Staff Handbook

Retirement

Resources for Retirement

A Checklist of Things to Think About

While many anticipate the freedom of retirement as time to do new things and see new places, some are overwhelmed by the practical decisions that must be made. Thinking about and planning for this important transition can help the process go smoothly. These questions may help you focus on some critical issues as you plan your transition:

How much income will you need in retirement?
From what sources will you receive income after you retire?
When should you begin receiving income from the NYU Staff Pension Plan and/or the Supplemental Tax Deferred Annuity (STDA) plan?
In what form do you want to receive income from the Staff Pension Plan and/or STDA?
If you leave money in the STDA plan after you retire, how should you invest it? Should you keep it invested as is or change it?
When should you begin to receive Social Security benefits?
Do you need to provide for a spouse or other dependents after you retire?
Will you need health coverage in addition to Medicare?
Who will you need to cover on your health plan?

From time to time, NYU offers retirement planning seminars designed to assist you in making these decisions. Check with the Benefits Office for details.

A Checklist of Things to Do

As you get ready to retire, this checklist outlines what you need to do and when.

Contact the NYU Benefits Office at (212) 998-1270 to:

Enroll in one of the Retiree Group Health and Life Insurance Plans.
Change life insurance beneficiaries (if you need or want to).
Submit your NYU Staff Pension Plan election form to the Benefits Office.
Obtain Benefits Office signature authorizations on TIAA-CREF and Vanguard transfer and withdrawal forms.
Get a letter stating that you have completed 10 years of service to secure a lifetime membership at Coles Sports Center.

Contact your local Social Security office (or call (800) 772-1213) to:

Apply for Social Security benefits (generally, three months before you are eligible). You will need to provide information, including a copy of your birth certificate, (if you are married, your spouse’s birth certificate and your marriage certificate) and Copy B of your W-2 forms for the last two years. The staff at Social Security will tell you what other information you will need.
Ask when you are eligible for Medicare and when you need to apply.

If you have contributed to the Supplemental Tax Deferred Annuity plan, you will also need to:

Contact TIAA-CREF at (800) 842-2776 or (800) 842-2777 to:

Make an appointment to speak with a TIAA-CREF Benefits Counselor.
Obtain annuity projections, purchase an annuity, or make withdrawals. To purchase an annuity or obtain an annuity projection with money in your Vanguard account, you will need to provide TIAA-CREF with a copy of your latest Vanguard statement.
Request a cash withdrawal from CREF, or a transfer pay-out annuity to obtain cash from TIAA, or transfer funds to Vanguard or any other company.
Change the way your account balance is invested.
Change your beneficiary for your TIAA-CREF funds.

Contact Vanguard at (800) 523-1188 to:

Request a cash withdrawal from your Vanguard account, set up a systematic withdrawal with Vanguard, or transfer funds to TIAA-CREF or any other company.
Change the way your account balance is invested.
Change your beneficiary for your Vanguard Funds.

NYU Retiree ID Card

Your NYUCard will become your NYU Retiree ID Card. You can continue to use it in retirement and do not need to turn in or exchange cards. You may also request an ID card for your spouse or registered domestic partner.

Retirement Planning Literature

The Benefits Office stocks several publications to help you focus on retirement planning issues.

TIAA-CREF and Vanguard on Location

Representatives from Vanguard and TIAA-CREF are available on campus from time to time. Call the Benefits Office for more information. TIAA-CREF also offers individual counseling.

Internet Resources

Vanguard—Located at www.vanguard.com, this Web site includes an Account Access feature that allows you to monitor your Vanguard accounts. In addition, you can access a Retirement Resource Center that can help you plan for retirement, as well as manage your retirement assets.

TIAA-CREF—You can access this site at www.TIAA-cref.org and get information about annuity options and cash withdrawals. Available through the site is free retirement planning software that you can download to your personal computer. In addition, you can reallocate premiums and transfer funds.

Retiree Benefits

Giving Notice of Retirement

If you intend to retire, you should tell your supervisor of your decision and make an appointment with your NYU Benefits Specialist at least three months prior to your retirement date.

Eligibility to Retire with Health and Life Insurance Benefits

You are eligible to continue NYU health and life insurance coverage when you retire from the University under one of the following conditions:

Rule of 70: You are eligible if your age plus years of continuous, full-time service equal 70 or more and you are at least age 55, with at least ten years of service; or
You completed ten years of continuous, full-time service as of September 1, 1991, and you retire with 25 years of continuous fill-time service.

Eligibility for Disability Retirement

You are eligible if you have 15 or more years of continuous, full-time service and you are found eligible for Long Term Disability by Standard Life Insurance Company of New York.

Retiree Group Health Care Plans

If you meet the eligibility requirements, you may elect health care coverage through NYU as a retiree. You can choose to be covered by the NYU Retiree Medical Plan (a traditional indemnity plan) or you may choose to be covered by one of the Health Maintenance Organizations (HMOs) offered by NYU. The HMO option is only available to you if an NYU HMO offers service in your residential area. Contact your Benefits Specialist for details.

You may select coverage for:

yourself only
you and one other eligible person (spouse, registered same-sex, domestic partner, or dependent child)
your family

Life Insurance

Basic

If you meet the eligibility requirements, you have the option to continue basic life insurance coverage at no cost to you.
Supplemental
If you purchased Supplemental Life Insurance coverage through NYU’s group plan (insured by Standard Life Insurance Company of New York), you may continue that coverage in retirement at the prevailing rates.

Costs

You are billed for part of the cost of NYU Retiree Health Plan coverage and Supplemental Life Insurance coverage each quarter.

Tuition Remission

Continuation of tuition remission benefits depends on your length of employment at NYU before retirement.

If you meet the Eligibility to Retire with Health and Life Insurance Benefits conditions at the time of your retirement—Your individual entitlement and that of your spouse or registered domestic partner and dependent children remains the same as it was before retirement. If you have dependent children under college- age when you retire, they are eligible for tuition remission when they reach college-age.
If you meet the Eligibility for Disability Retirement rule, your individual entitlement and that of your spouse or registered domestic partner and dependent children remains the same as it was before retirement. If you have dependent children under college-age when you retire, they are eligible for tuition remission when they reach college-age.

Benefits That Cease upon Retirement

Dental coverage and accidental death and dismemberment coverage end when you retire. You may continue dental coverage for up to 18 months after retirement under the provisions of a federal law known as COBRA. You pay the full cost of the coverage. Inquire at the Benefits Office for details.
The Commutation Expense Reimbursement Account (CERA) benefit ends when you retire.

Continued Health Coverage for Families of Deceased Retirees

A deceased retiree’s spouse or registered domestic partner and dependent children who were covered by an NYU retiree health plan at the time of the retiree’s death may continue such coverage under the following conditions:

The surviving spouse or registered domestic partner can extend coverage for his or her lifetime as long as coverage is continuous.
The dependent children can continue coverage to age 19 (or 25 if the child is a full-time student).

Policies