Benefits - Event: You Plan to Retire


Life Event: You Plan to Retire

Most City employees are members of the Seattle City Employees' Retirement System. (Membership is mandatory if you are hired into a civil service job.) The retirement benefit is based on your age and years of service with the City. The actual benefit is calculated based on your highest consecutive 24 months average pay rate multiplied by a percentage factor that reflects your age and years of service, up to a maximum of 60 percent of your pay. The City of Seattle Employee Handbook; Chapter VIII, "Separation from City Service" explains your retirement benefits in more detail. Attend a City seminar on retirement planning and preparation. These seminars are held frequently. Check with the Retirement Office for the class schedule http://www.seattle.gov/retirement. This website also has information to help you calculate your retirement amount.
  • Advise your immediate supervisor of your retirement plans.
  • Check out the Employee Exit guide.
  • You stop making any required payment, or
  • If you participate in the Deferred Compensation Program, contact Prudential Retirement, our deferred compensation provider, for retirement advice (800-833-5761). If you want to defer your vacation cash out into Deferred Compensation, or to check your eligibility to defer 35% of your sick leave balance upon retirement, contact the Benefits Unit at 684-7928.
  • Talk with your Benefits or Human Resources representative to determine whether you are eligible to contribute a percentage of your sick leave balance into Deferred Compensation or if your represented group voted in favor in the VEBA program.
  • Turn in your transit pass to your department HR representative.

Accidental Death & Dismemberment
Your coverage ends the last day of the month for which you've paid premiums. Payroll deductions are taken from the first check of each month for that month's coverage.

Dental Insurance
Your dental coverage with the City will terminate the last day of the month in which you leave employment. You may then continue your Dental coverage through COBRA for up to 18 months if you are continuing your medical coverage under COBRA. You will receive a letter at your home address which explains COBRA coverage. You will pay your premiums by personal check or money order payable to the City of Seattle. PLEASE MAKE SURE YOUR ADDRESS IS SHOWN CORRECTLY ON YOUR PAYCHECK to insure you receive COBRA information on a timely basis. You have 60 days to respond to the COBRA letter.

Accidental Death & Dismemberment
Your coverage ends the last day of the month for which you've paid premiums. Payroll deductions are taken from the first check of each month for that month's coverage.

Group Term Life Insurance + Supplement GTL
You may convert your group term life insurance by submitting the postage paid application card to Standard Insurance Company within 31 days of termination.

Medical Insurance
Your medical coverage ends the last day of the month in which you terminate. You may continue coverage through COBRA for up to 18 months after termination. Please see information under Dental Insurance above. You may elect to continue medical coverage under COBRA alone or with dental and vision coverage. There is an 11 month extension available if you qualify for Social Security disability benefits.

You may choose an individual medical plan through the health insurance exchange. Depending on your income and the number of dependents you cover, you may find a plan on the exchange that fits your coverage needs. Please note that if you enroll on an exchange plan, you will not be able eligible for coverage on a City retiree medical plan in the future. More information at www.wahealthplanfinder.org.

Vision Insurance
Your vision coverage ends the last day of the month in which you terminate. You may continue coverage through COBRA for up to 18 months after termination if you are continuing your medical coverage under COBRA. Please see information under Dental Insurance above.

Congress passed the Consolidated Omnibus Reconciliation Act (COBRA) in 1986. Under this law you are eligible to purchase continued medical only or medical, dental and vision coverage under certain circumstances when your group health plan coverage with the City ends.

If you are a City employee and are receiving medical, dental and vision coverage, you and your covered dependents have the right to elect COBRA continuation coverage for up to 18 months if your coverage is lost because of one of these qualifying events:
  • Your employment ends for reason other than gross misconduct.
  • Your work hours are reduced to the point where you no longer are eligible for benefits.

The 18-month COBRA continuation period may be extended to 29 months if you or a family member (who is a qualified beneficiary) is disabled according to Social Security at the time of one of the aforementioned qualifying events. This 11-month extension is available to all qualified beneficiaries who lose coverage due to termination of employment or a reduction of hours at an additional cost. Covered family members have the right to choose COBRA continuation coverage for up to 36 months if coverage is lost for any of the following qualifying events:
  • Death of the employee.
  • Divorce or legal separation of the employee and spouse or dissolution of the domestic partnership.
  • A dependent child loses dependent child status under the City's plan.

Page: http://www.seattle.gov/personnel/benefits/life/retiring.asp
Printed: 8/27/2014 3:56AM