Retiree Benefits

retirementbenefits.jpg retirementchairs.jpg

WHAT'S NEW

It's Open Enrollment!

May 1-May 31 is the annual opportunity to change your plans if you wish.  You may change from one plan to another, or you can drop plans, or dependents.  You can't pick up new plans, or add dependents.  In order to make a change, please request a change form by emailing [email protected], or call 703-792-6640.  If you aren't making any changes, you don't have to do anything, and your current elections will continue.  Please note, you may also drop dependents during the year without a status change, by emailing the Benefits Team.

  • There are no plan design or copay changes this year
  • Anthem and Kaiser will see a slight increase
  • VSP remains the same, and Delta dental will slightly decrease
  • Please be sure to log into Empower to verify your beneficiaries on the 401 and 457 plans. www.empowermyretirement.com
  • To contact an Empower rep for questions on your plan or investments, see the reps' information below.

The new FY22 rates are below.  If you have a VRS deduction, you will see the new rates on your July 1 check.  If you have a Bolton deduction, you will see the new rates starting with the August 1 deduction.

 

Taxes!

You are able to change your tax withholding at any time.  To do so, you may complete the information online, or contact the vendors to verify your current beneficiary

if you have any questions regarding the tax forms, please contact the vendors directly:

VRS: 888-827-3847

CBIZ: 844-581-2871

 

CBIZ Manages the Public Safety Supplemental Pension Plan, July 1, 2020

Police and Fire retirees still in payment status are encouraged to log in to the new site.  You may change your address, tax withholdings and bank account information directly on their site! Please be sure to log in and view your information, and the great new resources available with CBIZ

844-581-2871

[email protected]; https://myretirement.cbiz.com

BOLTON NOW HAS A DEDICATED EMAIL FOR PWC!

If you are receiving a County Health Insurance Credit, you receive a monthly deposit from Bolton, USA. You may now contact them at [email protected]. Our representative is still Jennifer Shaver, and this email address goes to her and her team members for faster service.

 

 

INTERESTED IN SEEING BENEFITS OF PWC PLANS? CHECK THIS OUT!

CARES ACT ECONOMIC RELIEF PLAN PASSED BY CONGRESS

The Act provides for relief during the pandemic. These provisions may be helpful to our retirees.

  • Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.

RMDs suspended: Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.

Please contact Empower for more information. 800-701-8255

3/30/2020

SECURE ACT, JANUARY 1, 2020

in December, 2019, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was passed into law, creating the most substantial updates to the laws governing retirement accounts since the Pension Protection Act in 2006. One notable change resulting from the SECURE Act will be the increase in age at which Required Minimum Distributions (RMDs) must begin. Prior to the SECURE Act, individuals with IRA accounts or qualified employer-sponsored retirement plans were required to take RMDs beginning in the year in which they turned 70 ½ with a deadline (for the first RMD only) of April 1 of the following year.

Beginning in 2020, however, the new age at which RMDs must start is age 72 (also with a deadline of April 1 of the following year). Notably, RMDs for individuals who turned 70 1/2 in 2019 are not delayed, and instead, such individuals must continue to take their RMDs under the same rules prior to passage of the SECURE Act. Despite the delay in the starting age for RMDs, though, Qualified Charitable Distributions (QCDs) from IRAs will not be affected by the SECURE Act; accordingly, QCDs may still be taken from IRAs as early as age 70 1/2.

HEALTH INSURANCE FOR RETIREES (MEDICAL, DENTAL, VISION)

If you leave employment with at least 15 full years of service with Prince William County, you are eligible to continue coverage through the County after your service ends. You are able to cover your dependents (spouse and/or children) as defined by the Plan provisions if enrolled in coverage at the time retire/separate. The cost of coverage to you is the full monthly premium, and is paid via deduction of your monthly VRS benefit, as applicable, or by direct debit from your bank account in special circumstances. If at any time you elect to cancel coverage or coverage ends due to non-payment of premium, you may not re-elect to participate in coverage with the County.

NOTE: Medical coverage ends at age 65 (Medicare rules dictate the end date of coverage: the first of the month in which you turn 65, or if your birthday falls on the first of a month, then the first of the PRIOR month); dental and vision coverage can continue for your lifetime. Coverage for children on any plan (medical, dental, or vision) can continue up to the Plan limiting age for children (end of the month in which they turn age 26), even if you turn age 65 prior that time. A couple months prior to you or your dependents reaching a limiting age, you will receive a letter and necessary forms in the mail notifying you of the end date of coverage and what actions you need to take. Please note that a few months prior to your 65th birthday, you should begin exploring your Medicare and supplemental plan options. Your covered spouse/children can continue on medical coverage up until age 65/26 if he/she reaches a limiting age after you. You are able to change plans during the annual open enrollment period only. You may not add family members to coverage at any time unless there is a qualifying event, such as marriage or birth of a child. Qualifying event changes must be made within 30 days of the event. Contact HR Benefits with questions about qualifying events or when coverage ends at [email protected]

LIFE INSURANCE IN RETIREMENT

Securian Financial: 800-441-2258

Basic Life Insurance -

If you retire upon separation from full-time service, you retain the County-paid Basic life insurance through VRS. This coverage is at no cost to you for your lifetime. The benefit is 2 times your annual base earnings at the time of retirement. The amount reduces 25% per year after your first full calendar year of retirement until it reaches 25% of the original coverage amount (resulting in a policy worth half your salary at the time of retirement, and this continues until your death). Upon leaving employment, coverage for accidental death and dismemberment coverage ceases at that time. Note that you will see on a tax line on your VRS 1099 form, for imputed income. Though the life insurance policy is County-paid, any portion of insurance worth over $50,000 results in a tax to you.

Optional Life Insurance –

If you are enrolled in Optional Life insurance when employment ends, and have had the coverage for at least 60 months (5 years), you can continue coverage at the County's group rates. To do so, you must elect to continue coverage within 30 days from your separation date. The maximum continued coverage under this policy is two times your salary. Accidental death and dismemberment coverage ends upon leaving employment. The death benefit amount begins to reduce with age and all coverage ends at age 80.

Beneficiary

Your beneficiary designation for basic and optional life insurance can be updated at any time you wish. To do so, submit form VRS-2, Beneficiary Designation directly to VRS. The form is available on the VRS website at www.varetire.org/forms. If there is no valid beneficiary designation on file or your beneficiary is deceased at the time of your death, VRS will pay benefits according to the following order of precedence, as required by law:

  • First, to your spouse;
  • if no surviving spouse, to your child(ren);
  • if none of the above, to your parents;
  • if none of the above, to the duly appointed executor or administrator your estate;
  • if none of the above, to your next of kin as under the laws of the domicile.

For more information on the Basic or Optional Live coverage go to: https://www.varetire.org/retirees

5/11/2020

VRS Long Term Care Insurance

VRS, through Genworth Financial, offers Long Term Care insurance to employees, retirees, and their eligible family members. Benefits include group rates, ease of enrollment, and portability of the plan. Please see Genworth's website at www.Genworth.com/COV, or call toll free 866-859-6060 for more information or to apply for coverage. This plan will be open for enrollment on an on-going basis.

TAX CHANGES

Need to make a change to your VRS taxes? For VRS, visit www.varetire.org and download form VRS-15, also listed below in VRS forms

FORMS

VRS:

OTHER LINKS

CONTACT INFORMATION

  • VRS: www.varetire.org; 888-827-3847

  • Bolton (retiree health insurance credit): 36 S Charles St, Suite 1000, Baltimore, MD 21201; 1-866-340-9789

  • Securian Financial: Managers of VRS's basic and optional group life insurance policies; 800-441-2258

  • Empower: www.Empowermyretirement.com 800-701-8255

    • Catherine Pfeilsticker, 540-907-2045

    • Michael Finnegan, 757-297-7571

  • CBIZ (Police/Fire Supplemental Pension Plan): 844-581-2871; [email protected]; https://myretirement.cbiz.com