Retiree Information
2007-2008 Retiree Insurance Premiums
Retiree Health Insurance
Your insurance package in retirement includes:
Medical
Dental
Vision
Life insurance - $10,000
This is the same coverage you have as an active employee and will continue to be your primary insurance until you qualify for Medicare (generally age 65).
Nevada Administrative Code (NAC 287.135) requires that an employee must have at least 5 years of full-time service or the equivalent of a full-time employee and must be receiving benefits from his/her authorized NSHE Retirement Plan in order to continue participation in one of the State of Nevada insurance plans upon retirement.
Upon retirement, if a retiree wishes to continue medical plan participation, they must begin receipt of some form of retirement income through either PERS of Nevada or the Faculty Retirement Plan Alternative (RPA). The RPA retiree must produce written proof to the BCN Benefits Office from the retirement plan sponsor that their retirement income is beginning. This documentation must include the effective date of the initial benefits payment and the type of payment to be made (lump sum, annuity, systematic withdrawal, etc.).
Upon review of this documentation, the authorized NSHE employee will assist the retiree with the appropriate paperwork necessary to continue his/her medical insurance in retirement. Please contact the Benefits Office at 784-6844 at least two months prior to retirement date.
PERS RETIREE: Medical insurance deductions are withheld by PERS from the retirees' monthly pension checks which are issued by PERS fro all retirees wishing to continue insurance during retirement.
RPA RETIREE: You may have the medical insurance premium withheld from the monthly retirement payment issued by the RPA fund sponsor. The RPA investment fund manager may deduct the medical insurance payment directly from your pension checks and will forward those payments directly to the Benefits Office. For those retirees having their insurance premiums deducted directly from their monthly pension income, the Benefits Office will coordinate with your pension company to effect any change in the medical insurance premium amount as needed.
For those retirees who are receiving pension payments other than monthly payments, YOU will bear the responsibility of producing a timely plan year insurance payment in the correct amount. The Benefits Office must receive this annual payment no later than the 10th day of the beginning of the new plan year in any given year. Additionally, YOU will bear the responsibility of paying the Benefits Office any increase in the insurance amounts that may occur during the plan year. This payment must be made within thirty (30) days of the effective date of the change.
Failure to comply with these procedures may result in the cancellation of your retiree health insurance package with the State of Nevada.
Public Employees' Benefits Program Web site
PERS of Nevada
It is best to notify PERS in writing about six months prior to your intended retirement date. You should request a retirement estimate and application documents to be completed to initiate your benefit. The estimate provided by PERS will only give approximate figures of your retirement allowance but they will be within a reasonable range. The estimate will project your service time through your anticipated date of retirement. PERS staff is normally available for counseling weekdays at the PERS offices in Carson City and Las Vegas. PERS also periodically visits other communities throughout the state.
You are eligible to receive an unreduced retirement benefit with five years of service at age 65, with 10 or more years of service at age 60, or with 30 years of service at any age. If your earn the years of creditable service necessary to retire but have not reached the required age, you may retire with a benefit actuarially reduced by four percent of the unmodified benefit for each full year you are under the appropriate retirement age and a an additional .33 percent for each additional month.
There are three basic factors involved in the calculation of your retirement benefit. These are service credit, average compensation, and selection of a retirement option. For more information regarding retirement options, please contact PERS.
PERS Counseling Services
In Carson City : Weekdays at our office located at 693 W. Nye Lane, from 8:00 a.m. to 5:00 p.m. If possible, please call 1-775-687-4200 or toll free at 1-866-473-7768 for an appointment.
In Las Vegas : Weekdays at the office building located at 5820 South Eastern Ave., Suite 220, from 8:00 a.m. to 5:00 p.m. If possible please call 1-702-486-3900 for an appointment.
Office for rural Nevada : Counselors are available during the Spring and Fall. Please watch for our notices and call our Carson City office for an appointment.
PERS Link to the Public Employees Retirement System of Nevada web site.
Faculty Retirement Plan (RPA)
Under the RPA, once you retire, you determine when your retirement payments begins. Within the parameters of the Plan, when you retire or terminate your employment with the NSHE, you can maintain your accounts and/or elect with the fund sponsor to begin receipt of benefits based on the terms of the RPA plan. You are immediately 100% vested in your retirement accounts.
Although income usually begins at retirement, you may elect to begin to receive your retirement income at any time after termination of employment. You may also elect to receive income while you are actively employed, if you have reached the age of 65.
Retirement benefits must normally begin no later than April 1 of the calendar year following the year in which you attain age 70 1/2.
The following income options are available under this Plan (some subject to Plan limitations): single life annuities, joint and survivor annuities, cash withdrawals, fixed period annuities, systematic withdrawals, interest only distributions, and minimum distributions.
You should contact your fund sponsor several months prior to your retirement date regarding income options and review with that fund sponsor all forms of income available to you in retirement. Income decisions should be made only after a full understanding of all options and a determination of which options best suit your lifestyle.
You may receive a cash withdrawal from the plan after termination depending on your years of service.
LESS THAN 5 YEARS OF SERVICE:
If you leave the NSHE with less than 5 years of service, you are eligible to withdraw both the employer and the employee contributions in any form of withdrawal available from you RPA fund sponsor; this includes 100% cash withdrawals.
5 YEARS OR MORE OF SERVICE:
EMPLOYEE CONTRIBUTIONS - employee contributions may be withdrawn as a cash withdrawal at any age if you leave the NSHE with 5 or more years of service.
EMPLOYER CONTRIBUTIONS - employer contributions may be withdrawn as a cash withdrawal only upon reaching the age of 55 or older if you leave the NSHE with 5 or more years of service. The employer contributions may be withdrawn as a lifetime annuity only, if you leave employment with 5 or more years of service and wish to begin receipt of your employer RPA funds before the age of 55. For more information, contact a representative from your NSHE Fund Sponsor.
AIG RETIREMENT or contact a representative 1-800-44-VALIC
Fidelity Investments or contact a representative at 1-800-343-0860
TIAA-CREF or contact a representative at 1-800-842-2776