Pre-retirement planning seminar

Pre-retirement planning seminar
Susan Hoel – Human Resources / Benefits /2014 Welcome Exciting time, entering a new phase Lots to think about – Average lifespan is 78.2 years Here today to answer some of your questions Also be reaching out to you to ask you questions – was this helpful how could we do a better job what is missing

Agenda County Benefits Sue Hoel 8:00 – 10:00 a.m.
Break: 10:00 – 10:15 a.m. PERA Phil Coleman :15– 11:30 a.m. Lunch: 11:30 a.m.– 12:30p.m. Intro to Financial Planning Jason Ledermann 12: :30 p.m. Break: 1:30 – 1:45 p.m. Social Security/Medicare Rhonda Whiteneck 1:45 – 3:00 p.m. Estate Planning Bradley Frank 3:00 – 4:00 p.m.

Goals for today Learn county’s resignation process
Understand the county’s benefit continuation policy Know where to find the county tools Become more knowledgeable about: PERA process Social Security Basics of financial planning Estate planning process

Hennepin.us

The 6 steps of retirement
Determine retirement date Apply for PERA Fill out required county forms Get severance payout Determine which benefits to continue Receive last paychecks

Step 1 – Determine retirement date
You need to determine when you will retire Last working date – Last day you are physically at work Termination date* – Last day on the county payroll *Must be a scheduled work day *Date used with PERA Will be different dates if running out vacation/PTO Minimum resignation notice time Exempt employees – 28 calendar days Non-exempt employees – 14 calendar days If you don’t give the required minimum notice – 14 day – lose 80 hours of sick leave/28 dayd – lose 160 hours of sick leave

Things to remember You can typically use vacation/PTO when retiring; check with your supervisor/ manager first for approval. If on PERA PRO, you must leave the county by the last day of the contract shown on your agreement. When you are using vacation/PTO you are still earning vacation or PTO You are still “active” in the APEX system You cannot run out sick time

Step 2 – Apply for PERA Apply for retirement benefits directly with PERA 60 – 90 days prior to your termination date Go to for information Go to forms and publications – Retirement toolkit For specific assistance, contact PERA directly. Discussed at Later Session PERA has several retirement options from which to choose: Once select an option – decision is irrevocable. Effective date of retirement with PERA. 1st of the month following termination of employment or three months prior the month in which PERA receives your application, whichever is later.

PERA You have 2 PERA forms to complete:
AT THE SAME TIME Application for PERA Retirement Benefits – send to PERA PERA Termination Verification form – send to Benefits

PERA termination verification form
Fill out this section before sending to Benefits

Step 3 - Complete county forms
2 county forms to complete: Hennepin County Resignation Notice form – give to your immediate supervisor If you are age 50 or older, Request for Benefits Eligibility Continuation Notification form – send to Benefits

Resignation form Give to your immediate supervisor
Send copy to Benefits Important to note that the termination is due to retirement

If required, please attach proof to your form when you submit it.
Benefits continuation form Only mark one If required, please attach proof to your form when you submit it. Years of service Age Benefits you have at time of retirement If you opted out of ERHIP Create a letter

PERA - Phased Retirement Option (PRO)
Must be age 62 and in Basic or Coordinated Plans Must reduce work hours a minimum of 25% Must be on PRO status prior to or the 1st of the month you begin to receive your PERA pension One year contract; must leave by the end of the contract year on agreement or sign new agreement. Sunsets June 30, 2019 If on PRO status as of that date, can continue participation for up to 5 year maximum

An employee has two PRO options
Reduce hours and continue working without a break in employment Resign and be rehired within six months Benefit Enter Phased Retirement Option - Reduce Hours Enter Phased Retirement Option – Terminate Early retiree health insurance plan (ERHIP) Eligibility to participate remains the employee’s original hire date. Eligibility to participate remains the employee's original hire date, not rehire date, under PRO. Severance, the payment of accrued leave Paid at end of PRO at pay rate in effect at that time Paid at resignation at pay rate in effect at that time Vacation or Paid Time Off (PTO) Balances remain, accrual rate continues Eligible balances paid at termination at pay rate in effect at that time. Rehire accrual subject to department approval. Health care savings plan (HCSP) – Participation determines how severance is distributed. Distributed according to job class at end of PRO at pay rate in effect at that time Distributed according to job class and pay at termination prior to returning under PRO Short and Long Term Disability Lose eligibility for disability program 1% Supplemental Retirement Eligibility to participate remains the employee's original hire date. Lose eligibility to participate

PERA - Phased Retirement Option
Remember: Your department decides if they want to participate or not. Contract is with your department not Benefits. PERA PRO form is online – go to PERA’s website – Send a copy of the completed form to Benefits. You must track your hours. All paid time is counted. If your standard hours in APEX are 20 or more per week, you are still eligible for county medical, dental and life insurance. No STD or LTD. Questions? – Contact Lisa Underhill in Benefits at

Step 4 - Severance What is it?
Calculated based on leave program you retained or elected AND whether you have mandatory participation in the Health Care Savings Plan (HCSP) Sick/vacation PTO Combination of both Unused vacation or PTO is always paid out. Work for the county at least 8 years to receive sick leave payout. Important to resign in “good standing” Give advanced written notice as required Good Standing: 14-day notice fail = forfeit 80 hours of sick leave 28-day notice fail = forfeit 160 hours of sick leave Vacation/Sick Leave: Lump sum = hourly salary * unused vacation time + eligible unused sick leave. (Note: Also -- Unused compensatory time, deferred holiday time, banked SLWOP) Max = 800 hours of severance pay in lifetime (HR Rule 5.2J) Converted from Sick Leave to PTO: Lump sum = hourly salary * unused PTO + eligible unused sick leave retained when converted to PTO. (Note: Also -- Unused compensatory time, deferred holiday time, banked SLWOP) Max = 800 hours of unused sick leave + Max 480 unused PTO hours. Hired after October 16, 2005: Hourly salary *unused PTO IMPORTANT: Unused sick time included in severance provided you have at least 8 full-time equivalent years of service (16,640) OR unless otherwise provided by labor agreement. PTO is NOT based on length of service

Severance What is in my severance payout?
Vacation/sick leave Maximum of up to 800 unused hours combined vacation/sick leave lifetime Converted vacation leave to Paid Time Off (PTO) Maximum of up to 800 hours of unused sick leave lifetime PLUS up to 480 hours of unused PTO Employees with PTO Maximum of up to 480 hours of unused PTO Contact your payroll contact for severance hours previously received

Severance When is it paid out?
Paid out 2 weeks after last regular paycheck Taxable in the year received

Severance Payout possibilities:
Cash – taxed at special higher federal tax rate for supplemental wage payments Defer into county’s deferred compensation plan(s) – federal or state tax postponed* Mandatory participation in Health Care Savings Plan (HCSP) * Amount you can defer dependent upon annual plan maximums from the federal government. Check with your vendor 2 months prior to termination to determine the amount you are able to defer.

Deferred compensation
Hennepin County 457 Plans Fidelity MSRS – State Plan Voya (previously ING) Severance pay deferral Postpone payment of federal and state taxes* May elect to direct all or a portion into deferred compensation, as allowed by annual plan maximums and vendor calculation *Federal and state tax will be assessed on the total amount of FICA and Medicare tax charged. Under Section 457 of the Internal Revenue Code, you may defer more than the normal allowed annual limit if you are approaching retirement. There are two ways to increase your deferrals. One method allows you to increase your savings beginning at age 50 (50-Plus Catch-Up); the other allows you to make up missed deferrals from prior years (3-Year Catch-Up). All participants who are at least age 50 are eligible to use the 50-Plus Catch-Up, while certain restrictions apply to the 3-Year Catch-Up.

Deferred compensation – Severance pay deferral
If you have an account: Contact your vendor How much currently deferring Amount of severance payout – remember, you will pay FICA and Medicare tax, plus federal and state tax on that amount Calculation of maximum amount Contact Cheryl Arntson at with amount to defer Under Section 457 of the Internal Revenue Code, you may defer more than the normal allowed annual limit if you are approaching retirement. There are two ways to increase your deferrals. One method allows you to increase your savings beginning at age 50 (50-Plus Catch-Up); the other allows you to make up missed deferrals from prior years (3-Year Catch-Up). All participants who are at least age 50 are eligible to use the 50-Plus Catch-Up, while certain restrictions apply to the 3-Year Catch-Up.

Deferred Compensation – Severance pay deferral
If you don’t have an account Open an account just for severance payout – go to Checklist for instructions Contact the vendor to set up the account Subject to plan maximums No need to designate a payout date Contact Cheryl Arntson at with amount to defer Under Section 457 of the Internal Revenue Code, you may defer more than the normal allowed annual limit if you are approaching retirement. There are two ways to increase your deferrals. One method allows you to increase your savings beginning at age 50 (50-Plus Catch-Up); the other allows you to make up missed deferrals from prior years (3-Year Catch-Up). All participants who are at least age 50 are eligible to use the 50-Plus Catch-Up, while certain restrictions apply to the 3-Year Catch-Up.

Deferred Compensation – After termination
Pay out options Work with vendor Withdrawal paperwork to Benefits Do not close account until all monies have been paid out Required minimum payout must begin at age 70 1/2 Under Section 457 of the Internal Revenue Code, you may defer more than the normal allowed annual limit if you are approaching retirement. There are two ways to increase your deferrals. One method allows you to increase your savings beginning at age 50 (50-Plus Catch-Up); the other allows you to make up missed deferrals from prior years (3-Year Catch-Up). All participants who are at least age 50 are eligible to use the 50-Plus Catch-Up, while certain restrictions apply to the 3-Year Catch-Up.

Deferred compensation – catch up provision
3 year catch up provision to make additional contributions to deferred compensation account Must be PRIOR to your retirement date Currently max amount is $36,000 Must be under age 70 ½ Can’t be receiving your PERA pension

Deferred compensation – catch up provision
How to: Contact your deferred compensation plan Declare your retirement date Either age 65 OR Earliest age you can retire and receive full unreduced pension from PERA but no later than age 70 ½ Doesn’t need to be actual retirement date Change your election in APEX

Deferred compensation – catch up provision Example - severance only
Sue is age 65 (will be 70 in 2021) Retiring in December 2016 Has 800 hours of sick leave and vacation time Steps: Calls Fidelity Declares retirement date as December 2018 3 years prior are 2016, 2017, 2018 Can defer up to $36,000 in 2016

Deferred compensation – catch up provision Example – deferring salary
Patricia is age 65 (will be 70 in 2021) Retirement date unknown Steps: Calls Fidelity Declares retirement date as December 2020 3 years prior are 2017, 2018, 2019 Can defer up to $36,000 in 2017, 2018, 2019

Health Care Savings Plan (HCSP)
Public employer-sponsored program Money goes in pre-tax and comes out pre-tax Use to pay eligible post-employment medical expenses and/or health insurance premiums Administered by Minnesota State Retirement System (MSRS)

Health Care Savings Plan (HCSP)
Not every employee has the plan. If you don’t have it, you can’t get it. If you have it, you can’t change it. You cannot contribute additional funds to your HCSP Not while working Not after leaving county employment unless you go to work for another public sector employer offering the HCSP Not an Health Savings Account (HSA), Health Reimbursement Account (HRA) or a flexible health care expense account (FSA) – don’t get confused

HCSP participating groups
Non-union participants by job classification Group 4 Group 5 Group 8 Group 12 Group 14 Group 28 Directors group Elected department directors group Union participants by bargaining unit AFSCME Local 2938, Legal Unit (Public Defenders) (EEE) AFSCME Local 552, Probation (III) Hennepin County Sheriff's Deputies Association (JJJ) Hennepin County Sheriff's Supervisors Association (LLL) Hennepin County Professional Social Services Supervisors (MMM) Hennepin County Supervisors Association (QQQ) AFSCME Local 2938, Essential Legal Unit (Prosecutors) (WWW)

Severance payout– scenario 1
John Doe – 60 years old, 30 years of service. John has never left county employment. Vacation hours Sick hours TOTAL hours Maximum paid out is 800 hours lifetime Severance x $20/hour = $15,140

Severance payout- scenario 2
Vacation hours Sick hours TOTAL hours Maximum paid out is 800 hours lifetime Convert to PTO Sick - Frozen 776 hours PTO (Vacation hours) 275 hours Maximum paid out is 480 hours Severance x $20/hour = $21,020

Severance payout- scenario 3
Vacation hours Sick hours TOTAL hours Maximum paid out is 800 hours lifetime Convert to PTO Sick - Frozen hours PTO (Vacation hours) hours Maximum paid out is 480 hours Severance x $20/hour = $21, John loses 245 hours

Convert to PTO – What happens?
Sick leave hour balance Newly earned hours each pay period County will pay up to 800 hours lifetime Still available to use for illness/injury

All newly earned hours each pay period
Convert to PTO PTO Vacation hours All newly earned hours each pay period County will pay up to 480 hours

How to convert to PTO

Stability pay Lump sum payment made to permanent employees with at least 5 years of benefits eligible ( i.e. 20 hours per week or more) service Paid if eligible to receive annuity benefits under a county-approved retirement program (e.g., PERA) Pro-rated for time worked Taxed at higher special federal tax rate for supplemental wage payments PERA is taken Cannot be deferred Paid out 2 weeks after last regular paycheck on a separate check Stability Calculated: pro-rated based on # of hours on paid status during the year of retirement.

Payout questions Will my severance include unused compensatory time?
If you are an exempt, non-organized employee – No If you are non-exempt – You will receive a separate check If you are covered by a union contract – It is subject to the terms and conditions of the contract What about deferred holiday time and banked Special Leave? All employees receive, but in a separate check from severance. Payment sent at same time as severance payment.

After retirement pay outs
Federal Tax State Tax FICA Medicare Tax PERA Severance √** √ Compensatory time Holiday time Banked Special Leave Stability Pay Deferred severance* ** Taxed at a fixed rate – currently 25%. Federal and state tax will be assessed on the total amount of FICA and Medicare tax charged .

1% Supplemental Plan Two options after retiring: Apply for redemption
Lump sum Partial payments Maximum payout period 5 years Taxable portion = county’s contribution and interest earnings in the year in which it is received. Cannot be rolled over to an IRA. Leave 1% plan account intact

1% Supplemental Plan You must be totally off the county payroll and severance must be paid. Funds available days after severance is issued. Contact MSRS at msrs.state.mn.us completed five years of full-time-equivalent service. What is it? In January 2006, MSRS took over responsibility for some of the administrative functions of the 1% Supp Retirement Plan. -- MSRS allocates participants’ money to the investment options they have selected, maintains and reports participant account balances, processes distributions, and administers tax withholding/reporting on distributions. The HC Benefits Unit continues to be the primary information resource for Plan participants. Redemption Payments: Your contributions, County’s contributions, your investment earnings: Taxable – County’s contributions/your investment earnings. REDEMPTION Taxable in Year Received it… Remaining funds continue to be invested: 2 annual payments (50% of account first year, then balance). 3 annual payments (33.3% of account first year, then 50%, then balance). 4 annual payments (25% of account first year, then 33.3%, then 50%, then balance). 5 annual payments (20% of account first year, then 25%, then 33.3%, then 50%, then balance). Account Statements/Balances MSRS will mail statements to your home twice each year, in January and July. Participants access to account information through the MSRS website ( or contact HC Benefits Unit for account balance information.

Step 5 - Benefits continuation
You may continue these benefits if enrolled prior to retirement date: Health Dental Vision Life insurance Basic life insurance Supplemental life insurance Spouse and/or dependent life insurance Health Care Expense Account – Flexible Spending Account (FSA)

Step 5 - Benefits continuation
Health, dental, vision, life insurance Coverage ends the last day of the month of your last day on payroll. You are paying for the current month’s premium. Note: If you have health and/or dental coverage, the plan administrator will send you letter indicating your coverage has terminated as an “Active” employee. Health Care Expense Account (HCEA) Program ends on your last day on payroll Debit card is shut off as of termination date If the last regular paycheck you receive is issued on the FIRST PAYDAY of the month: Your coverage will automatically cease at the end of the month in which this check is issued. Depending on timing, you will be charged for the remaining on your paycheck or it will be taken from the severance check.

Benefits continuation questions
What if my covered spouse turns age 65 while I am covered by the county? Both employee/retiree and over age 65 spouse can be covered on the county active plan Covered spouse does not need to purchase Part B until employee retires and is 65 and is no longer eligible to be on the county active plan OR Your covered spouse can enroll in the Hennepin County HealthPartners Freedom Plan (contact Benefits) or another Medicare supplement plan. If you are an employee, you must fill out a Family Status Change form and provide proof in order to drop coverage mid-year.

What if I continue to work past age 65 for Hennepin County? Your benefits are the same of any other active employee. You can choose not to sign up for Medicare Parts A and B without penalty. When you do retire, the county will verify your coverage on our plan for Social Security. Bring the Employer Information form to Benefits or call for Benefits to send you a completed form.

Early Retiree Health Insurance Program (ERHIP) – Category A
County contribution toward employee only coverage as though you are still working Program is approved annually by the Board You must be of under age 65, have specified length of service with the county and satisfy 1of the 3 requirements

Requirement 1 - Age and years of service
Age at retirement Full-time equivalent years of county service 55 20 56 57 58 59 60 61 62 15 63 14 64 13 65 and older Not eligible

Early Retiree Health Insurance Program (ERHIP) - Category A
Requirement 2 – Rule of 90. Qualify for and applied for full, unreduced annuity (PERA) and have 10 years of county service. Written proof from PERA required. Requirement 3 – 25 years of pension service, 10 years of which must be with county. Qualify for and applied for an annuity (PERA). Written proof from PERA required.

Category A 2017 employee cost/month-Standard
Single: $85.00 Single + Spouse: $ Single + Child/ren: $686.04 Family: $ 2017 employee cost/month-Advantage – FV/NM/HE or HP/PN Single: $51.86 Single + Spouse: $997.66 Single + Child/ren: $612.34 Family: $ 2017 employee cost/month-Advantage – HCMC/NorthPoint Single: $18.72 Single + Spouse: $906.34 Single + Child/ren: $544.70 Family: $ Coverage ends on the last day of the month of your 65th birthday

Health insurance continuation Category B
You don’t qualify for Category A but do qualify for a PERA pension and are under age 65 2017 employee cost/month - Standard Single: $751.32 Single + Spouse: $ Single + Child/ren: $ Family: $ 2017 employee cost/month – Advantage – FV/NM/HE or HP/PN Single: $700.62 Single + Spouse: $ Single + Child/ren: $ Family: $ 2017 employee cost/month-Advantage – HCMC/NorthPoint Single: $657.54 Single + Spouse: $ Single + Child/ren: $ Family: $ Coverage ends on the last day of the month of your 65th birthday

I am over age 65 when I retire. What happens to my benefits? Coverage ends on the last day of the month you retire/terminate You are no longer eligible to stay on the county medical plan (PreferredOne) Apply for Parts A and B of Medicare, if not currently enrolled, 3 months prior to termination date. Contact Social Security. You can enroll in the county-sponsored HealthPartners Freedom Plan or any other plan to supplement Medicare coverage

Applying for Part B of Medicare –
Send form to Benefits for completion

Retire at age 65 and older - Medicare basics
Part A Hospital insurance: Covers most inpatient hospital expenses. No monthly premium. Part B Supplementary medical insurance: Covers doctor bills & other outpatient medical expenses. Standard 2017 premium - $ per month Part D Prescription drug coverage Not Medicare, but Medicare-approved Private Drug Plan companies The premium for B and D are tied to your income. When you apply, the government looks at your previous income and determines if you need to pay an additional premium. For example, in 2016 they look at the 2014 tax return. If you are single and your income was less than $85,000 there is no additional cost. But if you make more than that but less than $107,000, you would pay $ a month. The same applies to Part D, where you would pay an additional $12.70 a month.

Remember When you are retired, you are covered until the end of the month of your 65th birthday Example: 65th birthday is March 24 Medicare is effective March 1 Covered under PreferredOne until March 31 sign up for Part B effective April 1 HealthPartners Freedom Plan or other Medicare supplement plan is effective April 1

Health insurance – Age 65 or older
Hennepin County sponsors two HealthPartners® Freedom Plans Need Parts A and B of Medicare to enroll Group plans with comprehensive coverage No “donut hole” in Part D prescription drug coverage – you only pay copays ALL INDIVIDUAL PLANS IN THE MARKET HAVE THE DONUT HOLE 2017 cost: Freedom Plan 1 -$261.50 Freedom Plan 2 - $233.70

Freedom Plan HealthPartners will send materials to you 3 months prior to your 65th birthday. If you are working past age 65 and want to enroll, call HealthPartners at Enroll in Parts A and B of Medicare 3 months prior to your 65th birthday Send your enrollment to HealthPartners not more than 3 months before the effective date

Freedom plan coverage 9 month travel benefit out of area at in-network benefits; worldwide coverage for emergencies “Silver and Fit” program – gym membership FREE No number of required visits per month virtuwell Online convenience care Unlimited free visits 2 national plans for retirees who permanently reside outside Minnesota

HealthPartners Freedom Plan
Premiums for Freedom Plan are sent directly to HealthPartners Go to healthpartners.com/hennepin for details or call HealthPartners at Our plan is not the same as the HealthPartners individual supplement plans

Other options for coverage Retired and age 65+
For assistance finding an individual plan-

Benefits continuation question
What if I am a retiree over age 65 and have an under age 65 covered spouse? Retiree (former county employee) must be enrolled in a Hennepin County Freedom Plan to keep spouse covered to age 65 If retiree does not enroll in a Freedom Plan Under age 65 spouse can stay on county active plan for up to a total of 36 months 2017 premium cost for spouse: Standard - $ per month Advantage - $ OR $ per month

Dental insurance continuation
Must have coverage at time of retirement in order to be able to continue HealthPartners Distinctions Dental May continue dental coverage indefinitely (including past age 65) 2017 Cost: Single: $35.75 Family: $87.21 Delta Dental is not a county-sponsored benefit; contact your union for continuation information.

Life insurance continuation
Maximum continuation - 18 months After that time, can convert to individual policy Basic Life $30,000 – 2017 retiree $3.67 per month Supplemental & spousal/child life Cost based on age; can change Accidental death and dismemberment coverage is not eligible for continuation

Vision continuation Must be enrolled in the plan to continue
Maximum continuation - 18 months No conversion available Rates Single $5.28 Retiree+ spouse $10.05 Retiree + children $10.57 Family $15.54

Health Care Expense Account (HCEA)/ Flexible Spending Account (FSA)
Reimbursement will be made only for expenses incurred before your termination date Can submit through the end of the year – there is no grace period Debit card is turned off OR Continue to contribute on after-tax basis through end of calendar year Can incur and submit through the end of the year Administration is through 121 Benefits or 121benefits.com/hennepin

How will I know what I can continue?
You will receive a Benefits Eligibility Confirmation Letter from Benefits outlining benefits you can continue 121 Benefits will send a COBRA/ Continuation Election Letter and Form for eligible benefits Files are sent weekly Timing is based on when your status changes in APEX and submission of files to 121 Benefits Complete the 121 Benefits Benefits Continuation Offer Letter and return the letter (and payment) to 121 Benefits. Your coverage is not reinstated until payment is received.

Important to know - APEX

121 Benefits LLP Our retiree administrator
Service – 121 Benefits delivers premier customer service to retirees Experienced Administrators – Staff averages over 10 years retiree administration experience Valuable Resources – Get your questions answered about payments, continuation periods and coverage issues

121 Benefits - Home page

121 Benefits process Moving from active to retiree coverage
The county processes your final payroll APEX file gives 121 Benefits the demographic & benefit information 121 Benefits sends a packet with information on how to elect to continue any benefits Retiree completes & sends the election form with payment through the current month 121 Benefits sends a Welcome Letter with yearly coupons & login information for the website Future payments are due on the 1st of the month with a 30 day grace period

Notifying 121 Benefits of changes
Address, phone, changes Send them in writing to: Faxed to Mailed to 730 2nd Avenue South Minneapolis MN Other changes Dependents can be dropped at the first of any month Dependents can be added if within the first 18 months of coverage if there is a Qualifying Event or open enrollment Second qualifying events (i.e. divorce or child losing dependent status) need to be communicated to 121 Benefits within 60 days of the event

Remember You have 60 days to elect benefits
Coverage not reinstated until election form & payment is received; 121 Benefits sends benefit information electronically to the carrier Coverage is reinstated back to the 1st of the month after your retirement date. No coverage gap. Recommend having your prescriptions filled and any pressing appointments made before your active coverage ends You have the option of having premiums pulled directly from your bank account each month. 121 Benefits does not take credit cards

What happens to my other county benefits?
Bus/Rail cards Continues up to last paycheck Fill out MetroPass cancellation form and return to Benefits by 10 am on the 23rd of the month; return the card prior to last day or mail back to Benefits OR Cancel your GoTo card in APEX Pre-Tax Parking and Van Pools Ends at midnight on termination date Any excess funds are forfeited Have 180 days from the date of claim to submit

What happens to my other county benefits?
Long and/or Short Term Disability Ends at midnight on termination date Credit Union Contact credit union if you have personal payroll deductions Charitable contributions Continue through last paycheck If wish to discontinue, must send written request by Wednesday before contributions would stop Voluntary Benefits – contact directly College Savings Plan Minnesota Benefits Association

Step 6 - Last paycheck, severance, PERA pension
Pay date in which your last day on payroll occurred Example: Last day worked – March 17, 2017 Termination date - Last day on payroll (including vacation time)– March 31, 2017 Last regular paycheck – April 7, 2017 Severance and other pay outs – April 21, 2017 PERA check – April 15, 2017

How to save money after retirement Enrolled in PreferredOne
Earn the health incentive on the active plan by completing the health incentive requirements annually go to hennepin.us for information Remember - Plan benefits and premiums can change each year; read all your open enrollment materials from 121 Benefits. Mail order prescriptions through NoviXus

How to save money after retirement Enrolled in PreferredOne
Use the Be Well Clinic for office visits - $0 copay through PreferredOne 701 4th Avenue South Six exam rooms Chiropractic Acupuncture Full pharmacy

How to save money after retirement
HealthWorks is located in the Be Well Center on the southwest street level (7th Street side) of the Government Center Health coaching 2 computer kiosks Employee Assistance Use Fitness Advantage - gym discount

Retirement process - REVIEW
Retirement process - REVIEW Determine your resignation date. Complete the PERA application. If you need assistance, call PERA at Send completed form to PERA at: 60 Empire Drive Suite 200 St Paul, MN Complete the top section of the PERA Termination Verification form and send to Hennepin County Benefits (MC 040). Your first pension check will come on the 15th of the month. All other checks will come on the first of the month.

Complete the Resignation form. Give to supervisor. Complete the Benefits Continuation form and send to Hennepin County Benefits (MC 040). You will pay the same as any single active employee for your health insurance choice if you qualify for ERHIP. You can continue on the county’s health insurance plan until the end of the month you turn 65 years old. You can continue your basic life insurance for 18 months; county dental indefinitely. If over age 65, contact Social Security Apply for Part B of Medicare Send form to Benefits for completion

If you wish to put your severance payout in your deferred compensation account, contact Cheryl Arntson at Severance will be paid out two weeks after your final paycheck. If you do not put your severance in your deferred compensation account, the amount will be taxed at a higher federal tax level. Respond to letter from 121 Benefits about your benefit continuation. Send election form and check to 121 Benefits to reinstate your benefits. Fill out Metropass form to cancel card. Send to Hennepin County Benefits (MC 040) by the 23rd of the month prior to leaving.

County resources Website tools – Retirement Preparation
HR Service Center at or

Retirement Staff in Benefits can only offer general information about retirement and can not provide advice or counsel

Pre-retirement planning seminar

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