Thinking about retirement and how you’ll spend your “golden years” is the easiest part of the journey. The hardest part is figuring out what you need to know before reaching this milestone.

These guidelines are intended to help you make the transition. It is important that you consult with your retirement system (ERS, TRS, ORP), financial advisor or other personal consultant and campus health benefits administrator (HBA) to understand your campus’ procedures before your decision is made.

Once you’ve picked a retirement date, consider doing the following:

• Contact and notify your retirement system (Employees’ Retirement System or Teachers’ Retirement System) at least 30 days but no more than 90 days prior to your retirement date. The Optional Retirement Program (TIAA-CREF, ING, Metropolitan or AIG/ VALIC) requires notification by the 15th of the month prior to month of retirement;

• Meet with an HBA in the campus Human Resources Department (HR) regarding health insurance coverage, and coverage for dependents, among other health benefits matters.

Discuss the sick leave conversion credit to calculate the basic monthly value toward defraying the required contribution to the monthly premium for health insurance.

• Meet with a representative in your HR Department regarding your survivor benefits, if any, and beneficiaries, such as in the UUP Benefit Trust Fund. Discuss the campus procedures for retirement.

• When certain, notify your campus president, or designee, in writing (copy others if you wish).

NYSHIP in retirement

To be eligible to retire with health insurance, you must meet the eligibility requirements of your retirement system; have been eligible to participate in the New York State Health Insurance Program (NYSHIP) for a minimum of 10 years; and be enrolled in NYSHIP at the time you separate from NYS service.

If you are 55 or older, you are eligible for the sick leave accrual conversion credit to defray the retiree’s contribution toward the cost of health insurance. NYSHIP premium costs can be offset with your accrued sick leave credit, which may currently use up to a maximum of 200 days.

If you are not yet 55, and you are “vested for health insurance purposes,” you may pay the full health insurance premium until you are 55 when NYS will contribute the employer’s cost and you will contribute the retiree’s cost.

NYSHIP individual coverage: currently employee/retiree pays 10 percent; NYS pays 90 percent; family coverage: currently employee/ retiree pays 25 percent; NYS pays 75 percent.

NYSHIP will pay only as much toward an HMO as it does for The Empire Plan. HMO members pay the difference.

Alternative method of applying basic monthly value of sick leave credit

When you retire, you may elect to apply up to 100 percent of the calculated basic monthly value of the sick leave credit toward defraying the required contribution to the monthly premium during your own lifetime.

Alternatively, you may elect to apply only up to 70 percent of the calculated basic monthly value of the sick leave credit toward the monthly premium during your lifetime; and, any eligible surviving dependent may also apply up to 70 percent of the basic monthly value of the sick leave credit toward the dependent share of the monthly premium for the duration of the surviving dependent’s eligibility.

Selection of the method of sick leave credit application must be made at the time of retirement, and is irrevocable. In the absence of a selection by the employee, the basic method shall be applied. The basic monthly value of the sick leave credit shall be calculated according to the procedures in use on March 31, 1991.

An employee retiring from state service may delay commencement or suspend retiree health coverage and the use of the employee’s sick leave conversion credits indefinitely, provided the employee applies for the delay or suspension, and furnishes proof of continued coverage under the health care plan of the employee’s spouse or domestic partner, or from post retirement employment.

Medicare

Most UUP members become eligible for Medicare at age 65. Medicare Part A is available at no cost, and covers hospital services, skilled nursing, hospice and home health care. Medicare Part B covers physician services, durable medical equipment and other services. If you turn 65 in 2010, the Medicare Part B premium is $110.50 or more if your income falls above new federal guidelines.

Once you’re eligible for Medicare as primary coverage, NYSHIP requires enrollment in Parts A and B. When Medicare is your primary insurance, the state reimburses you for the Medicare Part B premium, as well as that of your eligible NYSHIP dependent who is also enrolled in Medicare.

You are entitled to this benefit unless the Part B reimbursement is received from another source, and as long as you do not return to work. Once eligible for Medicare, Medicare is your primary insurance and NYSHIP is your secondary insurance if you are not actively employed.

Prescription drugs—NYSHIP … Dental, vision benefits—UUP/BTF

Prescription drug coverage remains with the NYSHIP plan selected such as The Empire Plan or an HMO when you retire the same as during the years of active employment with NYS.

After retirement, the UUP Benefit Trust Fund (BTF) coverage for dental and vision services terminates at the end of the month following the last month of employment. To continue these benefits, COBRA entitlement is available for 18 months and payments are made to the BTF.

UUP retiree membership

UUP retiree membership is open to anyone who retired from active service while a “regular” member of UUP. Membership applications are available at www.uupinfo.org. Retiree membership is $34 annually. Retiree members receive a $1,000 life insurance policy and are able to purchase NYSUT, AFT and UUP discounted benefits and services. UUP retiree dental and vision plans are available at competitive prices.

Personal information changes

After you retire from state service, all changes of names, addresses, dependents, etc., for NYSHIP are processed through the NYS Department of Civil Service, Employee Benefits Division. The option transfer period in NYSHIP is allowed once in a 12-month period.

For more NYSHIP and sick leave accrual conversion information, contact your campus HBA and campus HR Department, or the NYS Department of Civil Service, Employee Benefits Division, at (800) 833-4344. For Medicare information, call (800) 633-4227. For UUP membership and retiree membership information, or for vision and dental benefits questions, contact the UUP Benefit Trust Fund at (800) 342-4206.