1. Your Guide To Retirement
Human Resources Benefits Department

2. AGENDA WELCOME Tracy-Ann Jeffers Gladys Rodriguez Carmen Williams
Introduction
Retiree Benefits
Prudential (401K/457)
RRB (Railroad Retirement Board)
MTA Defined Benefit Pension Plan
WELCOME
Tracy-Ann Jeffers
Gladys Rodriguez
Carmen Williams
Glenn Phillips
Theresa Jasey
Bryan Shortino
Margaret Henry
Barbara Roche

3. Quotes
The question isn’t at what age I want to retire, it’s at what income.
– George Formen
Don’t simply retire from something; have something to retire to.
– Harry Emerson Fosdick

4. Retiree Medical Benefits

5. Retiree Benefits In which Retirement Plan are you enrolled in?
The MTA Defined Benefit Pension Plan or
Employer 401K Plan
“ Formerly The Vanguard Plan”

6. Minimum age and service required to receive Retiree Medical Benefits
MTA DB PLAN
55/10
60/10
55/30
Employer 401K *
60/15
55/30
* Formerly The Vanguard Plan

7. Retiree Benefits Vesting
You must have at least 10 years of either MNR service or a combination with other MTA Agency Service to be eligible to receive retiree medical benefits
Military Buyback, NY City or Other State Agency service does not apply towards medical vesting

8. Retiree Medical Benefits
You must be enrolled in a medical plan prior to retirement to be eligible to continue coverage as a retiree
Metro-North will pay 100% of the medical premium

9. Retiree Benefits Who is eligible to be covered:
Spouse/Domestic Partner
Children between the ages of 19 – 25 with student verification
Children between the ages of 19 – 25 without student verification if you are enrolled in Connecticare or HealthNet.
* Eligibility coverage for overage dependents is subject to change in 2011.

10. Retiree 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 offered to you

11. Retiree Benefits Prior to Age 65
Medicare Part A and B will become the primary insurance and your medical plan will become your secondary insurance

12. Retiree Benefits Prior to Age 65
What if my dependent becomes disabled prior to 65 or is disabled at the time of my retirement?
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.

13. Retiree Benefits Prior to Age 65
Medicare will become the primary insurance and your medical plan will become the secondary insurance for your dependent

14. Retiree Medical Benefits at Age 65
Non Represented 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.

15. Retiree Medical Benefits at Age 65
Non Represented Employees
Medicare will become your primary coverage and your medical plan will be secondary.

16. Retiree Medical Benefits at Age 65
Non Represented Retirees
All medical bills are submitted to Medicare first and then to your medical plan second
You do not need to enroll in Plan D

17. Retiree Medical Benefits at Age 65
Represented Employees
If you are 65 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.

18. Retiree Medical Benefits at Age 65
What happens to my coverage when I reach
age 65?
Represented Employees
Retiree medical coverage will end at the last day of the month you attain age 65

19. Retiree Medical Benefits at Age 65
Represented Employees
You must purchase a supplemental plan to supplement Medicare Part A and B
You must also purchase a prescription plan known as Part D

20. Retiree Medical Benefits at Age 65
Medicare Part A covers inpatient hospital admission
Medicare Part B covers Major Medical expenses

21. Retiree Medical Benefits at Age 65
Represented Employees ONLY
If your spouse is less than age 65, when you lose coverage, your eligible dependents will have two options:

22. Retiree Medical Benefits at Age 65
Enroll in HIP of NY (an HMO), available in the counties of NYC, Westchester, Nassau or Suffolk. 100% of the cost will be paid by Metro-North; OR
2. Enroll in a health plan of your choice. You must pay for the coverage first and then submit proof of payment every month. MNR will reimburse up to the amount it would have paid for HIP

23. DENTAL AND VISION BENEFITS
RETIREE BENEFITS
DENTAL AND VISION BENEFITS

24. Retiree Benefits Dental/Vision
Represented Employees
Your dental/vision benefits will end at the end of the month in which you retire
You may elect to continue coverage under COBRA
Consolidated Omnibus Budget and Reconciliation Act (COBRA)

25. Retiree Benefits Dental/Vision
Represented Employees
COBRA COVERAGE
You can elect to continue dental and vision for up to 36 months
You will be required to pay the entire premium plus a 2% administrative fee
Consolidated Omnibus Budget and Reconciliation Act (COBRA)

26. Retiree Benefits Dental/Vision
The 2010 COBRA cost of dental coverage:
Individual coverage $ 51.60
Family coverage $120.87
The 2010 COBRA cost of vision coverage:
- Individual or Family $10.85
COBRA rates are subject to change yearly

27. Retiree Benefits Dental/Vision
You can elect either dental, vision or both under COBRA
Also you can elect to continue individual or family coverage.

28. Retiree Benefits Dental/Vision
Non-Represented ONLY
Dental/Vision will continue for you and your eligible dependents

29. Retiree Life Insurance Benefits

30. Retiree Life Insurance Benefits
Non Represented
Group life insurance is reduced to $5,000
You will given the opportunity to convert the balance of your active group life insurance to an individual policy

31. Retiree Life Insurance Benefits
Represented Employee
If you are enrolled in the EMPLOYER 401K PLAN
“ Formerly The Vanguard”
Your retiree life insurance is $2,000
You will be given the opportunity to convert the balance of your active life insurance to an individual policy

32. Retiree Life Insurance Benefits
A family member should notify the Benefits Department at , upon your death

33. ONCE YOU HAVE RETIRED Notify the Benefits Department if you
Change your address

34. ONCE YOU HAVE RETIRED
If you have a life event. You must call the Department of Civil Service for the appropriate forms.
Examples of a life event: marriage, divorce, death of spouse/domestic partner, newly acquired dependent, etc.

35. EMPLOYER 401K Retirement is at age: 60/15 55/30 62/5
All disbursements are governed by the IRS
regulations.

36. RETIREMENT MTA DB PLAN Employer 401K Forms Needed Forms Needed
Intent to Separate
MTA Estimate Form
Final Paycheck Form
Send your forms to the address on the forms at
least 90 days but no later than 30 days prior to your
retirement date.
Employer 401K
(Formerly The Vanguard Plan)
Forms Needed
Intent to Separate
Final Paycheck Form

37. RETIREMENT DON’T FORGET TO:
Contact the Railroad Retirement Board to let them know you are retiring.

38. Who to call If you have any questions concerning your
retiree benefits, call for the
following:
Retiree Medical Information
COBRA Information
Death Claims – Life Insurance
Dependent Insurance Reimbursement

39. Who to Call MTA DB Pension Plan 646-376-0244 Prudential 877-756-4682
Employer 401K
401K/457 Plans
RRB

40. Keep Busy in Retirement
Some questions to ask yourself:
What hobbies do I enjoy or want to learn about?
Do I want to volunteer?
Do I want to travel?
Do I want to move or downsize to a condo or apartment?
Do I want to relocate or stay local?

41. Quotes
Now its time to have FUN…sure we have aches and pains but there is still so much we can do to live life as its meant to be in retirement.

42. It’s Time to Start Planning