university human resources. health insurance empire plan1-877-769-7447 empire plan1-877-769-7447

• University Human Resources

Life Cycle of a State Employee

& Steps to Retirement


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

http://www.empireplanproviders.com/

http://www.independenthealth.com/

http://www.bcbswny.com/

http://www.hr.buffalo.edu/


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

http://www.uupinfo.org/

http://www.cseaebf.com/

http://www.pef.org/

http://www.cs.ny.gov/


Retirement Plans


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:


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


Retirement Plan Types

•ERS and TRS are

Defined

Benefit

Plans

• The amount of your retirement

benefit is calculated with a formula using:


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


Plan Types Continued

•Vesting Period is 366 days

•Employee

contribution

(what tier)

The ORP is a Defined Contribution Plan


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


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)


403B/457BWWW.PAYCHECKCITY.COM

Tax Deferred Savings Plans


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


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.


Retirement from State Service

Health Insurance/Sick Leave Credit


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.


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.


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.


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


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


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.


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.


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.


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.

http://www.ssa.gov/


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.


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


Additional Information For further information please

visit the Human Resources website at:

www.hr.buffalo.edu/retirement


Benefits Directory

•[email protected]•Liz Dundon, Manager

•[email protected]• Claudia Samulski, Time and Attendance

•[email protected]•Anne Bielinski,

Retirement Administration


Benefits Directory Continued

• [email protected]

•Sharon Milliken

•Tax Deferred Savings


•Mary Wlodarczyk• Insurance/Dental/Vision


•Sharon Hassett

• Insurance/Dental/Vision


Benefits Directory Continued

•To Contact a Benefits Representative:

• Call 645-7777

• Campus Mail – 120 Crofts Hall

university human resources. health insurance empire plan1-877-769-7447 empire plan1-877-769-7447

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