Retire Incentive

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Maricopa Retirement Incentive Program (MRIP)

Board approved July 22, 2008

 

 

Retirement Incentive Application

Retirement Incentive Agreement

Retirement Incentive Exhibit 1

Retirement Incentive Waiver and Release Agreement

 

 

Terms of the Incentive:

  • Ability of those who retire on June 30, 2009 and who meet other eligibility criteria to continue to enroll in the District’s health insurance plan; coverage will begin July 1, 2009.

  • In keeping with eligibility criteria, the District will provide to those who participate in the incentive flex credits equal to the core medical premium for single coverage which are offset by the ASRS medical subsidy; thus totaling the cost of the single core medical premium for each year of participation.

  • Spouses, domestic partners and dependents are not eligible for coverage in the district’s medical plan even if the employee upon retirement elects to participate in the incentive.

  • Those participating in the incentive may elect the buy-up plan but the differential cost wholly must be paid for by the employee for this plan; any failure to satisfy payment as required by the District will result in termination from participation with no rights to re-enroll.

  • Whichever medical plan is elected at retirement, the core or buy up, will remain in effect for the duration of retirement incentive program.

  • A declaration of intent to participate must be submitted as required by the District by a date certain which is to be determined; no exceptions will be granted.

  • Participants have no ability to defer or save coverage; participation is limited to those who meet all eligibility criteria. 

  • If a retiree participating in the incentive program is rehired as an active Board approved benefit eligible active employee including an OYO or OSO position, he/she will be terminated from the retirement incentive program with no rights to re-enroll.

 

Eligibility Criteria (all criteria must be met; no exceptions granted):

  • Retire on June 30, 2009, with health coverage as a retiree to begin July 1, 2009.

  • Eligible for Medicare on or before June 30, 2014, and individual participation will end upon the date of Medicare eligibility of each participant.

  • 80 points of Arizona State Retirement eligibility.

  • Open to all full time Board approved employees, including Skill Center employees, who have been in a regular full time position for 10 consecutive years prior to July 1, 2009; (OYO, OSO, temporary and specially funded positions excluded).

  • Must sign and deliver all required documentation in person to the Vice Chancellor of Human Resources no later than 5:00 pm on December 1, 2008.

  • Continued participation in the buy-up plan is subject to satisfactory payment of the difference in cost compared to the core plan; failure to make payments as required will result in permanent termination of coverage.

 

Employee participation in the active retirement program is subject to the terms of that policy and is unrelated to this incentive.

 

 

Questions and Answers:

Q:    I am not on a 12 month calendar. Can I retire after the last day of school in May?

A:    You can retire on the last day after school but you cannot participate in the Retirement Incentive Program.  You must retire on June 30, 2009, to participate in the Retirement Incentive Program.

 

Q:    I am not on a 12 month calendar. Can I retire after the last day of school in May?

A:    You can retire on the last day after school but you cannot participate in the Retirement Incentive Program.  You must retire on June 30, 2009, to participate in the Retirement Incentive Program.

 

Q:    My birthday is in early July.  Are there any exceptions being made for people turning 60 close to June 30?

A:    The date of June 30, 2009, is the cut off date by policy.

 

Q:    Can I change my medical coverage from Core to Buy-Up during Open Enrollment?

A:    You can make that change during Open Enrollment only subject to the same guidelines and completion dates as active employees.  Once Open Enrollment is over, whatever medical plan you choose will remain that plan during your participation in the Retirement Incentive Program.

 

Q:    I currently waive MCCCD's medical coverage.  Can I elect medical coverage this open enrollment and be able to participate in the MRIP?

A:    You must elect either the core or buy-up medical plan in the April 2009 open enrollment process to be eligible to participate in the MRIP.
 

Q:    Can I cover my spouse/partner/dependent instead of me?

A:    The Retirement Incentive program is for the employee only.

 

Q:    Does the Retirement Incentive include dental insurance?

A:    No, the retirement incentive is for health coverage only.

 

Q:    I am 62 with 10 years of ASRS service.  Can I participate in the Retirement Incentive Program?

A:    The eligibility requirements are a minimum of 80 points and eligible for Medicare on or before June 30, 2014. The 10 years of service applies to MCCCD service; therefore, the ASRS definition of "normal retirement' is not part of the eligibility criteria for the MCCCD Retirement Incentive Program.

 

Q:    Can I buy service from ASRS to get my 80 points?

A:    Yes, the service purchase must be finalized by June 30, 2009.  You must be credited with the purchased years of service as of June 30, 2009 to achieve eligibility of 80 points.

Q:    If I elect the buy-up and miss the payment schedule, can I get back in the plan later?

A:    If the buy-up plan payment schedule is missed, you will be dropped from the Retirement Incentive Program and there is no re-entry provision.

 

Q:    My spouse/partner and I both work for the district and we want to retire together.  I qualify but my spouse/partner does not.  Can we both participate based upon my eligibility?

A:    No - eligibility is based on each employee individually.

 

Q:    My spouse/partner and I both work for the district and we want to retire together.  My spouse/partner is covered as a dependent under my medical plan.  Can we both participate in the MRIP based upon my eligibility?

A:    No - eligibility is based on each employee individually.  Your spouse/partner must elect either the core or buy-up medical plan in the April 2009 open enrollment process to be eligible to participate in the MRIP.

 

Q:    I'm so close to being eligible.  Are there any sorts of exceptions that can be made?

A:    There will be no exceptions that will be made to the eligibility criteria of the Retirement Incentive Program.

 

Q:    If I elect the buy-up plan, how do I pay for it?

A:    You will be required to prepay for the buy-up plan in one installment for the entire year by June 30 of the year before it is effective.  You will only be paying the difference between the single core plan premium and the single buy-up plan premium.

 

Q:    When do I have to notify the district of my intention to participate in the Retirement Incentive Program (ie: the deadline)?

A:    The Retirement Incentive Application must be completed, signed, and turned in by 5:00pm (Phoenix time) on Monday, December 1, 2008 to the Compensation office.  There will be no exceptions to this deadline date and time.

 

Q:    Can I rescind my intent to retire?

A:    You may rescind your intent to retire any time before December 19, 2008, at 5:00pm Phoenix time.  After that, you cannot rescind your retirement declaration.  Your retirement declaration will be processed.

 

Q:    I am choosing the buy-up medical plan.  Can I pay the difference between the core and buy-up plans via an automatic deduction from my checking account or have this deducted from my paycheck?

A:    No, you must prepay 100% of the buy-up plan difference to cover your premiums till the end of the fiscal year or until you become Medicare eligible that year.  In addition, to renew your buy-up coverage for the following fiscal year, you must prepay 100% of the buy-up plan difference prior to July 1 of the new fiscal year.

 

 

Last modified: October 03, 2008

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