Retirement Planning and Eligibility Requirements
1
P
lanning
F
or
R
etirement
2
E
ligibility
R
equirements
Per Board Of Trustees Policy, Employees Are
Eligible To Retire If They:
•
Are At Least Age 55
And
•
Have At Least 10 Years Of Service Immediately
Preceding Retirement
3
Social Security & Medicare
S
o
c
i
a
l
S
e
c
u
r
i
t
y
:
s
o
c
i
a
l
s
e
c
u
r
i
t
y
.
g
o
v
•
If age 62 or older at retirement, you can contact Social Security for
payment of benefits.
M
edicare
:
medicare.gov
•
To continue medical coverage as a retiree, you and your
spouse/partner MUST BOTH enroll in Medicare Parts A & B if/when
eligible:
•
Part A – Hospitalization
•
Part B – Primary Care
–
Do not enroll in Medicare D - Prescription Drug coverage since
retirement medical plan options may have an Rx. Plan that could
qualify as Medicare D
4
I
ncentive
R
etirement
P
lan
(IRP)
●
Provides lump sum payment to TIAA
●
Works in conjunction with partial/phased retirement
program
●
Retirement income may begin immediately or be
deferred
Note:
To confirm your eligibility for the IRP, please “model” your
future retirement within the University
of Maine System (
UMS)
Retirement Guide within Maine
S
treet Self-Service.
5
IRP E
ligibility
●
Full
-
Time Regular
And
Faculty Unit (Hired Prior To July 1, 1996)
Or
●
Non-Represented Faculty (Hired Prior To July 1, 1996)
Or
●
Represented Professional/Administrative Staff (Hired Prior To
July 1, 2006)
Or
●
Non-Represented Professional/Administrative Staff (Hired Prior
To July 1, 2006
And
●
Age 55+ With 10+ Years Service
And
●
Enrolled In Retirement Plan For Faculty And Professional
Employees.
6
IRP A
pplication
P
rocedure
1.
Discuss with spouse/partner
2.
Obtain income, benefits, legal, tax advice
3.
Complete MaineStreet Self-Service Retirement Guide
7
IRP T
erms
►
Available At Full Retirement
►
Lump Sum Payment Calculated At 1 ½%
Times
Completed Years Of Service
Times
The Final Annual Base
Salary (27 Year Maximum)
►
Lump Sum Payment Is Tax-Sheltered Up To IRS Limits
►
Partial Phased Retirement Plan (PPRP) Salary
Converted To Full Salary At Retirement
8
R
etirement
H
ealth
I
nsurance
►
Employee Under Age 65
►
Employee Age 65 Or Over
►
Employee Retires Prior To Age 65
►
Employee Retires At Age 65 Or Over
9
R
etirement
P
rior
T
o
A
ge
65
►
Optional Cigna Copay Or Choice Plan (No HSA) With
Prescription Drug Program
►
Aetna Medicare Advantage Plan For Medicare
Eligible Spouse/Domestic Partner
►
Retiree And Dependent Coverage Paid By Retiree
(Premium May Be Debited From Checking Account Or
Savings Account)
10
Retiree Opt Out And Re
-
Enrollment
•
Non-Medicare-Eligible Retirees have a one-time option
to cease coverage:
1.
May re-enroll when eligible for Medicare
2.
Verification of continuous coverage required upon re-
enrollment
•
For detailed information on the opt out and re-
enrollment provision, please contact the UMS Employee
Benefits Center.
11
Retiree Opt Out And Re
-
Enrollment Provision
Change Effective April 1, 2008
Effective April 1, 2008 Retirees Have A One-Time Option To Cease Coverage Under The
UMS Health Plan With An Opportunity To Reenroll In The UMS Health Plan, Provided
That The Election To Reenroll Occurs No Later Than Ninety (90) Days After The Retiree
Becomes Eligible For Medicare And The Retiree Documents Continuous Coverage For
Themselves And Dependents During The Period For Which They Were Not Covered In
The UMS Health Plan.
UMS Does Not Remind The Retiree And It Is The Retiree’s Responsibility To Request
Reenrollment Within The Allowable 90 Days.
Also, If A Retiree Exercises Their One-Time Opt Out, Reenrolls, And Later Cancels Their
Health Coverage, Their Coverage May Not Be Reinstated In The Future.
12
Retiree Health Plan (Age 65+)
UMS offers a choice for 2022 when it comes to health
insurance plan enrollment for retirees 65 years of age
or older.
Retirees (and their spouses or eligible dependents) can
choose to enroll in one of the following options:
1.) A health plan on the Aon Retiree Health Exchange
2.) Enrollment in the University-sponsored Aetna group
health plan
13
Retirement Age 65 Or Over
•
Medicare A
--- (Hospitalization) No Cost to Retiree
•
Medicare B
--- (Primary Care) Paid by Retiree @ $170.10 /Month)
Note: Employee Must Enroll to Be Eligible
t
o Continue University
Health Coverage
14
Medicare Employer Form
For Medicare Eligible Retirees, You
Must Have Medicare A&B In Place As
Of Your Retirement Date To Enroll Into
The Aetna Group Health Plan.
The Pre-Populated Form (Right)
F
o
r
O
v
e
r
6
5
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9
0
D
a
y
s
.
15
AETNA
Group Health Plan Design
•
Copays apply when treated by doctors and specialists
•
All Diagnostic services get applied to a $300.00 Plan
Deductible
•
Once Deductible is met, the plan will pay 90%, you pay 10%
(co-insurance) until your deductible and co-insurance
reaches the yearly out of pocket of $2750.00 per person
•
Prescription Drugs – Under our Aetna plan, prescriptions are
paid at a copay level regardless of the cost of the drug.
There is no “donut hole” under our Aetna plan, meaning you
will always pay a copay
•
Aetna has a MONTHLY cost of $54.00* for the retiree and
$136.00* for the spouse. This is in addition to Medicare Part
B.
*******Subject to premium change in the future*******
16
Retiree Health Exchange
•
For Medicare eligible retirees, you
Must Have Medicare
A&B
in place.
P
l
a
n
D
e
s
i
g
n
s
u
n
d
e
r
A
o
n
/
A
l
i
g
h
t
R
e
t
i
r
e
e
H
e
a
l
t
h
E
x
c
h
a
n
g
e
•
The exchange offers many plans including Advantage Plans
and Medigap/Supplemental Plans.
•
The costs of these plans can vary from no monthly premium
to $200+/month.
•
A benefits adviser with meet with you to determine what plan
or plans work for you and your eligible dependents.
•
Any plan through Aon/Alight is an individual plan (not group
plan) and the “donut hole” for prescription drugs will apply.
17
Health Reimbursement Account (HRA)
•
$2,100
Annual Retiree HRA Contribution
•
$800
Annual Spouse/Survivor HRA Contribution
18
Catastrophic HRA
You will have an annual maximum out-of-pocket prescription cost limit of
$1,500. Essentially this puts a "cap" on annual out-of-pocket prescription drug
expenses at $1,500.
Once you hit or exceed the $1,500 out of pocket cost, you will contact AON
and provide them with a copy of the
explanation of benefits (EOB)
and they
will set up reimbursement of any out-of-pocket expenses over $1,500 up to
an annual maximum of $1 million dollars.
You will then be able to send in receipts for any out-of-pocket
prescription costs that you incur, or send in your monthly EOB's to AON for
reimbursement.
19
Group Dental Coverage
When you retire from the University of Maine System, you have the
option of retaining dental coverage through the University’s retiree
dental plan (Northeast Delta Dental).
At whatever age you retire, you need to complete the MaineStreet
Self-Service Retirement Guide to elect dental coverage.
You may elect to authorize EBPA (3
rd
party billing) to debit your
checking or savings account for the monthly dental premium.
2
0
2
2
M
o
n
t
h
l
y
D
e
n
t
a
l
P
r
e
m
i
u
m
R
a
t
e
s
:
$51.41 (Single)
$94.10 (2-Person)
$160.68 (Family)
20
Vision Insurance
•
Vision Insurance will terminate at the end of the month in which
you retire.
•
The Consolidated Omnibus Budget Reconciliation Act (COBRA)
continuation is available if you are covered at retirement. You
will be mailed a COBRA election notice.
•
Individual Vision plans may be available through the Aon /Alight
Retiree Exchange.
21
Other Benefit Eligibility
•
The Standard Group Term Life Insurance Terminates at Time or Retirement
•
You may convert your group term life insurance to an individual policy
and/or port your coverage.
•
Farmers Group Homeowners & Automobile Insurance
•
Group discounts continue – payroll deductions stop
•
CIGNA Employee Assistance Program (EAP)
•
Eligibility continues
•
Flexible Spending Account – Healthcare
•
Coverage may continue via COBRA- Please note that you must incur charges
prior to your retirement date in order to use current funds or you can
continue via COBRA.
•
Nationwide Pet Insurance
•
Group discounts continue – payroll deductions stop
22
TIAA
Contact your retirement account vendor or TIAA at 1-800-842-
2776 to discuss your benefits post-retirement.
23
Retirement Guide – How to
•
From mycampus home
page to MaineStreet
•
Select the Employee
Self Service option from
the menu
24
Retirement Guide – How to continued
•
Select the tile labelled Retirement Guide
25
Choose an option
26
Review and update steps 1 – 8 on left
27
Finalize your Retirement Elections
1.
Save and
confirm
elections
2.
summary
report
3.
Submit
retirement
elections
Your Name
28
Finalize your Retirement Elections
Make sure when submitting your retirement elections that you:
1
.
)
C
l
i
c
k
S
u
b
m
i
t
R
e
t
i
r
e
m
e
n
t
E
l
e
c
t
i
o
n
s
,
2
.
)
C
l
i
c
k
Y
e
s
,
t
h
e
n
c
l
i
c
k
S
a
v
e
.
Once you have followed these steps and have printed your Retirement
Summary, the guide will notify you that you are finalized.
P
l
e
a
s
e
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o
t
e
:
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.
Special Retirement Incentive (SRI) -
Healthcare Options
Rates for 2022
29
30
If you and your spouse/DP/Dependents are under the age of 65 and not
Medicare eligible as of your retirement date, you and your dependent(s) will be
placed in the Non-Represented active employee Cigna health plan until you
(Retiree) turn 65 and are Medicare Eligible.
If you are under the age of 65, you have a choice to go into the Cigna Choice
Plan without an HSA contribution by UMS or you can enroll into the Cigna Co-
pay plan.
C
i
g
n
a
H
e
a
l
t
h
P
l
a
n
s
31
The Aetna rates for 2022 per month are:
Once the retiree turns age 65 and enrolls in Medicare parts A&B, you as the
retiree have the choice to move to Aetna Medicare Advantage Plan which
supplements Medicare part B or you can enroll into an individual plan within
the AON/Alight Retiree Health Exchange with a HRA contribution of
$2100.00 a year (prorated if less than a full calendar year).
A
e
t
n
a
M
e
d
i
c
a
r
e
A
d
v
a
n
t
a
g
e
P
l
a
n
32
When a retiree turns age 65 and becomes Medicare eligible and your
dependent(s) are under age 65, your dependent(s) have options:
A.) Your dependent(s) stay on the UMS Non-Represented Cigna plan but will be required
to pay the Non-Medicare eligible premium rate for the Cigna Co-pay Plan or the Cigna
Choice Plan.
B.) At the time you turn age 65 and become Medicare Eligible, your dependent(s) can
decide to leave UMS Cigna health plan and find medical coverage outside UMS and then
come back into UMS retiree health benefits when they turn age 65 (and become
Medicare eligible). At that time, they can go into the Aetna or AON/Alight exchange
alongside you.
For Example- 2 Person Non-Medicare Eligible Rates:
Cigna Non-Medicare
33
If at the time of retirement, the Retiree is under age 65 (not Medicare Eligible) but
their Dependent (s) are over the age of 65 (and must be Medicare parts A&B enrolled
as of the retirement effective date), the dependent can enroll into the Aetna group
health plan and the retiree will be responsible for paying the active 2 person non-
represented Cigna medical plan.
This rate will continue until the Retiree reaches age 65 (and enrolls in Medicare A&B)
and then makes the decision to enroll into the Aetna group plan offering or the
AON/Alight Retiree Health Exchange with an HRA contribution
.
H
e
a
l
t
h
c
a
r
e
O
p
t
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–
C
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Questions?
Explore retirement planning options and eligibility requirements for employees, including age and years of service criteria. Learn about Social Security, Medicare enrollment, Incentive Retirement Plan (IRP), and the application procedure. Discover IRP eligibility criteria and terms for lump sum payment calculation at full retirement. Make informed decisions for a secure retirement future.
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Presentation Transcript
Eligibility Requirements Per Board Of Trustees Policy, Employees Are Eligible To Retire If They: Are At Least Age 55 And Have At Least 10 Years Of Service Immediately Preceding Retirement 2
Social Security & Medicare Social Security: socialsecurity.gov If age 62 or older at retirement, you can contact Social Security for payment of benefits. Medicare: medicare.gov To continue medical coverage as a retiree, you and your spouse/partner MUST BOTH enroll in Medicare Parts A & B if/when eligible: Part A Hospitalization Part B Primary Care Do not enroll in Medicare D - Prescription Drug coverage since retirement medical plan options may have an Rx. Plan that could qualify as Medicare D 3
Incentive Retirement Plan (IRP) Provides lump sum payment to TIAA Works in conjunction with partial/phased retirement program Retirement income may begin immediately or be deferred Note: To confirm your eligibility for the IRP, please model your future retirement within the University of Maine System (UMS) Retirement Guide within MaineStreet Self-Service. 4
IRP Eligibility Full-Time Regular And Faculty Unit (Hired Prior To July 1, 1996) Or Non-Represented Faculty (Hired Prior To July 1, 1996) Or Represented Professional/Administrative Staff (Hired Prior To July 1, 2006) Or Non-Represented Professional/Administrative Staff (Hired Prior To July 1, 2006 And Age 55+ With 10+ Years Service And Enrolled In Retirement Plan For Faculty And Professional Employees. 5
IRP Application Procedure 1. Discuss with spouse/partner 2. Obtain income, benefits, legal, tax advice 3. Complete MaineStreet Self-Service Retirement Guide 6
IRP Terms Available At Full Retirement Lump Sum Payment Calculated At 1 % Times Completed Years Of Service Times The Final Annual Base Salary (27 Year Maximum) Lump Sum Payment Is Tax-Sheltered Up To IRS Limits Partial Phased Retirement Plan (PPRP) Salary Converted To Full Salary At Retirement 7
Retirement Health Insurance Employee Under Age 65 Employee Age 65 Or Over Employee Retires Prior To Age 65 Employee Retires At Age 65 Or Over 8
Retirement Prior To Age 65 Optional Cigna Copay Or Choice Plan (No HSA) With Prescription Drug Program Aetna Medicare Advantage Plan For Medicare Eligible Spouse/Domestic Partner Retiree And Dependent Coverage Paid By Retiree (Premium May Be Debited From Checking Account Or Savings Account) 9
Retiree Opt Out And Re-Enrollment Non-Medicare-Eligible Retirees have a one-time option to cease coverage: 1.May re-enroll when eligible for Medicare 2.Verification of continuous coverage required upon re- enrollment For detailed information on the opt out and re- enrollment provision, please contact the UMS Employee Benefits Center. 10
Retiree Opt Out And Re-Enrollment Provision Change Effective April 1, 2008 Effective April 1, 2008 Retirees Have A One-Time Option To Cease Coverage Under The UMS Health Plan With An Opportunity To Reenroll In The UMS Health Plan, Provided That The Election To Reenroll Occurs No Later Than Ninety (90) Days After The Retiree Becomes Eligible For Medicare And The Retiree Documents Continuous Coverage For Themselves And Dependents During The Period For Which They Were Not Covered In The UMS Health Plan. UMS Does Not Remind The Retiree And It Is The Retiree s Responsibility To Request Reenrollment Within The Allowable 90 Days. Also, If A Retiree Exercises Their One-Time Opt Out, Reenrolls, And Later Cancels Their Health Coverage, Their Coverage May Not Be Reinstated In The Future. 11
Retiree Health Plan (Age 65+) UMS offers a choice for 2022 when it comes to health insurance plan enrollment for retirees 65 years of age or older. Retirees (and their spouses or eligible dependents) can choose to enroll in one of the following options: 1.) A health plan on the Aon Retiree Health Exchange 2.) Enrollment in the University-sponsored Aetna group health plan 12
Retirement Age 65 Or Over Medicare A --- (Hospitalization) No Cost to Retiree Medicare B --- (Primary Care) Paid by Retiree @ $170.10 /Month) Note: Employee Must Enroll to Be Eligible to Continue University Health Coverage 13
Medicare Employer Form For Medicare Eligible Retirees, You Must Have Medicare A&B In Place As Of Your Retirement Date To Enroll Into The Aetna Group Health Plan. The Pre-Populated Form (Right) For Over 65 Retirees Is Located Within The Retirement Guide. Please Print It Off And Submit To Ssa Along With Their Required Form. This Needs To Be Started No Sooner Than Three Months Prior To Your Retirement Date But Needs To Be Completed As Soon As Feasibly Possible If Your Retirement Is Within The Next 90 Days. 14
AETNA Group Health Plan Design Copays apply when treated by doctors and specialists All Diagnostic services get applied to a $300.00 Plan Deductible Once Deductible is met, the plan will pay 90%, you pay 10% (co-insurance) until your deductible and co-insurance reaches the yearly out of pocket of $2750.00 per person Prescription Drugs Under our Aetna plan, prescriptions are paid at a copay level regardless of the cost of the drug. There is no donut hole under our Aetna plan, meaning you will always pay a copay Aetna has a MONTHLY cost of $54.00* for the retiree and $136.00* for the spouse. This is in addition to Medicare Part B. *******Subject to premium change in the future******* 15
Retiree Health Exchange For Medicare eligible retirees, you Must Have Medicare A&B in place. Plan Designs under Aon/Alight Retiree Health Exchange The exchange offers many plans including Advantage Plans and Medigap/Supplemental Plans. The costs of these plans can vary from no monthly premium to $200+/month. A benefits adviser with meet with you to determine what plan or plans work for you and your eligible dependents. Any plan through Aon/Alight is an individual plan (not group plan) and the donut hole for prescription drugs will apply. 16
Health Reimbursement Account (HRA) $2,100 Annual Retiree HRA Contribution $800 Annual Spouse/Survivor HRA Contribution 17
Catastrophic HRA You will have an annual maximum out-of-pocket prescription cost limit of $1,500. Essentially this puts a "cap" on annual out-of-pocket prescription drug expenses at $1,500. Once you hit or exceed the $1,500 out of pocket cost, you will contact AON and provide them with a copy of the explanation of benefits (EOB) and they will set up reimbursement of any out-of-pocket expenses over $1,500 up to an annual maximum of $1 million dollars. You will then be able to send in receipts for any out-of-pocket prescription costs that you incur, or send in your monthly EOB's to AON for reimbursement. 18
Group Dental Coverage When you retire from the University of Maine System, you have the option of retaining dental coverage through the University s retiree dental plan (Northeast Delta Dental). At whatever age you retire, you need to complete the MaineStreet Self-Service Retirement Guide to elect dental coverage. You may elect to authorize EBPA (3rdparty billing) to debit your checking or savings account for the monthly dental premium. 2022 Monthly Dental Premium Rates: $51.41 (Single) $94.10 (2-Person) $160.68 (Family) 19
Vision Insurance Vision Insurance will terminate at the end of the month in which you retire. The Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation is available if you are covered at retirement. You will be mailed a COBRA election notice. Individual Vision plans may be available through the Aon /Alight Retiree Exchange. 20
Other Benefit Eligibility The Standard Group Term Life Insurance Terminates at Time or Retirement You may convert your group term life insurance to an individual policy and/or port your coverage. Farmers Group Homeowners & Automobile Insurance Group discounts continue payroll deductions stop CIGNA Employee Assistance Program (EAP) Eligibility continues Flexible Spending Account Healthcare Coverage may continue via COBRA- Please note that you must incur charges prior to your retirement date in order to use current funds or you can continue via COBRA. Nationwide Pet Insurance Group discounts continue payroll deductions stop 21
TIAA Contact your retirement account vendor or TIAA at 1-800-842- 2776 to discuss your benefits post-retirement. 22
Retirement Guide How to From mycampus home page to MaineStreet Select the Employee Self Service option from the menu 23
Retirement Guide How to continued Select the tile labelled Retirement Guide 24
Choose an option Your Name 25
Review and update steps 1 8 on left Your Name 26
Finalize your Retirement Elections 1. Save and confirm elections 2. Print summary report 3. Submit retirement elections Your Name 27
Finalize your Retirement Elections Make sure when submitting your retirement elections that you: 1.) Click Submit Retirement Elections, 2.) Click Yes, then click Save. Once you have followed these steps and have printed your Retirement Summary, the guide will notify you that you are finalized. Please Note: You Are Only Submitting / Finalizing Your Retirement Date. Retirement Health Benefits will be updated at a later date by a member of the Employee Benefits Center. 28
Special Retirement Incentive (SRI) - Healthcare Options Rates for 2022 29
Cigna Health Plans If you and your spouse/DP/Dependents are under the age of 65 and not Medicare eligible as of your retirement date, you and your dependent(s) will be placed in the Non-Represented active employee Cigna health plan until you (Retiree) turn 65 and are Medicare Eligible. If you are under the age of 65, you have a choice to go into the Cigna Choice Plan without an HSA contribution by UMS or you can enroll into the Cigna Co- pay plan. Employee Share of Premium Choice Copay $82.62 $107.45 Employee Only $198.44 $257.55 Employee Plus One $256.35 $332.60 Family 30
Aetna Medicare Advantage Plan Once the retiree turns age 65 and enrolls in Medicare parts A&B, you as the retiree have the choice to move to Aetna Medicare Advantage Plan which supplements Medicare part B or you can enroll into an individual plan within the AON/Alight Retiree Health Exchange with a HRA contribution of $2100.00 a year (prorated if less than a full calendar year). The Aetna rates for 2022 per month are: Employee Share of Premium Aetna $54.00 Retiree $136.00 Spouse/Domestic Partner $190.00 Retiree Plus One 31
Cigna Non-Medicare When a retiree turns age 65 and becomes Medicare eligible and your dependent(s) are under age 65, your dependent(s) have options: A.) Your dependent(s) stay on the UMS Non-Represented Cigna plan but will be required to pay the Non-Medicare eligible premium rate for the Cigna Co-pay Plan or the Cigna Choice Plan. B.) At the time you turn age 65 and become Medicare Eligible, your dependent(s) can decide to leave UMS Cigna health plan and find medical coverage outside UMS and then come back into UMS retiree health benefits when they turn age 65 (and become Medicare eligible). At that time, they can go into the Aetna or AON/Alight exchange alongside you. For Example- 2 Person Non-Medicare Eligible Rates: Plan Copay Choice $4,176.00 $3,274.00 Both Under Age 65 Retiree Under Age 65, Spouse Over $1,898.00 $1,488.00 Retiree Over Age 65, Spouse Under $949.00 $744.00 32
Healthcare Options Continued If at the time of retirement, the Retiree is under age 65 (not Medicare Eligible) but their Dependent (s) are over the age of 65 (and must be Medicare parts A&B enrolled as of the retirement effective date), the dependent can enroll into the Aetna group health plan and the retiree will be responsible for paying the active 2 person non- represented Cigna medical plan. This rate will continue until the Retiree reaches age 65 (and enrolls in Medicare A&B) and then makes the decision to enroll into the Aetna group plan offering or the AON/Alight Retiree Health Exchange with an HRA contribution. 33
