Retirement

When you retire and receive a retirement pension, you are eligible to continue any of the coverages listed below that you are enrolled in and premiums are current.

Criteria:

  • FRS Pension Plan
    • Age 62 with six (6) years of creditable coverage; (eight {8} years of service if you initially enrolled July 1, 2011 or after); or
    • Any age with 30 years of creditable service; (any age with 33 years of creditable service if initially enrolled July 1, 2011 or after)

  • FRS Investment Plan
    • Age 59 1/2 with six (6) years of creditable coverage; (eight {8} years of service if you initially enrolled July 1, 2011 or after); or
    • Any age with 30 years of creditable service ; (any age with 33 years of creditable service if initially enrolled July 1, 2011 or after)   AND
    • Must show proof of withdrawal from Investment Account (lump sum distribution, rollover, etc.)

Health Insurance

If you retire under the FRS Pension Plan OR the FRS Investment Plan , you may continue your group health insurance and pay the same premium that is charged for active employees, provided the above criteria is met. You will be responsible for paying the "employee" portion previously paid by the School District as well as dependent premiums, if applicable.

You should receive a packet from Insurance & Benefits t that will include the forms you need to enroll. These forms (and any payment that may be due) must be received by Insurance & Benefits by the end of your benefit termination date. If you have not received a packet from us within two (2) weeks of that date, please contact Insurance & Benefits immediately.

PLEASE NOTE: If you are retiring under the Investment Plan, additional documentation will be needed. Please contact Insurance & Benefits {(239) 337-8321} so that we may review that process with you.

Retiree medical insurance premiums will be deducted from your FRS Pension check, if you are an FRS Pension Retiree. If your FRS benefit is not sufficient to cover your medical insurance premium or you are retiring under the FRS Investment Plan, Insurance & Benefits will set you up in our on-site billing system and invoice you on a monthly basis. If you have any questions regarding your invoice or FRS deduction, please email Lori Saxty in Insurance & Benefits Management or call her at (239) 337-8272.

Upon retirement, you cannot change medical plans. You are given the opportunity to change during the District's annual Open Enrollment (January/February).

The monthly premiums effective April, 2017 are listed below:

Plan 3769 Plan 5773 High Deductible Plan
Retiree Only $545.40 $511.92 $407.30
Retiree/Spouse $1,320.66 $1,236.42 $1,104.70
Retiree/Child $819.40 $768.00 $653.78
Retiree/Children $1,149.12 $1,076.12 $950.40
Retiree/Family  $1,664.86 $1,558.08 $1,414.34

If you continue your District health insurance, be sure to forward the FRS Health Insurance Subsidy Certification Form you receive from FRS to Insurance & Benefits for confirmation of coverage to FRS.  The health insurance subsidy of $5/month for each year of FRS service (maximum of 30 years) will be included in your monthly retirement checks.

In addition, once you retire and are eligible for Medicare, Medicare would become your Primary coverage and the District’s health plan, if applicable, would be Secondary.  If you have any questions, you may contact Rachel Rhodes our On-Site Aetna Representative, at (239)337-8597.

Life Insurance

If you retire under the FRS Pension Plan OR the FRS Investment Plan , you may continue your group term life insurance, provided the above criteria is met. The maximum amount you may continue is $100,000.  Once you retire, you can never increase your life insurance amount. At age 70, your life benefit will reduce to 50% of the original face amount and at age 75, it will reduce to 25% of the original face amount. Dependent life insurance is not available under the retiree plan.

To enroll, you must contact Insurance & Benefits Management by the end of your benefit termination date.  At the time of enrollment, you may be charged a pro-rated premium for the remainder of the coverage period.  You will have a choice of a payment schedule with the Minnesota Life Insurance Company.  If you have any questions, please contact Insurance & Benefits at 337-8321.

To determine the monthly and/or annual premium for the level of coverage you wish to continue, refer to the chart below for your age bracket.

UNDER AGE 70

Original Face Amount Monthly Premium Annual Premium
20,000 $   5.48 $   65.76
40,000 $ 10.96 $  131.52
60,000 $ 40.80 $  489.60
80,000 $ 70.64 $  847.68
100,000 $100.48 $1,205.76

AGE 70-74

Face Amount Monthly Premium Annual Premium
10,000 $   5.48 $   65.76
20,000 $ 10.96 $ 131.52
30,000 $ 25.88 $  310.56
40,000 $ 40.80 $  489.60
50,000 $ 55.72 $  668.64

AGE 75 and OVER

Face Amount Monthly Premium Annual Premium
5,000 $  5.48 $  65.76
10,000 $ 10.96 $ 131.52
15,000 $ 18.42 $ 221.04
20,000 $ 25.88 $ 310.56
25,000  $ 33.34 $ 400.08

Dental Insurance

You may continue your dental insurance for both you and any covered dependents, provided the above criteria is met.  You will receive a retiree dental enrollment form in the packet you receive from Insurance & Benefits Management.

Retiree dental insurance premiums will be deducted from your FRS Pension check, if you are an FRS Pension Retiree.  If your FRS benefit is not sufficient to cover your dental insurance premium or you are retiring under the FRS Investment Plan, Insurance & Benefits will set you up in our on-site billing system and invoice you on a monthly basis.  If you have any questions regarding your invoice or FRS deduction, please email Lori Saxty in Insurance & Benefits or call her at (239) 337-8272.  PLEASE NOTE: If you are retiring under the Investment Plan, additional documentation will be needed.  Please contact Insurance & Benefits Management {(239) 337-8321} so that we may review that process with you.

HOWEVER, if you elect not to continue the dental benefit when you retire or  if your coverage is cancelled due to non-payment or voluntarily drop the coverage, you can NEVER enroll in the dental benefit again.

The monthly premiums effective April 2017 are listed below.

  MetLife High (D2000) MetLife Mid (D1500) MetLife Low (D1000)
Single Only $40.60 $32.80 $25.20
Single/ Spouse $82.90 $67.00 $51.50
Single/Child(ren) $83.10 $67.30 $51.80
Single /Family $131.40 $106.90 $82.30

Vision Insurance

You may continue your vision insurance for both you and any covered dependents, provided the above criteria is met.  You will receive a retiree vision enrollment form in the packet you receive from Insurance & Benefits Management.

Retiree vision insurance premiums will be deducted from your FRS Pension check, if you are an FRS Pension Retiree.  If your FRS benefit is not sufficient to cover your vision insurance premium or you are retiring under the FRS Investment Plan, Insurance & Benefits will set you up in our on-site billing system and invoice you on a monthly basis.  If you have any questions regarding your invoice or FRS deduction, please email Lori Saxty in Insurance & Benefits or call her at (239) 337-8272.  PLEASE NOTE: If you are retiring under the Investment Plan, additional documentation will be needed.  Please contact Insurance & Benefits Management {(239) 337-8321} so that we may review that process with you.

HOWEVER, if you elect not to continue the vision benefit when you retire or  if your coverage is cancelled due to non-payment or voluntarily drop the coverage, you can NEVER enroll in the vision benefit again.

The monthly premiums effective April, 2017 are listed below.

  Avesis
Single Only $6.58
Single/Spouse $13.06
Single/Child(ren) $12.94
Single/Family $24.76

Cancer Insurance

Employees who wish to convert their Allstate Benefits payroll deducted cancer coverage to an individual direct billed policy upon employment termination / retirement are able to do so within 31 days by contacting the Allstate Benefits home office at 1-800-521-3535 to request conversion.  Based on the policy guidelines, if coverage terminates for reasons other than non-payment of premium....such covered person can obtain a policy of insurance (called the converted policy), without evidence of insurability.

Accident Insurance

The Accident Insurance through Allstate is portable, meaning employees can elect to continue the benefit with the same coverage at the same rates.  Employees who wish to continue their payroll deducted accident coverage to an individual direct billed policy upon employment termination/retirement may do so within 31 days by contacting the Allstate Benefits home office at 1-800-521-3535 to request portability.

Critical Illness

The Critical Illness Insurance through Allstate is portable, meaning employees can elect to continue the benefit with the same coverage at the same rates.  Employees who wish to continue their payroll deducted accident coverage to an individual direct billed policy upon employment termination/retirement may do so within 31 days by contacting the Allstate Benefits home office at 1-800-521-3535 to request portability.

Disability Insurance

The Disability Insurance is one benefit that you can not continue when you retire.  The coverage will end the last day of employment.  However, if you currently have an existing disability claim for which you are receiving disability benefits, then the disability benefits will continue until the benefit period ends or when you are no longer considered disabled (whichever comes first).

Flexible Spending Accounts

Please email Insurance & Benefits Management at [email protected] or call (239) 337-8321.