Your Health Care Benefits in Retirement University Human Resources | Benefits 2016 This is a summary presentation only. If there are any differences between the information in this presentation and the information in Stanford’s Educated Choices Plan documentation an/or insurance certificates, the Plan documentation and/or insurance certificates will govern. Welcome to an overview of the processes surrounding retirement from Stanford. We hope this provides useful information for those of you thinking about retirement – whether your retirement is a few months or years away.

Eligibility You’re an Official Retiree if: Hired before 1/1/1992 You are at least age 55, and Have a minimum of 10 years of benefits-eligible service Rule of 75 (for anyone) Your age + years of benefits-eligible service must equal at least 75, and If you were hired before 1/1/1992 you can qualify by meeting the requirements for either the first or second rules listed on this slide. If you were hired after 01/01/1992 you must meet the Rule of 75. Both of these rules require ten years of benefits-eligible service.

Retiree Benefits Medical Non-Medicare eligible Medicare eligible Dental Vision Tuition Grant Program You assign your Medicare Part A and Part B benefits to the HMO by completing the Medicare Advantage Enrollment Form. You cannot be in the Medicare Advantage HMO until Medicare gets this form. With these plans your Medicare is assigned to the health plan. Remember, these plans are HMOs. This means, if you do not go to your Primary Care Physician or receive your Primary Care Physician’s referral, your services won’t be covered. If you are out of your HMO’s service area, only a life threatening emergency will be covered. We suggest that you do not enroll in Medicare Part D because Stanford retiree medical plans provide equal or better drug benefits. Medicare Advantage plans include: Kaiser Senior Advantage United Healthcare Group Medicare Advantage Health Net Seniority Plus

403b Distribution if not Employed Option 1 – Withdraw funds after 30 days Option 2 - Rollover funds to an IRA or another employer-sponsored plan Option 3 Leave funds in Stanford plan Must maintain a balance of at least $1,000

403b Distribution While Employed (In-Service) TDA – Employee must be at least age 59½ CRA Employee must be at least age 59½ Position is 50% time, or less If faculty, must not have tenure

457(b) - Distribution if not Employed Within 60 days after you terminate employment, you can elect to: Receive a lump sum payment of your entire account balance or to commence annuity payments or installment payments (as permitted by your investment provider), on or about the 120th day after your termination of employment. Elect a one‐time irrevocable option to receive the lump sum payment or to commence annuity payments or installment payments at a future date you specify. Note: You must begin taking a minimum distribution each year starting no later than April 1 of the year following the year you reach age 70½. Transfer your account balance to another non-governmental tax-exempt employer’s 457(b) plan, law does not allow for transfer to 401(k) or 403(b) plans, or governmental 457(b) plans or an IRA If no distribution election is made within 60 days of the date employment ends, funds will be distributed automatically in a lump sum payment approximately 120 days after employment ends.

cardinalatwork.stanford.edu/benefits-rewards/health/retirees This concludes our benefits presentation. Thank you.