Retiree Frequently Asked Questions

Must it be exactly 10 years before one retires and becomes eligible for retiree health insurance benefits?

Yes, you must work for 10 consecutive full time years (or the equivalent in part time service), be at least age 55 AND be enrolled in either the RF PPO plan or an HMO when you retire. See the RF Benefits Handbook, pages 68-72.

Are additional benefits available if you work more than 10 years?

No, there is no difference in the type of benefits you receive. However, there is a difference in what you are required to pay for retiree health insurance. If you started working for RF before 1/1/86, you do not have to pay for the coverage. If you started working on or after 1/1/86, you continue to pay the biweekly employee premium in effect at the time you retire, until you reach age 65. At age 65, Medicare becomes your primary insurance carrier and the RF insurance becomes secondary and no more payments are required. See the RF Benefits Handbook, page 69.

What are the benefits for retirees and what benefits do they lose?

The retiree health insurance benefit includes the same coverage that you have as an active employee, medical, hospital and prescription. Every year at Open Enrollment you are allowed to change health insurance companies, the same way you can as an active employee.

Retiree health insurance does not include dental, vision or life insurance. When you retire, you will have the opportunity to pay for dental and vision care through COBRA, if you do not have coverage through any other group insurance plan. See pages 67 and 73-77 in the RF Benefits Handbook.

At the present time, the cost for individual dental and vision is $35.60 per month, for family coverage it is $84.19 per month. You can contact Prudential Financial, 1-877-889-2070, once you retire, to see what it would cost you to continue the same life insurance coverage you had as an active employee. See page 38 in the RF Benefits Handbook.

How are these benefits obtained? Are there any forms to fill out? How much advance notice do you require?

The Benefits Office, (631) 632-6163, should be advised that you are considering retirement a few months before the scheduled date. We will notify the Central Office in Albany to check their records to confirm your eligibility for the retiree health benefit. You should then call the Benefits Office approximately 4 weeks before your retirement date so we can call Albany with an exact retirement date.

You should also notify your department, so they can send an RF change form to the Payroll Office with your definite retirement date. Albany will send you a letter explaining your benefits, how to make the health insurance payments; if necessary, the procedure to use for any Cobra payments you may wish to make, and information on the procedure to follow when you become eligible for Medicare at age 65. This information will be sent to you after you actually retire.

How many hours of sick, vacation, personal and holiday leave are paid at the end of RF service?

You will be paid for up to 30 days vacation accruals and any comp time you have earned. If you are eligible for the retiree health benefit, the Research Foundation in Albany will contact the Payroll Office to find out how much sick time you have after you actually retire. They will make an additional pension contribution to TIAA/CREF by multiplying the value of your accrued sick days (to a maximum of 200 days) by the current percent they contribute for your retirement. See page 50 in the RF Benefits Handbook. You will lose any remaining personal and holiday accruals.

Can the retiree health insurance benefits ever be taken away?

On page 68 of the RF Benefits Handbook, under Health insurance coverage continuation at retirement, it states: "This section describes retiree health insurance rules now in effect. The Research Foundation reserves the right to change these rules in the future."

Is there a percent coinsurance that retirees are required to pay based on what a provider charges, what Medicare pays and what the RF health insurance pays?

Your out-of-pocket cost would be determined by your health insurance plan and whether or not you use participating doctors. You would be responsible for the deductibles and co-insurance amounts your health insurance plan specifies if you use non-network doctors. Your doctors should bill Medicare first and then bill your RF insurance.

How does the RF pension work? How is monthly payment determined?

TIAA-CREF provides a number of alternatives from which you can choose to receive your retirement money. These are detailed in the RF Benefits Handbook on pages 55-59. We also have a TIAA representative you can meet with for assistance in choosing an alternative and completing the necessary paperwork to start your pension payments. If you wish to meet with them, you can call (516) 454-4027 to schedule an appointment.

Print