Q - Once I've retired can I change my medical provider?
You can change providers during the re-opener period each year. At other times you can switch only if there is a change in family status or your doctor no longer takes your HMO (moving is considered a change in family status). Q - If I retire does my medical insurance end at 65 when I am eligible for Medicare?
Yes. A Cobra type policy is available for your dependants, but you pay the whole premium cost per month (102%). (You can get family coverage for your spouse and dependants or you can get single coverage only for your spouse.) A bundled Delta Dental and MetLife vision plan is also available. See Q - How long are my dependants covered under my medical plan when I retire?
If you are < (less than) 65 years of age dependent coverage doesn't change when you retire with family coverage. Dependents are covered till age 23. If they are full time students they are covered till age 25. Q - What are the monthly premium rates for medical when I retire?Honeywell
After 2/1/2 premiums are $105 per month for family and $51 per month for singles.
After 2/1/3 premiums are $110 per month for family and $53.50 per month for singles.
After 2/1/4 premiums are $115 per month for family and $56 per month for singles.
After 2/1/5 premiums are $120 per month for family and $58.50 per month for singles.
After 2/1/6 premiums are $125 per month for family and $61 per month for singles. ATK
After Jan. 1, 2003 family premiums are $175 active $125 for retiree. Single premiums are $105 for active and $75 for retirees
After Jan 1, 2004 premiums remain the same.
The BC/BS Triple Option managed care plan is used for new hires -
Family premiums = $105 Single premium = $35
Q - How does divorce effect my Social Security?
According to Social Security law, the wife is entitled to benefits on her ex-husband's record if she was married to him for more than 10 years and she didn't remarry. The wife gets the same amount she would get if she were still married to him -- up to half of his benefit amount while he's still alive and possibly all of it when he dies. And any amount she gets does not affect the amounts due her ex-husband or his current wife. For more information, see the online publication, What Every Woman Should Know.
Q - Do I have to wait till June to get my vacation earnings for the current year?
No. Your vacation pay is mailed out to you after you retire. Usually it is mailed out in the first month.
Q - Am I billed for my medical insurance each month or is it automatically deducted from my monthly pension check?
You can do it either way. It's your choice.
Q - Is my pension taxed?
Yes. It is considered income and taxed accordingly.
Q - Do I have to pay Social Security withholding on my pension?
No.
Q - Does my pension count toward the earnings cap on Social Security?
No. It is not considered part of earned wages for your earnings cap.
Q - Do I need to provide a birth certificate when I retire?
Yes. You also may have to provide a marriage license if applicable.
Q - Can I change plans once I retire?
No.Q - When I retire am I offered a choice of the traditional plan (plan A) or the cash balance plan (Plan B)?
If you stayed with the traditional pension plan in 1998 you can only retire under the traditional plan. If you signed up for the cash balance plan in 1998 you could get a choice when you retire but only if the equivalent cash value of the cash balance plan is less than the equivalent cash value of the traditional plan. Under ERISA law companies can offer new pension plans but they must be of equal or higher value. Consequently, if the value is less you have a choice of plans when you retire
Q - Why are my early retirement benefits reduced?
Early retirement benefits are reduced because they are paid over a longer period of time. The amount of any reduction to your benefits will depend on your age and your years of credited service at retirement. You may also have joint survivor coverage, which will also reduce your benefit.
Q - What if I retire in the middle of the month?
You must work 15 or more days to have a month count toward your benefit.
Q - If my beneficiary dies before I do does my monthly benefit amount change?
No. It continues at the same rate.
Q - I am laid off and am not called back, and then I retire. Is my pension set according to the level when I was laid off or when I retire?
Neither. Your pension would be at the level of the retirement plan when you run out of recall rights. Remember, you accumulate seniority while on recall status. In other words the date you were laid off + the # of years you were on recall up to 5 years. You must have at least 5 years seniority to retire and collect a pension.Q - I am on leave from the company and want to retire. At what rate is my pension calculated?
If you are on a leave of absence for reasons of non-occupational sickness or injury you can accumulate seniority commensurate with your seniority up to 5 years. In other words the amount of seniority accumulated when you leave + the # of years you were eligible to be on leave up to 5 years , is your years of service. Your benefit level is the amount at which you went out + those added years (Honeywell<2/1/94=$28, 2/1/94 to 1/31/98=$36, 2/1/98 to 2/1/02=$44,>2/1/02=$53.50). Your pension calculation is your total years times your benefit level.
Q - If I am laid off or leave the company before age 55 can I still retire early?
That depends. If you have 5 years of vested credited service you can begin receiving benefits at 65. If you have 15 years or more of credited service you can begin receiving benefits at any time between age 55 and 65. However, there is an early retirement reduction to age 65 whether or not you have 85 points. And you cannot income level or double dip. (see pension calculations). Monthly Rates. http://www.socialsecurity.gov/pubs/10127.html
Q - What are "spousal benefits" in early retirement?
A spouse may receive Social Security retirement benefits based upon his or her own employment record or the spousal benefit, whichever is greater. Spousal benefits typically are calculated as a percentage of the primary wage-earner's benefits. The spousal benefit is 50 percent of the primary earner's benefit at full retirement. Similar to a covered worker, a spouse's benefits are permanently reduced for early retirement based on the number of months before he or she reaches full retirement age.