Retiree Benefits /
Human Resources- Employee Benefits -
When am I eligible for retirement?
In order to retire you must have reached the age of 55 and have ten years of continuous full-time service with IID. How far in advance do I have to submit my notice of intent to retire?
No less than sixty (60) days is preferred. STEPS TO RETIREMENT: - Make the decision to retire
- Decide when to retire (month/year)
- Vacation/converted sick leave out OR Vacation/sick leave payable by check
- If vacationing out, a calculation estimate needs to be requested from Payroll Records in the Employment Section of the Human Resources Department
- Complete the Benefits Notice of Intent to Retire
- Meet with Benefits Section and sign retirement paperwork
- Exit interview with Employment Section
- RETIRE
- Enjoy Life!
Vacationing Out
must be elected in advance and the dates provided. Converting eligible sick leave hours to converted vacation is a percentage of your eligible sick leave hours determined by your years of continuous service. For example 24 or more years of service receives 85% of their eligible sick leave hours. Eligible sick leave is your retirement (grand-fathered) and regular sick leave accounts. Reserve sick leave is not eligible for this calculation. Vacationing out estimates are provided by the Employment Section. Cashing-Out Your Sick Leave and Vacation
Your sick leave will be calculated as identified above (see Vacationing Out) and your vacation will be paid at your current hourly rate. You will be provided a check with all applicable taxes withheld. Retirement Effective Date
Is always the first of a month following your last day on payroll. Retirement Benefits: Vanguard
You have 5 choices regarding your Vanguard account. They are: - Lump sum distribution—take it all out (applicable taxes withheld)
- Deferral—you can leave it all in Vanguard or take part of the money out and leave the balance in your account to earn interest
- Annuity—have an annuity purchased and the cost of the annuity deducted from your account
- Vanguard IRA—if you want a monthly income you can roll your fund to an IRA
- Other—if you have another qualified plan you may roll your account to it or you can secure an IRA from another source and roll your money into it
Medical Benefits
If you have 10 or more continuous years of service with IID and have reached the age of 55 you and your eligible dependents may elect to participate in the retiree medical benefits plan.
Under Age 65 - Medical (principal)
- Prescription plan including mail order
- Employee Assistance Plan
- Mexico PPO
Over Age 65 - Medicare supplement*
- Prescription plan including mail order
*you must have parts A and B of Medicare to be eligible for your Medicare Supplement. The supplement will provide coverage for Medicare eligible expenses only. If you do not secure parts A and B of Medicare and you are 65 or older, you may not be eligible for medical benefits coverage. Do not elect the Medicare D prescription plan coverage or you may be ineligible for any District over age 65 benefits.
Survivor Benefits
If your spouse and eligible dependents are enrolled in your medical benefit plan at the time of your death, they may continue in the IID medical benefits as a Survivor Under 65 or a Survivor Over 65. All dependent eligibility age limits apply. Vision Plan
Beginning January 2007, IID Retirees will have the option of enrolling in the Vision Service Plan. Enrollment must be completed upon retirement or during Open Enrollment. Dental Plan
If you are a participant of one of the voluntary dental plans, your coverage terminates at the end of the month prior to your retirement effective date. |
