouse
                   A copy of your Social Security Statement. (If you do not
                   have a copy of your Statement you may request one by
                   visiting the Social Security Statement page.


This information may be updated by the Social Security Administration.
It is best to review the Social Security website for the most up-to-date
information. You may also contact the Social Security office toll-free at
(800) 772-1213 from 7 AM until 7 PM Monday through Friday.



Helpful Tools

The following links are to provide you with information on your retirement with
TIAA-CREF.

             TIAA-CREF Living Well in Retirement
             TIAA-CREF Achieving your financial goals
             Guide to TIAA-CREF’s Minimum Distribution Rule




                                       21

								
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