Retirement PowerPoint Presentation

Report
Basic Information &
Steps for Employees
Dr. Pam Sitton
Assistant Superintendent
of Human Resources
Spring, 2015
What Steps Does an
Employee Need to Take?
1.
Determine if you are eligible to retire by contacting ASRS.
2.
Make the decision to retire. Retirement is not about ending
work; it is about beginning a new chapter in life!
3.
Submit an Application for Retirement to ASRS.
4.
Submit an SUSD Resignation/Retirement form and an
SUSD Retirement Request form to your principal/supervisor.
It is very important to remember that you need to separate
employment from SUSD and retire from ASRS. These are two
individual steps.
Declaration deadlines for staff wishing to retire at the end of
the school year are:
 Certified - March 1, 2015
 Classified – March 31, 2015
 Administrative – March 31, 2015
5.
Complete the electronic Exit Survey for Human Resources.
This will be sent by email to each employee once retirement
has been declared.
Am I Eligible to Return to
Work with SUSD?
 Yes, if …
 You completely separate employment as
required by ASRS.
 You may return as a Phased Retirement
employee.
What does my Retirement
Payout Look Like?
 Retirees are paid out twice per year for
severance for eligible unused general leave
and vacation as it applies to the employee.
Payouts are processed during the summer
(June) and winter (February).
 Per Employment Agreements, employees
who have less than $3,500 in leave accrual
value receive payout as part of regular pay.
 Per Employment Agreements, employees
who have greater than $3,500 in leave
accrual value receive payout through the
special pay plan.
What Benefits will be
available to me?
 If you decide to retire and have successfully
completed your employment in good
standing, you may purchase District
insurance coverage through COBRA for 18
months after your retirement date.
 You will receive information about electing
COBRA coverage from BASIC, our COBRA
program administrator. At that time, you
will have 60 days to elect COBRA. Your
coverage will be retroactive to the date your
coverage terminated.
What Benefits will be
available to me? (cont’d)
 As an ASRS retiree, you may be eligible to
receive a subsidy to apply toward the cost of
your ASRS and/or District insurance. The
subsidy amount is approved by ASRS and will
be applied to your monthly COBRA premium.
The amount you owe will then be adjusted.
In order to apply for this subsidy, YOU MUST
complete an application form and submit it to
the Benefits Department. This form is called the
Health Insurance Premium Benefit
Authorization form and it is available on the
Benefits Page of the SUSD website.
COBRA Coverage
 What is COBRA? COBRA stands for the
federal Consolidated Omnibus Budget
Reconciliation Act. It provides covered
employees and their dependents temporary
continuation of group HEALTH coverage
that otherwise might be terminated due to
specific events.
 What is the cost of COBRA? You are
responsible to pay for the entire premium
for all elected group health coverage under
COBRA, according to your benefits and
allowable spouse and dependent coverage.
COBRA Coverage (cont’d)
 How does the COBRA enrollment process
work? SUSD enlists a company called BASIC to
administrator and process all of your COBRA
notices, enrollments for COBRA, and all
premium payments for health insurance
continuing through COBRA.
When your medical insurance coverage ends,
SUSD notifies BASIC, who in turn sends a
COBRA enrollment packet to qualified
employees. Once you enroll for coverage, BASIC
sends you a coupon book with which to make
the required premium payments. You
correspond directly with BASIC for all premium
payments and coverage eligibility and
continuation matters.
COBRA Coverage (cont’d)
 When will COBRA coverage become
effective? If you enroll within the
established deadlines, your COBRA
coverage will be effective the day after your
current coverage ends.
Where Can I Find More
Information?
 iVisions Web Portal
- Login
- Employee Self Service
- Employee Self Service
Information
- Retirement Information
 Benefits Page of SUSD website
 ASRS website
Precision Representative
ASRS Representative
ESI Representative
Questions?

similar documents