Retirement PowerPoint Presentation

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Transcript Retirement PowerPoint Presentation

Basic Information & Steps for Employees

Dr. Pam Sitton Assistant Superintendent of Human Resources Spring, 2015

What Steps Does an Employee Need to Take?

1.

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Determine if you are eligible to retire by contacting ASRS.

Make the decision to retire. Retirement is not about ending work; it is about beginning a new chapter in life!

Submit an Application for Retirement to ASRS.

Submit an SUSD Resignation/Retirement form and an SUSD Retirement Request form to your principal/supervisor.

It is very important to remember that you need to separate employment from SUSD and retire from ASRS. These are two individual steps.

5.

Declaration deadlines for staff wishing to retire at the end of the school year are:    Certified - March 1, 2015 Classified – March 31, 2015 Administrative – March 31, 2015 Complete the electronic Exit Survey for Human Resources. This will be sent by email to each employee once retirement has been declared.

Am I Eligible to Return to Work with SUSD?

 Yes, if …  You completely separate employment as required by ASRS.

 You may return as a Phased Retirement employee.

What does my Retirement Payout Look Like?

 Retirees are paid out twice per year for severance for eligible unused general leave and vacation as it applies to the employee. Payouts are processed during the summer (June) and winter (February).

 Per Employment Agreements, employees who have less than $3,500 in leave accrual value receive payout as part of regular pay.

 Per Employment Agreements, employees who have greater than $3,500 in leave accrual value receive payout through the special pay plan.

What Benefits will be available to me?

 If you decide to retire and have successfully completed your employment in good standing, you may purchase District insurance coverage through COBRA for 18 months after your retirement date.  You will receive information about electing COBRA coverage from BASIC, our COBRA program administrator. At that time, you will have 60 days to elect COBRA. Your coverage will be retroactive to the date your coverage terminated.

What Benefits will be available to me?

(cont’d)

 As an ASRS retiree, you may be eligible to receive a subsidy to apply toward the cost of your ASRS and/or District insurance. The subsidy amount is approved by ASRS and will be applied to your monthly COBRA premium. The amount you owe will then be adjusted. In order to apply for this subsidy, YOU MUST complete an application form and submit it to the Benefits Department. This form is called the

Health Insurance Premium Benefit

Authorization form and it is available on the Benefits Page of the SUSD website.

COBRA Coverage

What is COBRA?

COBRA stands for the federal Consolidated Omnibus Budget Reconciliation Act. It provides covered employees and their dependents temporary continuation of group HEALTH coverage that otherwise might be terminated due to specific events.

What is the cost of COBRA?

You are responsible to pay for the entire premium for all elected group health coverage under COBRA, according to your benefits and allowable spouse and dependent coverage.

COBRA Coverage

(cont’d)

How does the COBRA enrollment process work?

SUSD enlists a company called BASIC to administrator and process all of your COBRA notices, enrollments for COBRA, and all premium payments for health insurance continuing through COBRA. When your medical insurance coverage ends, SUSD notifies BASIC, who in turn sends a COBRA enrollment packet to qualified employees. Once you enroll for coverage, BASIC sends you a coupon book with which to make the required premium payments. You correspond directly with BASIC for all premium payments and coverage eligibility and continuation matters.

COBRA Coverage

(cont’d)

When will COBRA coverage become effective?

If you enroll within the established deadlines, your COBRA coverage will be effective the day after your current coverage ends.

Where Can I Find More Information?

 iVisions Web Portal - Login - Employee Self Service - Employee Self Service Information - Retirement Information  Benefits Page of SUSD website  ASRS website

Precision Representative

ASRS Representative

ESI Representative

Questions?