Retirement Planning Guide

It is never too early to start to plan and anticipate your retirement (age 25 is not too early!). Start your education process early and maximize your opportunities to save. Become familiar with the features of your mandatory plan and the options that are available to you in the voluntary plans. Review your plan annually to ensure you are on track.

Retiree Quick Info

  • Eligibility for Retiree Health Insurance

    To continue to receive the Public Employees’ Benefit Program (PEBP) Health Insurance plan in retirement, you must meet the following criteria:

    • Have participated in either the Retirement Plan Alternative 401(a) program, or the Public Employees' Retirement Plan of Nevada System for at least 5 years as a full-time employee or the equivalent of a full-time employee.
    • Be receiving any distribution of benefits from one of the following retirement plans:
      • The Public Employees' Retirement System (PERS);
      • Nevada System of Higher Education Retirement Plan Alternative Program
      • Nevada System of Higher Education Tax Sheltered Annuity Program
      • State of Nevada Deferred Compensation Program
  • Retiree Health Insurance

    Your retiree insurance package in retirement includes:

    • Medical (choice of plan)
    • Dental
    • Vision
    • Term Life Insurance Policy - $12,500
      The retiree health insurance plan for retirees under age 65 is the same coverage that is available as an active employee and will continue to be your primary insurance until you qualify for Medicare (generally age 65).

    Overview of PEBP Health Insurance Benefits for Retirees

  • Retiree Medical Plan Choices

    PEBP provides a comprehensive benefit program to retirees and covered family members that includes a choice of medical plan, dental, and life insurance.  If you or any of your covered family members are Medicare-eligible, Medicare will be the primary insurance plan and PEBP Retiree Insurance is the secondary insurance plan. All of the provisions of the health care benefits are subject to change, including plans offered, services covered, and payment arrangements.

    Overview of PEBP Health Insurance Benefits for Retirees

  • Retiree Health Insurance Premiums

    The State of Nevada provides subsidized insurance plans for eligible retirees. The level of subsidy is related to the years of service you have provided to the State of Nevada. The minimum subsidy is for 5 years of service and the maximum is for twenty years of service. 

    Eligible retirees are responsible for paying their retiree health insurance premium directly to PEBP through monthly direct billing or an automatic bill pay process. Retirees who are receiving a retirement check from the Public Employees’ Retirement System of Nevada (PERS) will have the monthly premium deducted from their PERS retirement check. 

    Pre Medicare and Medicare Insurance Rates

  • Retiring at age 65 or Older

    Once you are 65 and retired, the State of Nevada requires that you enroll in Medicare. 

    • Part A is required ONLY if you qualify for premium-free Medicare A coverage.
    • Part B is required for all retirees and spouses age 65 and over.
    • Exception: If you are retiring after reaching 65, or are covering a spouse who is 65 or older at the time of your retirement, there is only a conditional penalty for late enrollment. This penalty may be avoided as long as you provide Social Security with verification that you were covered by the PEBP group plan during the period between reaching 65 and retiring. Social Security will provide you with a form to verify your group health coverage; you should bring this form to the HR Shared Services Office for completion. This form should be completed and submitted no later than 30 days after retirement in order to avoid this penalty.

    Retirees enrolling in the self-funded PPO Medical Plan are required to select a network based upon the state where they reside. For those retirees who reside out of Nevada, they should select the Beech Street PPO Network.

  • Continuation of Supplemental Insurance Plans

    Contact HR Shared Services for information regarding your voluntary supplemental insurance plans and your opportunity to port the plans with you upon retirement: benefits@bcn-nshe.org

  • COBRA Insurance

    If you are not eligible for continuation of the health insurance plan in retirement, you may be eligible to continue the coverage as provided under the federal COBRA law for up to 18 months, or until you become eligible for Medicare. You are responsible for the full premium payment.

    You will receive a COBRA notification by mail. Follow the instructions in the letter or you may contact PEBP at (800) 326-5496 to enroll in COBRA coverage.

PERS Plan

Public Employees' Retirement System (PERS) is the mandatory retirement plan for all classified staff and longer-standing NSHE employees.

Retirement Plan Alternative

Faculty also have the option to choose the Retirement Plan Alternative (RPA).

Social Security

Although the State of Nevada and NSHE do not participate, you may be eligible through other past employment.

Medicare Guide

Learn more about Medicare Parts A, B and C for medical coverage after you retire.

Disclaimer

This Guide is offered for assistance and information only and is not intended to nor shall it be construed as offering investment advice.  The information contained herein is not intended to be all inclusive.  Policies and retirement benefits, as well as campus practices, are subject to change. Each reader must take personal responsibility for verifying the accuracy and timeliness of information contained herein before acting upon it.