Retirement Information January 24, 2017 February 14, 2017
Things to do Update MyDocs home email address www.henry.k12.ga.us Click “Employee” at top right of page Click on “My Docs” and login Click on Key symbol in the box at the top left Click Email Address, enter home email address and click “Submit” Verify home address is correct on Pay Stub Review Beneficiary Selections with TRS With separation of service, you are able to access your Valic and/or Peach State Reserves 457 plans, should you choose to do so. If you return to any position with Henry County Schools, access to funds will be delayed until separation of service Submit a letter of intent to RETIRE to Human Resources and/or Principal/Manager 2
Sample letter of intent to retire: To: Henry County Schools From: ________________________ (Print Name) Subject: Retirement Please be advised that my last day of work will be __________________, and I will retire on ________________. (first day of the month following last day worked) _____________________ ______________ Signature Date ________________ Employee number or Last 4 digits of Social Security Number 3
Benefit information is as of December 31, 2016 To check medical rates for retirement, contact SHBP at 1-800-610-1863 or email Annuitant.Subsidy@dch.ga.gov In order to minimize any misunderstanding, please confirm any concerns with TRS, PSERS, State Health, Ga Breeze, etc. 4
HCS Employees, Please be advised that we received an e-mail on December 23, 2016, advising that SHBP would implement a resolution on January 1, 2017, regarding medical insurance premiums for retirees. Attached is a copy of the SHBP employee communication for your reference. Additionally, a rate calculator is located on the DCH website (http://dch.georgia.gov/annuitant- years-service-subsidy-policy) for the purposes of estimating a retiree’s rate for coverage during the 2017 Plan Year. The rate calculator provides an estimate of the most common rate scenarios, but does not include every possible combination, especially in the cases of split rates. We have not received any additional information from SHBP . Please call SHBP at 1-800-610-1863 if you have any questions. 5
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Annuitant Years of Service Subsidy Policy Frequently Asked Questions (FAQs) December 16, 2016 What are the requirements for a retiree to be subject to the Annuitant Years of Service Subsidy Policy? A retiree will be subject to the Annuitant Years of Service Subsidy Policy if: the retiree was not covered by SHBP as of January 1, 2012 and/or did not have five years of service in a state retirement system (i.e., ERS, TRS, LRS) as of January 1, 2012. All other retirees who were BOTH covered under SHBP as of January 1, 2012 AND had five or more years of service are subject to the current Annuitant Basic Subsidy Policy and who are considered grandfathered in. I am an active employee with five years of service as of January 1, 2012 and was not enrolled in SHBP as of January 1, 2012 but I am currently enrolled in SHBP. Will I be subject to the Annuitant Years of Service Subsidy Policy? Yes, as indicated in the policy, a retiree must meet BOTH requirements: be covered under SHBP as of January 1, 2012 AND have five years of service as of January 1, 2012. How will SHBP determine a retiree’s years of service? Each applicable state retirement system (i.e., ERS, TRS, and LRS) will provide SHBP information which indicates whether or not a retiree had five years of service as of January 1, 2012. For retirees subject to the Annuitant Years of Service Subsidy Policy, each applicable state retirement system will also provide SHBP the number of years of service that a retiree had upon their retirement. Years of service are determined by the state retirement systems and not by SHBP. I have years of service in two different state retirement systems. How will SHBP determine my years of service in order to calculate my subsidy? SHBP will utilize the years of service provided by the state retirement system from which the retiree receives an annuity. My spouse and I are both retirees and have “state on state” coverage, meaning we are both covered under SHBP. I am considered the “member” and my spouse is the “dependent.” I was not covered under SHBP as of January 1, 2012, but was covered at the time of my retirement. However, my spouse was covered under SHBP as of January 1, 2012. Will the Annuitant Years of Service Subsidy Policy apply to us? Yes, application of the subsidy is based on the Member’s status (not the Dependent’s status) as of January 1, 2012; therefore, the subsidy will apply. How will I know what my premium will be if I am subject to the Annuitant Years of Service Subsidy Policy? For estimation purposes only, SHBP has provided a rate calculator on its website www.dch.ga.gov to help members estimate their premiums for 2017. The rate calculator provides rate estimates based on a member’s plan tier (employee, employee + spouse, etc.) and plan option (BCBS HMO, UHC Medicare Advantage Standard, etc.). Please note rates are approved annually by the DCH Board of Community Health. 7 For questions regarding the Annuitant Years of Service Subsidy Policy, please contact the SHBP Member Services Center at 800.610.1863 or you may email questions regarding the Policy to Annuitant.Subsidy@dch.ga.gov.
Medicare If retiring and you and/or any covered dependents are 65 or older, please apply for Part A and Part B at www.ssa.gov, so that coverage is effective the first of the month following when coverage ends with Henry County Schools. If you and/or any covered dependents turn 65 after retirement, then apply for Medicare within 90 days prior to turning age 65. Please be aware that the Medicare Advantage plans under SHBP includes Part D. You will also report Medicare eligibility to State Health, at www.myshbpga.adp.com. Login then select “My Information” on the left, then select “Medicare Management” Click on the button to the left of the name you wish to edit. • The Health Insurance Claim number is the SSN of the person you are editing, with a “T” added at the end ( i.e. 123456789T) The “T” indicates “Temporary,” indicating that you have not yet received the Medicare card. • Enter the effective dates for Part A and Part B. Leave Part D blank, if you are keeping • State Health. After you submit, you will be shown Medicare Advantage coverage choices, and after making selections, you will need to follow through to the 8 “Finish” button to save your changes.
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For recipients of TRS, ERS or PSERS pension: Active Last Month TRS/PSERS Picks Last day of Coverage of up Health work ends through Deductions and/or Dental HCS May May June 30 July 1 June June July 31 August 1 10
TRS Notable Items A Retiree is defined as someone who will be receiving a pension from TRS, ERS or PSERS. If retiring June 1, TRS highly recommends that you apply by March 31 st If retiring July 1, TRS highly recommends that you apply by April 30 th When you apply for retirement online with TRS, Salary Certification (TRS-8) and Sick Leave Certification forms will automatically be sent electronically to the Benefits Department. You may now generate a benefit estimate request online, which prompts TRS to calculate and mail you an estimate. Contact TRS for your ID # to create a login, if you don’t already have one. Your first check will be mailed around the middle of the month of your effective date. All subsequent checks will be electronically deposited to your account on the 1 st business day of the month. *If eligible for Sick Leave Service credit, this will be calculated in 1-2 months after retirement. Days not worked at the end of your contract will be deducted from your June check. If retiring effective July 1, you may be eligible to receive your first Cost-of-living adjustment on the subsequent July 1 st . TRS will not be able to provide State Health’s 11 premium rates.
TRS Eligibility for Retirement Service Retirement You are eligible for monthly retirement benefits by one of the following: • Completion of 30 years of creditable service regardless of age; • Completion of at least 10 years of creditable service and attainment of age 60; or • Completion of at least 25 years of creditable service. If you retire under this provision your benefit will be permanently reduced by the lesser of 1/12th of 7% for each month you are below age 60, or 7% for each year or fraction of a year by which you have less than 30 years of creditable service. 12
TRS Creditable Service Air Time ERS Withdrawn Service Maternity Leave Credit Military Service Out-of-State Service Private School Employment PSERS Credit Study Leave Credit TRS Withdrawn Service Visiting Scholar Credit Worker’s Compensation Disability 13
TRS Service Retirement Benefit Formula Your years of creditable service established with TRS, including partial years x 2% x Your final average salary for the 2 highest consecutive years of membership service 1 = Your initial monthly benefit (under Plan A Maximum) 1 Benefit calculation is based on the 2 highest years that produce the highest benefit — which may not be your last years worked. 14
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