university human resources. health insurance empire plan1-877-769-7447 empire plan1-877-769-7447
DESCRIPTION
Dental & Vision UUP UUP CSEA PEF Dept. of Civil Service University Human ResourcesTRANSCRIPT
• University Human Resources
Life Cycle of a State Employee
& Steps to Retirement
• University Human Resources
Health Insurance Empire Plan 1-877-
769-7447 www.empireplanproviders.com
Independent Health-HMO 1-800-501-3439 www.independenthealth.com
Community Blue -HMO 1-716-887-8840 www.bcbswny.com
Option Transfer www.hr.buffalo.edu
• University Human Resources
Dental & Vision UUP 1-800-887-3863
www.uupinfo.orgCSEA 1-800-323-2732www.cseaebf.com PEF 1-800-342-4306www.pef.org Dept. of Civil Service 1-800-833-4344www.cs.ny.gov
• University Human Resources
Retirement Plans
• University Human Resources
Retirement Benefits
• The two New York State plans are:
• The Employees’ Retirement System, (ERS)
• The Teachers’ Retirement System, (TRS)
•The Optional Retirement Plan (ORP) which includes:
• ING, METLIFE, TIAA-CREF, & VALIC
There are three retirement plans for SUNY employees:
• University Human Resources
Retirement Eligibility• ERS is available to any employee on the State payroll • Phone: 1-866-805-0990• www.osc.state.ny.us/retire • TRS is available to any employee on the State payroll in
a faculty title with very few exceptions (Phone: 1-800-356-3128)
• www.nystrs.org • The ORP is available to employees on the State payroll
who have a faculty or professional title and are either full-time, geographic full-time (GFT) or part-time term
• University Human Resources
Retirement Plan Types
•ERS and TRS are
Defined
Benefit
Plans
• The amount of your retirement
benefit is calculated with a formula using:
• University Human Resources
ERS and TRS Vesting Vesting determines if you are eligible
for a benefit at retirement The vesting period = service required
to be eligible 5 or 10 years of full-time service
(what tier) is the vesting period for ERS and TRS
Part-time service is prorated Tier 1 before 7/1/73; Tier 2: 7/1/73-
7/26/76; Tier 3: 7/27/76-8/31/83; Tier 4: 9/1/83-12/31/09; Tier 5: 1/1/10-3/31/12; Tier 6: 4/1/12 or after
• University Human Resources
Plan Types Continued
•Vesting Period is 366 days
•Employee
contribution
(what tier)
The ORP is a Defined Contribution Plan
• University Human Resources
Employer Contribution The Employer
(what tier) contribution is defined: Tiers: 1, 2, 3, 4.
12/15% Tier 4a: (7/1/92-
3/31/12) 8% for the first 7 years of employment; 10% (8-10); 13% thereafter
Tier 6: 8%, 10% thereafter
The benefit received at retirement is determined by the amount contributed and investment performance over time
• University Human Resources
ING, METLIFE, & VALIC
SUNY has approved plans to diversify funds accumulated in CREF accounts
To be eligible you must be vested You can move all or part of your
CREF funds to: ING METLIFE VALIC (Variable Annuity Insurance
Company)
• University Human Resources
403B/457BWWW.PAYCHECKCITY.COM
Tax Deferred Savings Plans
• University Human Resources
Additional Ways to SaveSave up to $17,000 (age 50 +
$22,500) on a tax deferred basis in 2012.
Supplemental Retirement Accounts available:
• A tax-deferred annuity, sec. 403(b) of the
IRS Code with TIAA-CREF
• A 403(b) with ING (MetLife or VALIC). Call: 1-800-677-4636
for more information or an enrollment
kit
• A 403(b) with Fidelity
• University Human Resources
Additional Ways to Save Continued….
• You may also save up to an additional $17,000 (age 50 +
$22,500) in 2012 on a tax deferred basis through the
NYS Deferred Compensation Plan, Sec 457 of the IRS Code.
• You may contact Nationwide Retirement Solutions at 1-
800-422-8463 or www.nysdcp.com for more
information or an enrollment packet.
• University Human Resources
Retirement from State Service
Health Insurance/Sick Leave Credit
• University Human Resources
Steps to Retirement Submit requests for estimates of
retirement income to retirement system (ERS-less than 18 mo.) and other carriers.
Decide on an exact, beginning of business, date of retirement.
Notify your Supervisor or Department Head in writing (irrevocable resignation for purposes of retirement); Send a copy to UHR.
• University Human Resources
Steps to Retirement Continued...
File retirement application with your retirement system. ORP TIAA-CREF Buffalo office (716) 862-5905 ERS-retire end of month (15-90 days)
Attend a Retirement Information Session presented by UHR.
Complete and return health insurance and Survivor Benefit forms to UHR.
Bring Time Sheets up to date and submit to your supervisor for signature.
• University Human Resources
Health Insurance Eligibility
Must have completed a minimum service period (10 years if hired after 4/1/75).
Must qualify for retirement as a member of a State Retirement System or ORP (age 55).
Must be enrolled in the New York State Health Insurance Program (NYSHIP) either as an enrollee or dependent at the time of retirement.
• University Human Resources
Current Monthly Premium Rates for Retirees, Effective
7/1/2012Grade 9 and below/Annual Salary $41,536 or below:
Provider Individual Family
Empire Plan $71.38 $287.71
Community Blue $69.99 $366.26
Independent Health $98.61$361.47
• University Human Resources
Current Monthly Premium Rates for Retirees, Effective
7/1/2012Grade 10 and above/Annual Salary $41,537 or above:
Provider Individual Family
Empire Plan $95.18 $343.56
Community Blue $93.32$425.00
Independent Health $121.00$416.74
• University Human Resources
Value of Sick Leave Accruals
Sick leave accruals, based on salary and age at time of retirement, up to a maximum of 200 days, are converted to a Lifetime Monthly Credit.
Dual Annuitant Option: Passing the credit along at 70% of its value. Credit does not end with your death.
Deferred Health Insurance. Health Insurance premiums increase.
• University Human Resources
Calculating Your Monthly Credit
Determine your hourly rate of pay by dividing your annual salary by 1957 (2088 if you work an eight hour day).
Multiply the hourly rate by the number of sick leave hours to get the total dollar value.
Divide the dollar value by your actuarial life expectancy provided by NYSHIP.
The result is your lifetime, monthly sick leave credit regardless of life expectancy.
• University Human Resources
Monthly Credit continued...
Sick leave accruals are converted to a credit only when an employee’s status goes directly from active to retiree.
The same sick leave credit is applied every month to your health insurance premium.
If credit is less, you pay the balance. If credit is more, you pay nothing. There are no refunds for credit not
used.
• University Human Resources
Medicare and Active Employees
Enroll in Medicare Part A (hospital) ONLY 60-90 days prior to age 65 www.ssa.gov or PH: 1-800-772-1213
NYSHIP remains primary while still working . Domestic Partner; ESRD; ALS
Once retired-enroll in Part B (Medical): $99.90/month.
• University Human Resources
Death Benefits for Retirees:
The Survivor’s Benefit Program Provides a $3000 death benefit for
all state retirees. Payable to the beneficiary of the
retiree. ORP-same; ERS/TRS-Option “0”,
must name beneficiary; otherwise, same as option.
Retiree must have 10 years of State Service.
Survivor must notify the Survivor Benefit Unit at ERS-submit death certificate.
• University Human Resources
Privileges and Memberships
Library privileges Emeritus Status
for faculty Membership in the
Emeritus Center for Faculty and Staff
Discounted Access to recreational facilities.
E-mail account Membership in
REV-UP, our volunteer program
Credit Union The Reporter: on-
line Parking
• University Human Resources
Additional Information For further information please
visit the Human Resources website at:
www.hr.buffalo.edu/retirement
• University Human Resources
Benefits Directory
•[email protected]•Liz Dundon, Manager
•[email protected]• Claudia Samulski, Time and Attendance
•[email protected]•Anne Bielinski,
Retirement Administration
• University Human Resources
Benefits Directory Continued
•Sharon Milliken
•Tax Deferred Savings
•Mary Wlodarczyk• Insurance/Dental/Vision
•Sharon Hassett
• Insurance/Dental/Vision
• University Human Resources
Benefits Directory Continued
•To Contact a Benefits Representative:
• Call 645-7777
• Campus Mail – 120 Crofts Hall