Retiring
Retirement can be a big decision. Start researching your options and make plans six to 12 months before your planned retirement date.

What You Need to Do

When you decide to retire, you have decisions to make about how to continue the benefits you’ve received as an active employee. In general, benefits end the last day of the month in which you retire from Stimson.

Here’s a quick look at how your benefits are affected and choices to consider when you retire from Stimson.

Impact on Benefits
MedicalDental and Vision

Coverage ends on the last day of the month.

  • You may elect to continue coverage for up to 18 months through COBRA You will receive a COBRA information packet from Stimson’s third-party administrator (PayFlex) within 14 days after the end of the month. You have 60 days to elect COBRA. If you elect COBRA, coverage will be retroactive to your coverage end date. Review COBRA Premiums.
  • If you are age 65 or older, you may enroll in Medicare. There are four basic parts:
    • Part A (hospital insurance) provided by the federal government
    • Part B (medical insurance) provided by the federal government
    • Part C (Medicare Advantage plan) offered by private insurers, like Aetna
    • Part D (prescription drug coverage) offered by private insurers, like Aetna

Review Your Medicare Guide to learn about the Medicare basics and visit the Aetna Medicare website. For questions, call an Aetna Medicare representative at 888-886-0703 (TTY: 711), Monday through Friday, 6:00 a.m. to 3:00 p.m. PST.

Health Savings Account You own your HSA. You take your account and any balance with you when you leave Stimson. For more information, log on to the PayFlex website.
Health Care FSA
  • You may continue to incur covered spending account expenses before your benefits coverage ends. You have 90 days after your retirement date to submit your reimbursement request.
  •  If you have a positive balance in your Health Care FSA at the time of retirement, you may continue participation through COBRA. You will contribute with after-tax dollars, but you may use your entire annual election amount for reimbursement of qualified medical expenses. You may choose to discontinue the program during your COBRA period.
  • If you fail to submit qualifying claims and/or elect COBRA, you will forfeit any balance in your Health Care FSA.
Dependent Care FSA You may continue to incur covered spending account expenses before your benefits coverage ends. You have 90 days after your retirement date to submit your reimbursement request.
401(k) Plan
  • Contributions to the 401(k) plan end at retirement.
  • Your vested account balance becomes payable when you retire.
  • You may leave your balance in the 401(k) plan until minimum required distributions begin at age 70½.
  • Go to Fidelity NetBenefits or call 800-835-5097 to learn about your options.
Pension Plan

If you are eligible for a pension plan and you are vested, you can begin receiving benefits at early retirement age or normal retirement age.

Note: If you were hired after May 31, 2011, you do not have a pension benefit available to you. The TOC Plan was frozen on May 31, 2011. Participants in the TOC Plan should contact Prudential at 800-621-1089. Idaho Pension Plan was frozen on April 30, 2009. Participants in the Idaho Pension Plan should contact the Great American Insurance Group at 877-656-6677.

Basic Life/AD&D
Voluntary Life/AD&D You may convert to an individual policy with New York Life Group Benefits Solution. Complete the Portability of Voluntary Term Life Form and Conversion to Individual AD&D Insurance Form within 31 days from the date your employment ends.
Disability Short Term Disability (STD) and Long Term Disability (LTD) coverage ends when you retire.
Wellness Program Your participation in the wellness program ends when you retire.
Tuition Assistance If you retire within one year of your last tuition payment, you may be required to repay up to 50% of the original reimbursement payments.
Time Off
  • You will be paid for any unused vacation time when you retire.
  • You will not be paid for unused sick leave.
KEY TERM

COBRA

A federal law that provides continuation of group health coverage that otherwise would be terminated.

KEY TERM

Ultipro

Username: STMSN plus 6-digit clock number. If clock number is less than 6 digits (e.g., 1234), add zeros to ensure a total of 6-digits: STMSN000123.

Good to Know

Go to UltiPro to update your personal information, including:

  • Legal name change
  • Address
  • Phone number
  • W-4 tax withholdings
  • Direct deposit information

You can also find your emergency contacts, beneficiaries, pay statements and payroll documents.