MTA Metro-North Railroad Guide to Retirement MTA Business Service Center Human Resources Department

Retiree Benefits Revised 9.25.15

Metro-North Retirement Plans The MTA Defined Benefit Pension Plan Employer 401K Plan (Formerly The Vanguard Plan)

Minimum Age and Service Required to Receive Retiree Health Benefits MTA DB PLAN – As of 1/1/83 Age/years of service 55/10* 60/10 55/30 *There is a pension reduction at 55/10. Please call the Pensions department for more information. Employer 401K* – as of 1/1/88 Age/years of service 60/15 55/30 *Formerly the Vanguard Plan

Minimum Service Required for Vesting in Retiree Health Benefits You must have at least 10 years of either Metro-North service or a combination of 10 years with other MTA agencies to be eligible to receive retiree medical benefits. Military Buyback, NY City, or other state agency service does not apply towards medical vesting.

Other Requirements for Coverage You must be enrolled in an MTA medical plan, or the Opt-Out Program, prior to retirement to be eligible to continue coverage as a retiree. MTA will pay 100% of the medical premium. Cost of Coverage

Who Else Is Eligible to be Covered Under Retiree Benefits? Spouse/Domestic Partner Children Ages 26 and younger for medical coverage Ages 19 - 25 (with proof of Full-time Student Status) for dental & vision coverage

Retiree Health Benefits Prior to Age 65 What happens if I become disabled? If you become disabled prior to age 65: You must enroll in Medicare Part “A” and “B” effective the first month it is presented to you. Medicare Part “A” and “B” will become the primary insurance and your medical plan will become your secondary insurance.

Dependent Health Benefits Prior to Age 65 What if my dependent becomes disabled? If your dependent becomes disabled prior to age 65 or is disabled at the time of your retirement your dependent must enroll in Medicare Part “A” and “B”. Medicare will become the primary insurance and your medical plan will become the secondary insurance for your dependent.

Retiree Health Benefits at Age 65 Non-Agreement Employees If you are 65 at the time of retirement your medical coverage will continue, however you must enroll in Medicare Part “A” and “B”. Medicare will become your primary coverage and your medical plan will be your secondary coverage. Your prescription drug plan will continue under the NYS Empire Plan coverage. If you enroll in Medicare Plan “D” prescription drug plan you will lose your Empire Plan coverage.

Retiree Health Benefits at Age 65 Agreement Employees Age 65 or older at the time of retirement: Your benefits will end at the end of the month in which you retire. You must enroll in Medicare Part “A” and “B”. You should research your options when purchasing a supplemental plan to Medicare You must also purchase a prescription plan known as Medicare Part “D” Prescription Drug plan.

Retiree Health Benefits at Age 65 Agreement Employees Under age 65 at the time of retirement: Your retiree medical coverage will end on the last day of the month you attain age 65. You must enroll in Medicare Part “A” and “B”. You should research your options when purchasing a supplemental plan to Medicare. You must also purchase a prescription plan known as Medicare Part “D” Prescription Drug Plan.

Retiree Health Benefits at Age 65 Agreement Employees If your spouse/domestic partner is less than age 65 when you lose coverage, you will have two options: Enroll in HIP of NY (an HMO), available in the counties of NYC, Westchester, Nassau or Suffolk. The MTA will pay 100% of the cost. OR Enroll in a health plan of your choice. You must pay for the coverage first and then submit proof of payment. MTA will reimburse up to the amount it would have paid for HIP. The rates for 2015 are as follows (subject to change): Individual $852.18 Family $2,087.83

Retiree Dental and Vision Benefits

Retiree Benefits Dental/Vision Non-Agreement Employees Dental/Vision will continue for you and your eligible dependents Spouse/Domestic Partner Children (19 – 25 must submit full time student verification every semester)

Retiree Benefits Dental/Vision Agreement Employees Your dental/vision benefits will end at the end of the month in which you retire. You may elect to continue individual or family dental, vision, or both for up to 18 months under COBRA. You will receive a COBRA package in the mail from P&A . To enroll in COBRA complete and mail the application forms to P&A at the address indicated on the form. You will be required to pay the entire premium plus a 2% administrative fee.

Retiree Benefits Dental/Vision COBRA COVERAGE RATES * The 2015 COBRA monthly cost of dental coverage: Individual coverage $49.66 Family coverage $156.42 The 2015 COBRA monthly cost of vision coverage: Individual $5.99 Family $13.47 *COBRA rates are subject to change Rates include a 2% administrative fee

Retiree Life Insurance Benefits

Retiree Life Insurance Benefits Non-Agreement Retirees Upon retirement, group life insurance is reduced to $5,000. You will be given the opportunity to convert the balance of your active group life insurance to an individual policy. If you are enrolled in a Supplemental Life Insurance you will be given the opportunity to convert the whole balance of your active policy. Contact MetLife directly for rates: 1-877-ASK-MET7 (1-877-275-6387)

Retiree Life Insurance Benefits Agreement Retirees If you are enrolled in the EMPLOYER 401K PLAN* Your retiree life insurance through MetLife is reduced to $2,000. You will be given the opportunity to convert the balance of your active life insurance to an individual policy. If you are enrolled in Supplemental Life Insurance You will be given the opportunity to convert the whole balance of your active supplemental life insurance policy Contact MetLife for rates: 800-638-6420 *Formerly The Vanguard

RETIREMENT

RETIREMENT STEPS - HR-BEN-073 Separation Form Inform your supervisor of your planned retirement date. Submit your retirement application to your retirement system officer at least 30 days prior to your retirement date. Complete retirement forms: - HR-BEN-073 Separation Form - HR-BEN-074 Separation Payout Form - HR-HRIS-015 Termination Processing Information Checklist 4. Send forms to the BSC at least 90 days but no later than 30 days prior to your retirement date. Note: These forms are located on the BSC Portal

ONCE YOU HAVE RETIRED - Change of address - Marriage or divorce Notify the MTA Business Service Center and your medical provider in the event of: - Change of address - Marriage or divorce - A new dependent who may be eligible for coverage - Death of a covered spouse/domestic partner/dependent A family member should notify the MTA Business Service Center at 646-376-0123, upon your death.

ONCE YOU HAVE RETIRED Notify the Department of Civil Service at 800-833-4344 for: Change of address Duplicate medical cards Life events

Who to Call MTA Business Service Center 646-376-0123 Retiree Health Information Death Claims – Life Insurance Dependent Medical Reimbursement MTA DB Pension Plan 646-376-0123 Prudential 877-756-4682 Employer 401K 401K/457 Plans Railroad Retirement Board 877-772-5772 COBRA (P&A) 800-688-2611 MetLife Insurance 800-638-6420 MetLife Death Claims 877-638-4671 NYSHIP 800-833-4344