Comprehensive Guide to Retirement Process for EACS Employees in 2022-2023
Detailed information about the retirement process for EACS employees in the upcoming years, including steps to retirement, what employees can expect to receive, and current retiree monthly insurance premium amounts for 2023. The guide covers essential aspects such as submitting a retirement letter, contacting INPRS, health insurance details, and more to assist employees planning to retire.
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EACS Retirement Information SY 2022-2023 Rev. 3/2023
Introduction Employees curious about the process Employees looking to retire in the next 1 to 5 years Steps to retirement Understand what you have
Steps to Retirement Submit a letter of retirement Contact Indiana Public Retirement System (INPRS) Register for a workshop, counseling, retirement application, etc. PERF or TRF Member: www.in.gov/inprs/ or call 1-844-GO- INPRS Retirement goes to the Board for approval Letter from Human Resources Director following Board Meeting Additional information will come from Human Resources following your last day .(I told them I was retiring and nothing)
What the Employee will Receive Health Insurance Information Retirement Notification Employee s current plan information Cost per month to maintain insurance Group life insurance plan information Maintain until age 65 Group Benefit Enrollment/Change Form Changes your status to retiree with Employee Plans Terminate your coverage (if you do not choose to continue the medical insurance) Return to Human Resources Specialist Employee Plans Retiree Plan Information Coupon Book VEBA may be used to pay Medical premiums (not life insurance premiums)
Current Retiree Monthly Insurance Premium Amounts CY 2023 1. Teachers/ASPs Plan Core Plan - $1,000 deductible E Only $10,140 E+Spouse $19,824 E+Child(ren) $16,537 Family $27,679 High Deductible Health Plan Option 1 ($3,000/$6,000 deductible with $3,000/$6,000 Out-of-Pocket Maximum) E only $ 9,038 $ 753.17 $ 8,268 ($ 689.00 $ 605 ($ 50.42) $165 ($ 13.75) E plus Spouse $17,671 $1,472.58 $ 16,120 ($1,343.33) $1,199 ($ 99.92) $352 ($ 29.33) E + Child(ren) $14,780 $1,231.67 $ 13,229 ($1,102.42) $1,287 ($107.25) $264 ($ 22.00) Family $24,725 $2,060.42 $ 22,162 ($1,846.83) $2,101 ($175.08) $462 ($ 38.50) High Deductible Health Plan Option 2 ($3,000/$6,000 deductible with $5,000/$10,000 Out-of-Pocket Maximum) E only $ 8,341 $ 695.08 $ 7,571 ($630.92) $ 605 ($50.42) $165 ($13.75) E plus Spouse $16,329 $1,360.75 $14,778 ($1,231.50) $1,199 ($99.92) $352 ($29.33) E + Child(ren) $13,677 $1,139.75 $12,126 ($1,010.50) $1,287($107.25) $264 ($22.00) Family $22,874 $1,906.17 $20,311 ($ 1,692.58) $2,101($175.08) $462 ($ 38.50) Premium Monthly (12) Medical/Rx Dental Vision $ 845.00 $1,652.00 $1,378.08 $2,306.58 $ 9,370 ($ 780.83) $ 605 ($ 50.42) $18,273 ($1,522.75) $1,199 ($ 99.92) $352 ($29.33) $14,986 ($1,248.83) $1,287 ($107.25) $25,116 ($2,093.00) $2,101 ($175.08) $165 ($13.75) $264 ($22.00) $462 ($38.50)
Current Retiree Monthly Insurance Premium Amounts CY 2023 2. Administrators; School Board; ASPs; OSPs; TSPs; Custodial; Bus Drivers; Bus Technicians; Food Service Managers; Food Service Workers; Maintenance; Nurses; Paraprofessionals; and Secretaries Plan Premium Monthly (12) Medical/Rx Dental Core Plan - $1,000 deductible E Only $10,063 $ 839.00 $ 9,370 ($781.00) $ 528 ($44.00) E+Spouse $19,659 $1,638.00 $18,273($1,523) $1,034 ($86.00) E+Child(ren) $16,152 $1,346.00 $14,986($1,249) $ 902 ($75.00) Without Ortho E+Child(ren) $16,537 $1,378.00 $14,986($1,249) $1,287 ($107.00) $264 ($22.00) With Ortho Family $27,129 $2,261.00 $25,116 ($2,093) $1,551 ($129.00) $462 ($39.00) Without Ortho Family $27,679 $2,307.00 $25,116 ($2,093) $2,101 ($175.00) $462 ($39.00) With Ortho Vision $165($14.00) $352 ($29.00) $264 ($22.00) High Deductible Health Plan Option 1 ($3,000/$6,000 deductible with $3,000/$6,000 Out-of-Pocket Maximum) Plan Premium Monthly (12) Medical/Rx Dental Vision E Only $ 8,961 $ 747 E+Spouse $17,506 $1,459 E+Child(ren) $14,395 $1,200 Without Ortho E+Child(ren) $14,780 $1,232 With Ortho Family $24,175 $2,015 Without Ortho Family $24,725 $2,060 With Ortho High Deductible Health Plan Option 2 ($3,000/$6,000 deductible with $5,000/$10,000 Out-of-Pocket Maximum) Plan Premium Monthly (12) Medical/Rx Dental Vision E Only $ 8,264 $ 689 E+Spouse $16,164 $1,347 E+Child(ren) $13,292 $1,108 Without Ortho E+Child(ren) $13,677 $1,140 With Ortho Family $22,324 $1,860 Without Ortho Family $22,874 $1,906 With Ortho $ 8,268 ($689) $16,120 ($1,343) $1,034 ($86) $13,229 ($1,102) $ 902 ($75) $ 528 ($44) $165 ($14) $352 ($29) $264 ($22) $13,229 ($1,102) $1,287 ($107) $264 ($22) $ 22,162 ($1,847) $ 1,551 ($129) $462 ($39) $ 22,162 ($1,847) $ 2,101 ($175) $462 ($39) $ 7,571 ($ 631) $14,778 ($1,232) $1,034 ($86) $12,126 ($1,011) $ 902 ($75) $ 528 ($44) $165 ($14) $352 ($29) $264($ 22) $12,126 ($1,011) $1,287 ($107) $264 ($22) $20,311 ($1,693) $1,551 ($129) $462 ($39) $20,311 ($1,693) $2,101 ($175) $462 ($39)
You Need to Know If you are employed with East Allen County Schools through the end of the current school year, your insurance coverage will continue through August 31. If you retire prior to the end of the school year, your insurance will terminate at the end of the current month you decide to leave. Your retirement status will begin on 9/1, or the beginning of the next month if prior to the end of the school year. Retirees and their spouses may continue with East Allen County Schools insurance through age 65. When employee's retiree they will remain on their current plan, unless they are dropping a dependent at time of change. Employees are not able to add a dependent; however, you may drop a dependent at any time. Once an employee changes their plan, they will not be able to make changes later other than terminating the plan. The only exception is the retiree, who is Medicare eligible, has the option to take the dental and/or vision plan without the medical. Once a retiree terminates from the East Allen County Schools Health Insurance Plan, they may not enroll at a later date. Life insurance (if taken) will continue through age 65. At age 65 the coverage will end. The current cost to remain on the life insurance plan through age 65 is $1.10 to $2.75 a month or you may pay $13.20 to $33.00 per year depending on employee group.
Teacher Final Pay Information Teachers on a 26-pay contract will receive their final pay on Friday, June 9, 2023. Your final pay includes the 6 (six) summer pays, for a total of 7 (seven) pays. We do this in order to complete all the necessary paperwork for the Indiana State Teacher s Retirement Fund. This allows TRF to accurately calculate your monthly check.
Retirement Compensation Administrators Food Service Maintenance TRF PERF - 1,000 hrs/yr PERF Nurse OSP/TSP Paraprofessional PERF - 1,000 hrs/yr PERF PERF VEBA - prior to 6/1/01 403(b)- self funded; benefits below deposited at retirement contribution $600 retirement $200 X yrs of service 401(a) 2%- after 6/30/01 Severance Comp - $150 X yrs of Personal Illness days over 70 - present hourly rate X 2 hrs. service 401(a) Matching 1% Personal Illness days over 70 - Personal Illness days over 70 - VEBA - Annual 403(b)- self funded; benefits below deposited at prior to 1/1/06 - benefits below deposited at retirement Severance Comp - $150 X yrs of 401(a) Matching 1% Severance Comp - $150 X yrs VEBA - Suppelmental 403(b)- self funded; service (vested 5 yrs) 403(b) - self funded of service Personal Illness days over 70 - present hourly rate X 2 hrs. Supplemental - Personal present hourly rate X 2 hrs. Supplemental - Personal present hourly rate X 2 hrs. Supplemental - Personal Illness days over 120 in any year other than the last year of employment will be paid at the present hourly rate X 2 hrs. Illness days over 120 in any Illness days over 120 in any year other than the last year year other than the last year of of employment will be paid at employment will be paid at the the present hourly rate X 2 hrs. present hourly rate X 2 hrs. Secretary Teacher Transportation PERF - 1,000 hrs/yr PERF TRF 403(b)- self funded; benefits below deposited at retirement annual contribution of $550 days over 70 Severance Comp - $150 403(b) - Self funded Personal Illness days over 70 - present hourly rate X 2 hrs. Personal Illness days over 70 - present hourly rate X 2 hrs. Supplemental - Personal Illness days over 120 in any year final year VEBA - prior to 7/1/99 initial VEBA - Annual contribution $600 + 4 X EE hourly rate X # of contribution - after 7/1/99 X yrs of service 457 Plan Additional Payment to VEBA: Personal Illness days used in other than the last year 0-2 $1500 of employment will be 2.5-5 $1200 paid at the present 5.5-8 $1000 hourly rate X 2 hrs. 8.5-9.5 $500
VEBA - health reimbursement arrangement that allows an employer to contribute money to a Trust on behalf of their employees. The funds in this account can be used to for medical expenses in retirement. A list of eligible expenses is located in the VEBA packet mailed to you from Security Benefit. www.securitybenefit.com/Indiana 403(b) - tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some of their salary to the plan. The employer may also contribute to the plan for employees. 401(a) - money-purchase retirement plan that is set up by an employer. The plan allows for contributions by the employer, the employee or both. Contribution amounts are either dollar-based or percentage-based and the sponsoring employer establishes eligibility and the vesting schedule.
403(b) Empower (formally Mass Mutual) Anticipating your last pay may be more than usual (6 summer pays, vacation payout etc ) If you have a 403(b) and you want us to change your amount withdrawn from your final pay to Mass Mutual, you will need to fill out a new form, found on the EACS website; Departments, Human Resources, Employee Benefits, 403(b) Mass Mutual, Contribution Change Form. The form should be completed and returned to the Payroll Department no later than May 19, 2023.
Section 125 Plan Deduction for Medical Expenses If you have questions regarding your Section 125 Medical Reimbursement account, you need to contact BRI Participant Services: Participant Services is available to assist with your questions by phone, email and live chat. Both English-and Spanish-speaking representatives are available. (800) 473-9595 (Monday Friday, 8am - 8pm (ET)) ParticipantServices@BenefitResource.com Live chat is available through the participant login at BenefitResource.com
Supplemental Voluntary Policies If you have purchased additional supplemental life insurance through Reliance Standard and want to continue that policy, you may do so by completing the Application to Continue/Port Group Insurance. If you purchased cancer/critical illness, accident, or disability policies from Reliance Standard and you want to continue the policies in retirement contact Jennifer Rose.
Retiree Contact Information All questions or concerns after retirement regarding medical/dental/vision insurance should be directedto Employee Plans at 260-625-7253. East Allen County Schools does not have access to retiree information. Coupon books are processed through Employee Plans. EACS plan benefit information may be accessed at our website. This can be done by going to www.eacs.k12.in.us; Department; Human Resources; Employee Benefits. Old National
If you have questions, contact .. HUMAN RESOURCES 260-446-0100 Tina Grady, Director of Human Resources, ext. 1009 Jennifer Rose, Human Resources Benefits Specialist, ext. 1025 Karen Best, Human Resources Specialist , ext. 1024 Dawn Bair, Receptionist, ext. 1017
