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90 days prior to your retirement date, you should... |
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This is the time to take action to implement decisions you have reached about benefit plan coverage during retirement.
Make an appointment with a Benefits Counselor in the University's Benefits Division
At this time you should:
Review the questions and answers you had prepared and discussed during previous meetings with a Benefits Counselor.
Learn about your current options and the specific steps you will need to take to continue health and dental insurance.
Please note that the sponsoring health insurance companies require the timely submittal of completed enrollment forms to assure a smooth transition from active coverage to retiree coverage. A Benefits Counselor will review these deadlines with you.
To arrange an appointment with a Benefits Counselor,call the Benefits Division at 847-491-7513 and ask for an appointment with a Benefits Counselor, or send an E-mail message addressed to benefits@northwestern.edu
A Benefits Counselor is on the Chicago Campus Human Resources offices (710 North Lake Shore Drive; 312-503-8481) each Wednesday.
A summary of each of the University's benefit plans should be reviewed as it provides current features of each plan including eligibility, coverage options as a retiree, and actions required to participate in the plan. Includes references to health,dental, life, AD&D, Long Term Disability, Short Term Disability, Retirement, Tuition Plans, etc.
Access Program Summary for Retired Faculty and Staff
Make an appointment with a Fidelity Investments or TIAA-CREF Representative
The purpose of the meeting should be to clarify any questions you may have about your accounts including current fund allocation, accumulated balances and distribution options. The meeting should also cover what action steps you need to take to implement your distribution decisions including what forms need to be completed and when they need to be received by the investment company to assure a smooth transition to retirement.
Fidelity Investments 1-800-642-7131
TIAA-CREF 1-800-842-2005
Request, complete and submit enrollment and retirement distribution forms
There are different kinds of forms to complete.
First, you will need to complete the Benefit's Division's continuation (enrollment) forms which sets you up in their quarterly billing system. Contributions are paid directly to the University.
Next, you'll need to complete separate insurance company forms if required by the applicable insurance company.
Next, you'll need to complete distribution forms from the applicable investment company.
Coverage Effective Dates.
The date the retiree insurance is effective depends on your retirement date. For example, if you retire August 31st, the August deductions for health and dental insurance pay for September's active employee coverage. This means the retiree Contributions would not be due until October 1st.
Individuals not eligible for retiree health and dental insurance due to the age and service requirements, are offered COBRA continuation of insurance lasting for up to 18 months. Participants pay the entire cost of this insurance plus a 2% administration fee.
Retiring individuals will want to note differences in Contributions between the plans and any shrinking of the available physician groups. (For example, United Healthcare HMO does not insure retirees over age 65 outside of Cook County.
Access 2003 Monthly Contributions
To arrange an appointment, call 847-491-7513 and ask for an appointment with a Benefits Counselor or send an e-mail message to benefitsl@northwestern.edu.
Enrollment in Medicare is not necessary until you retire. Most individuals enroll in Medicare Part A when they turn age 65, since there is no premium. Enrollment in Medicare Part B can wait until retirement. If you or your spouse are over 65 at retirement, you will want to have a University Benefits Counselor complete the Medicare Special Enrollment Form. This will allow you to enroll at the lowest possible premium rather than paying a higher penalty rate.
In order to understand your Medicare benefits, you will want to acquire a copy of the Medicare Handbook. You can obtain the handbook by download or call 800-772-1213 to order a copy.
Contact your local Social Security Office
This is the time to arrange for the start of your Social Security Retirement Income.
The Evanston area Social Security Administration office is located at
2116 Green Bay Road
Evanston, IL
You can call for an appointment or for forms at 1-800-772-1213.
Full retirement is generally at age 65. However, you may be eligible to receive a reduced benefit if you retire as early as age 62.
You can find booklets online and a local office locator at www.ssa.gov
You may have questions about family benefits, the earnings test, delayed retirement and the taxation of retirement benefits.
You may wish to contact the Staff and Faculty Assistance Program to help you and your family make the transition into retirement.
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