Ob je c tive s Re tire me nt T ype s Be ne fits E mplo ye e Be - - PDF document

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Ob je c tive s Re tire me nt T ype s Be ne fits E mplo ye e Be - - PDF document

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 MADI SON ARE A T E CHNI CAL COL L E GE RE T I RE ME NT BE NE F I T S F e b rua ry 2014 Real World Smart Ob je c tive s Re tire me nt T ype s


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SLIDE 1

Real World Smart

MADI SON ARE A T E CHNI CAL COL L E GE RE T I RE ME NT BE NE F I T S

F e b rua ry 2014

Real World Smart

Ob je c tive s

  • Re tire me nt T

ype s

  • Be ne fits

– E

mplo ye e Be ne fits

– Re tire me nt Be ne fits

  • Othe r re tire me nt info rma tio n
  • Re tire me nt no tific a tio n
  • F

AQs

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 1 of 21

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SLIDE 2

Real World Smart

E mplo ye e Be ne fits

  • Sic k L

e a ve

  • He a lth I

nsura nc e

  • De nta l I

nsura nc e

  • L

ife I nsura nc e

  • WRS Re tire me nt
  • Vo lunta ry Visio n
  • F

le xib le Spe nding Ac c o unt

  • Disa b ility I

nsura nc e

  • T

a x She lte re d Annuity

Real World Smart

Re tire e Be ne fits

  • Sic k L

e a ve Pa yo ut

  • He a lth I

nsura nc e

  • De nta l I

nsura nc e

  • L

ife I nsura nc e

  • WRS Re tire me nt Annuity
  • Vo lunta ry Visio n
  • F

le xib le Spe nding Ac c o unt

  • Disa b ility I

nsura nc e

  • T

a x She lte re d Annuity

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 2 of 21

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SLIDE 3

Real World Smart

Re tire me nt T ype s

  • No rma l – Ag e 55+
  • E

a rly

  • E

a rlie r

  • No rma l – Ag e 65+

Real World Smart

No rma l Re tire me nt – Ag e 55

  • F

ull time e mplo ye e s

– E

lig ib le a t a g e 55

– 5 Ye a rs o f Se rvic e

  • Re c e ive Sic k L

e a ve Pa yo ut

  • Ma y c o ntinue in g ro up b e ne fit pla ns a t

re tire e ’ s e xpe nse

  • WRS Pe na lty fo r re tiring prio r to a g e 65

(“a c tua ria l re duc tio n”)

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 3 of 21

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SLIDE 4

Real World Smart

E a rly Re tire me nt De fine d

  • F

a c ulty

– Ag e 60 – 15 Ye a rs o f Ma diso n Co lle g e Se rvic e

  • Administra tio n

– Ag e 60 – 10 Ye a rs o f Ma diso n Co lle g e Se rvic e

Real World Smart

E a rly Re tire me nt T e rms

  • Sic k L

e a ve Pa yo ut

  • Co lle g e a ssume s the c o st to e limina te

WRS Pe na lty

  • Ma y c o ntinue in g ro up b e ne fit pla ns a t

re tire e ’ s e xpe nse

BUT , E a rly Re tire me nt is g e ne ra lly supe rse de d b y…

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 4 of 21

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SLIDE 5

Real World Smart

E a r

lie r Re tire me nt De fine d

F a c ulty

  • Ag e 57 with 15 ye a rs o f Se rvic e
  • Ag e 60 with 10 ye a rs o f Se rvic e
  • T

he re tire me nt da te is b e twe e n se me ste rs a nd no la te r tha n De c e mb e r 31, 2014 to re tire unde r c urre nt te rms.

Real World Smart

E a r

lie r Re tire me nt De fine d

PSRP

  • Ag e 57 with 15 ye a rs o f Se rvic e
  • Ag e 60 with 10 ye a rs o f Se rvic e
  • T

he re tire me nt da te is no la te r tha n De c e mb e r 31, 2014 to re tire unde r c urre nt te rms.

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 5 of 21

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SLIDE 6

Real World Smart

E a r

lie r Re tire me nt De fine d

Administra tio n

  • Ag e 57
  • 10 ye a rs o f se rvic e OR 7 ye a rs Ma diso n

Co lle g e se rvic e a nd 3 ye a rs o the r Pub lic Syste m se rvic e

  • T

he re tire me nt da te is no la te r tha n De c e mb e r 31, 2014 to re tire unde r c urre nt te rms.

Real World Smart

E a r

lie r Re tire me nt Be ne fits

  • Sic k L

e a ve Pa yo ut

  • He a lth I

nsura nc e

– Sing le c o ve ra g e pa id until Me dic a re

e lig ib le (no rma lly a g e 65)

– Spo use / fa mily c o ve ra g e a va ila b le a t

re tire e c o st

  • Co lle g e a ssume s the c o st to e limina te

WRS Pe na lty

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 6 of 21

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SLIDE 7

Real World Smart

No rma l Re tire me nt – Ag e 65

  • F

ull time e mplo ye e s

– Ag e 65+ – 5 Ye a rs o f Se rvic e

  • Re c e ive Sic k L

e a ve Pa yo ut

  • Ma y c o ntinue in g ro up de nta l pla n a t

re tire e ’ s e xpe nse

Real World Smart

SI CK L E AVE

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 7 of 21

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SLIDE 8

Real World Smart

Sic k L e a ve Pa yo ut

F a c ulty

  • 150 da ys ma ximum
  • ¾ o f a c c umula te d sic k da ys X da ily ra te =

$(pa yme nt to ta x she lte re d a c c o unt)

  • Da ily Ra te = c urre nt sa la ry / 190 da ys

Real World Smart

Sic k L e a ve Pa yo ut

PSRP

  • 150 da ys ma ximum
  • ¾ o f a c c umula te d sic k da ys X da ily ra te =

$(pa yme nt to ta x she lte re d a c c o unt)

  • Da ily Ra te = ho urly ra te X ho urs pe r da y

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 8 of 21

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SLIDE 9

Real World Smart

Sic k L e a ve Pa yo ut

Administra tive

  • 150 da ys ma ximum
  • ¾ o f a c c umula te d sic k da ys X da ily ra te =

$(pa yme nt to ta x she lte re d a c c o unt)

  • Da ily Ra te = c o ntra c t a mo unt/ c o ntra c t da ys

Real World Smart

Sic k L e a ve Distrib utio n

  • Allo c a tio n b a se d o n he a lth

insura nc e c ho ic e a t re tire me nt

  • Pa yme nt b y Ma diso n Co lle g e to

yo ur sic k le a ve a c c o unt

  • Ac c o unt a dministe re d b y Mid-Ame ric a

Re tire me nt So lutio ns, I nc .

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 9 of 21

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SLIDE 10

Real World Smart

Sic k L e a ve Pa yo ut Distrib utio n

He a lth Re imb urse me nt Arra ng e me nt (HRA)

  • E

lig ib ility b y de fine d g ro ups

  • Use d fo r me dic a l e xpe nse s o n ta x fre e b a sis
  • E

lig ib le me dic a l e xpe nse s

  • Pre miums
  • Uninsure d me dic a l e xpe nse s
  • L
  • ng T

e rm Ca re pre miums

  • Me dic a re supple me nts
  • HRA ma y b e c o mb ine d with 403(b ) Spe c ia l Pa y

Real World Smart

Sic k L e a ve Distrib utio n

Spe c ia l Pa y Pla n - 403(b )

 Up to $50,000 (I

RS Re g ula tio n)

 T

a x de fe rre d until withdra wn

 No F

I CA T a xe s

 Ava ila b le fo r imme dia te withdra wa l  F

unds c a n b e use d fo r a ny purpo se

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 10 of 21

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SLIDE 11

Real World Smart

Sic k L e a ve Pa yo ut Distrib utio n

Real World Smart

He a lth I nsura nc e E lig ib ility

  • Re tire with a n a nnuity fro m WRS
  • 5 ye a rs Ma diso n Co lle g e Se rvic e
  • Curre ntly in he a lth insura nc e g ro up

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 11 of 21

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SLIDE 12

Real World Smart

He a lth I nsura nc e Optio ns

Gro up He a lth Co o pe ra tive (GHC)

  • Curre nt Ac tive E

mplo ye e Pla n Mo nthly Pre mium Sing le $437.84 F a mily $1,235.16

Real World Smart

WPS E a rly Re tire e Pla ns

  • Offe re d fo r re tire e s no t Me dic a re

e lig ib le

  • L
  • we r c o st o ptio n to a c tive e mplo ye e

pla ns

  • Sing le c o ve ra g e ($ e q uiva le nt) pa id

b y Co lle g e a s pa rt o f E a r

lie r

Re tire me nt Pa c ka g e

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 12 of 21

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SLIDE 13

Real World Smart

WPS E a rly Re tire e Pla n

  • Diffe re nc e s fro m a c tive WPS Pla n

– Hig he r de duc tib le s (va rie s b e twe e n pla ns) – No spe c ia lty o ffic e c o -pa y – No in-ne two rk c o insura nc e fo r So uthe rn/ He a lthyU – Hig he r o ut o f po c ke t ma ximums – He a lthSe nse (we llne ss) NOT

inc lude d

– Ma y purc ha se two sing le pla ns fo r re tire e a nd

spo use if fa mily pla n no t ne e de d

Real World Smart

He a lth I nsura nc e Optio ns

WPS E a rly Re tire e Pla n Mo nthly Pre miums

  • WPS So uthe rn & He a lthyU

Sing le $ 694.84 F a mily $ 1,674.67

  • WPS Sta te wide No n-Da ne

Sing le $ 729.50 F a mily $ 1,753.23

  • WPS Sta te wide Da ne
  • L

e a st a ffo rda b le o ptio n with hig he st de duc tib le s a nd hig he st a nnua l o ut o f po c ke t ma ximum

Sing le $ 727.12 F a mily $ 1,752.50

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 13 of 21

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SLIDE 14

Real World Smart

He a lth I nsura nc e Optio ns

WPS Curre nt Ac tive E mplo ye e Pla n Pre miums

  • WPS So uthe rn & He a lthyU

Sing le $ 906.02 F a mily $ 2,283.84

  • WPS Sta te wide No n-Da ne

Sing le $ 951.44 F a mily $ 2,398.67

  • WPS Sta te wide Da ne

Sing le $ 965.71 F a mily $ 2,434.77

Real World Smart

De nta l I nsura nc e

E lig ib ility to re ma in in g ro up pla n

  • Re tire with a n a nnuity fro m WRS
  • 5 Ye a rs Ma diso n Co lle g e Se rvic e
  • Curre ntly in de nta l insura nc e g ro up
  • E

lig ib ility to re ma in in g ro up pla n a fte r Me dic a re e lig ib le

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 14 of 21

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SLIDE 15

Real World Smart

De nta l I nsura nc e

  • Curre nt De lta De nta l Pla n
  • $1500 b e ne fit pe r pe rso n pe r ye a r
  • $2500 L

ife time Ortho do ntic b e ne fit

  • Co ve ra g e do e s NOT

e nd a t a g e 65

  • Co st (Mo nthly)
  • Sing le

$47.64

  • F

a mily $133.62

  • Ma y purc ha se two sing le pla ns fo r re tire e a nd spo use a t

$95.28

Real World Smart

He a lth a nd De nta l I nsura nc e

Me c ha nic s

  • Do wnlo a d E

a rly Re tire e Be ne fits Pa c ke t fro m Co lle g e Re tire me nt we b site

  • Sub mit e le c tio n fo rm to Huma n

Re so urc e s/ Pa yro ll a ppro xima te ly o ne mo nth b e fo re re tire me nt da te

  • E

le c tro nic tra nsfe r o f funds re q uire d fo r insura nc e pre miums

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 15 of 21

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SLIDE 16

Real World Smart

L I F E I NSURANCE

  • E

lig ib ility

– WRS Annuita nt – 5 ye a rs WRS Se rvic e – Curre ntly e nro lle d in L

ife I nsura nc e

  • Be ne fits

– Ma y c o ntinue BASI

C a t o wn c o st

– Pre mium de duc te d fro m WRS a nnuity

Real World Smart

L ife I nsura nc e

  • Ba sic Co ve ra g e b e c o me s pa id up a t

a g e 65

  • Co ve ra g e de c re a se s to 75% a t a g e 65
  • Co ve ra g e de c re a se s to 50% a t a g e 66

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 16 of 21

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SLIDE 17

Real World Smart

Wisc o nsin Re tire me nt Be ne fits

  • F
  • rmula Be ne fits

– Ave ra g e o f 3 hig he st ye a rs

*3 hig he st ye a rs a re fisc a l ye a rs o nly

– Ye a rs o f Se rvic e Multiplie r

  • .01765 ye a rs b e fo re 2000
  • .016 ye a rs a fte r 2000
  • Mo ne y Purc ha se

– Purc ha se a nnuity a t ma rke t ra te

  • Annuita nt Re c e ive s Hig he r o f T

wo Me tho ds Real World Smart

Wisc o nsin Re tire me nt Syste m

  • Be ne fit Pro g ra ms Se c tio n

– L

ife I nsura nc e

– Annuity Optio ns E

xpla ine d

  • Re tire me nt Pla nning Se c tio n

– Re tire me nt Be ne fits Ca lc ula to r

http:/ / e tf.wi.g o v/

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 17 of 21

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SLIDE 18

Real World Smart

OT HE R I NF ORMAT I ON

  • So c ia l Se c urity

– Re vie w yo ur Annua l Sta te me nt – Re q ue st a full sta te me nt o f yo ur a c c o unt

  • Ce rtific a tio n

– Ma y ne e d to re ne w – 75 da y wa iting pe rio d to re turn – Be c are ful he re !

  • Ma diso n Co lle g e Re tire e s Asso c ia tio n

– 1st Mo nda y me e ting s – Annua l me e ting in Se pte mb e r Real World Smart

No tific a tio n

  • Sub mit no tific a tio n b y Ma rc h 3 to :

– Huma n Re so urc e s – Unio n (whe re a pplic a b le ) – Ma na g e r

  • No tific a tio n must de c la re re tire me nt

da te

  • F

a c ulty fo rm a va ila b le o nline

  • Ac c e pta nc e se nt fro m the Pre side nt’ s
  • ffic e
  • No rma l re tire me nt no tific a tio ns no t

re q uire d b y Ma rc h 3

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 18 of 21

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SLIDE 19

Real World Smart

No tific a tio n

Real World Smart

F re q ue ntly Aske d Que stio ns

  • Wha t ha ppe ns to my sic k le a ve o ve r

150 da ys?

– Pa id o ut a t 75% with fina l pa y

  • Wha t o the r le a ve s a re pa id o ut a t

re tire me nt?

– Va c a tio n

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 19 of 21

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SLIDE 20

Real World Smart

F re q ue ntly Aske d Que stio ns

  • Ca n I

re tire o n De c e mb e r 31, 2014 e ve n tho ug h the c o lle g e is c lo se d?

– Ye s, the re tire me nt da te c a n b e diffe re nt

fro m the la st da y wo rke d

  • Sho uld I

sub mit no tific a tio n to re tire if I pla n to re tire b e twe e n Ja nua ry 1 a nd July 1, 2015?

– No tific a tio ns fo r 2015 re tire me nts a re no t

a c c e pte d a t this time

Real World Smart

F re q ue ntly Aske d Que stio ns

  • Ca n I

c ha ng e my he a lth insura nc e pla n a fte r re tire me nt?

– Annua l dua l c ho ic e pe rio d in June

  • Wha t if I

do n’ t wa nt my sic k le a ve pa yo ut to g o to wa rds the HRA?

– Re fe r to the Sic k L

e a ve pa yo ut g rid to ide ntify a va ila b le o ptio ns

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 20 of 21

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SLIDE 21

Real World Smart

RE SOURCE S

http:/ / e tf.wi.g o v 877-533-5020 HR De pa rtme nt K ristin Ge b ha rdt 246-6902 He lg a Vra ny 246-6908 Pa yro ll De pa rtme nt Bria n Ne sb it (Be ne fits) 258-2436 E

  • ma il q ue stio ns to :

Re tire me nt@ ma diso nc o lle g e .e du

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 Page 21 of 21