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 • 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 Real World Smart Page 1 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 E mplo ye e Be ne fits • Sic k L e a ve • Vo lunta ry Visio n • He a lth I nsura nc e • F le xib le Spe nding Ac c o unt • De nta l I nsura nc e • Disa b ility I nsura nc e • L ife I nsura nc e • T a x She lte re d • WRS Re tire me nt Annuity Real World Smart Re tire e Be ne fits • Sic k L e a ve Pa yo ut • Vo lunta ry Visio n • He a lth I nsura nc e • F le xib le Spe nding Ac c o unt • De nta l I nsura nc e • Disa b ility I nsura nc e • L ife I nsura nc e • T a x She lte re d • WRS Re tire me nt Annuity Annuity Real World Smart Page 2 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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”) Real World Smart Page 3 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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… Real World Smart Page 4 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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. Real World Smart Page 5 of 21

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

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

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

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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 . Real World Smart Page 9 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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 o 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 Real World Smart Page 10 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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 • Real World Smart Page 11 of 21

Madison College 2014 Retirement Benefits Recorded on February 18, 2014 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 $1,235.16 Real World Smart WPS E a rly Re tire e Pla ns • Offe re d fo r re tire e s no t Me dic a re e lig ib le • L o we r c o st o ptio n to a c tive e mplo ye e pla ns • Sing le c o ve ra g e ($ 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 Real World Smart Page 12 of 21

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

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

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