ACTION
RETIREMENT AWARENESS
PRE-RETIREMENT
PROSPECTIVE RETIREE LETTER
Dear Prospective Retiree:
This section of the PEF Retiree web-site is provided so that you, as a prospective retiree, can better plan for the days ahead. Retirement can be a dramatic change, both for you and for your family. We have tried to include information that will be helpful in making the transition less stressful and your retirement more enjoyable.
In the following pages, you will find information regarding the change in available benefits and the processes for continuing your current benefits or obtaining new ones.
When you retire, your pension is provided by New York State and is administered through the New York State and Local Retirement Systems which, in turn, is run by the NYS Comptroller. All questions about or problems with your pension have to be addressed to that office. Depending upon the workload in the Comptroller’s office and the speed with which your last agency provides the data, computation of your permanent pension may take from a few weeks to a few months. You will receive checks during this interim period but they may not be for the exact
amount. Any difference owing to you will be covered by a lump sum payment when the computation is complete.
As a benefit associated with State service, retirees are given the option to maintain their health insurance at the same rate as they paid as active NYS employees. This benefit is administered through the NYS Department of Civil Service, Health Insurance Unit. Arrangements for this should be handled by your agency Health Benefits Administrator, before your last day of State employment. All questions about or problems with your health care coverage have to be addressed to that office. The health insurance, will be billed monthly by NYS Civil Service until the final pension computation is made. These bills must be paid by you, by check, in a timely fashion. When the final computation is made, you will be given the option to pay the health care premium via pension check deduction.
Dental coverage and vision coverage are not provided as part of the retirement package. For dental coverage, you will be given the option to continue this for 18 months under COBRA and/or directly with GHI for an unlimited period. There are strict time limits for choosing this coverage. Membership benefits also offers dental coverage if you did not take advantage of the other coverage in a timely manner. Vision care can also be continued under COBRA for 18 months. At the end of that time, you can use the membership benefits plan or find another source.
Some of the membership benefits that you had as an active member will cease upon your retirement but others may continue. You will find detailed information in the post retirement section of this web-site and in various mailings that you may receive from the PEF Retirees. Any and all PEF Retiree membership benefits are only available to those enrolled in the PEF Retirees and up-to-date with their dues.
Membership in the PEF Retirees is open to all NYS employees who retired out of PEF but it is also open to all other NYS public service retirees and their spouses as well as all active PEF members who are within five (5) years of their normal retirement age. Membership is begun by the payment of the first year’s dues, accompanied by a completed enrollment form. Enrollment forms can be obtained from the PEF Retiree office or this web-site at Retirees Application. To remain active, dues must be paid each year. Detailed information about joining the PEF Retirees may be found on other web-pages in this section.
To assist you further in your retirement planning, this web-page has links to other planning sites. We encourage you to use them.
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