1	New York State Nurses Association Pension Plan This self-guided tour doesn’t include complete Plan information. For complete Plan information click here.
2	Defined Benefit Plan Guarantees that vested RNs receive monthly pension benefits for the rest of their lives Employer makes all contributions Portable among more than 30 participating hospitals
3	Retirement choices Normal retirement at 65 Early retirement Available between the ages of 55 and 64 (reduced by 1/2% for each month that early retirement precedes normal retirement at 65) Early retirement (unreduced) Must retire from active covered employment between the ages of 60 and 64 Must have at least 20 years of credited service
4	Forms of payment If you’re married, you’ll receive a Joint and Survivor pension Reduced monthly pension benefit for life When you die, your spouse receives 50% for his or her life Can be waived
5	Forms of payment If you are single, widowed, divorced, or have waived the Joint and Survivor pension, you can choose: Five Year Certain Ten Year Certain Contingent Annuitant
6	Five Year Certain Receive a full pension benefit for the rest of your life If you die after you retire but before you’ve received the first 60 payments, your beneficiary(ies) receive any remaining payments
7	Ten Year Certain Receive a reduced pension benefit for the rest of your life If you die after you retire but before you’ve received the first 120 payments, your beneficiary(ies) receive any remaining payments
8	Contingent Annuitant Receive a reduced pension benefit for the rest of your life If you die after you retire but before the first 60 payments have been made, your beneficiary will receive any remaining full benefit payments at 100% Your beneficiary then will receive 50%, 662/3% or 100% of your monthly pension benefit for the remainder of his/her life
9	Preretirement Survivor Available if you die after you’re vested, but before you retire Name spouse or another individual as beneficiary Will receive 50% of a reduced, monthly benefit for life
10	Disability Available if you become totally and permanently disabled while in covered employment and: Are at least 50 years old Have at least 15 years of credited service Are receiving Social Security disability benefits Terminate from covered employment Apply within 30 months of disability
11	Deferred vested Available if you’re vested and leave the Plan before you’re eligible for retirement benefits Payable at your normal retirement date (65) with no reductions or between the ages of 55 and 64 with early retirement reductions
12	Pension Statements Based on information available from employer, provide: Vested status and years of service Estimated annual benefit payable at age 65 Estimated annual early retirement (unreduced) benefit (if applicable)
13	How your benefit is calculated Mathematical formula recognizes your earnings (base salary and experience differential only) and years of service Based on the highest final average earnings for any five consecu- tive complete calendar years during the last 10 years of covered employment immediately before termination
14	How your pension is paid Benefits are paid monthly Once your pension payments begin, you cannot change your beneficiary designation or the form of payment you selected at retirement Direct Deposit available
15	What you should do Make sure your personnel or human resources department has an accurate record of your years of service and salary information Call Pension Plan 90 days before retirement date
16	When you’re ready to retire Call Social Security Administration at (800) 772-1213 if you’re 62 or older Obtain medical insurance coverage Under 65 - COBRA or a medical insurance conversion Over 65 - Medicare, Medigap, or Medicare HMOs (Labor Health Alliance)
17	Plan resources Toll-free numbers (877) RN BENEFITS (800) 342-4324 Pension analysts available Monday through Friday, 8:30 am to 4:30 pm Voice mail available evenings and weekends E-mail available at: pensions@rnbenefits.org
18	Plan and Fund resources Plan and Fund representatives regularly visit all participating facilities Newsletters/information Summary Plan Descriptions Annual Reports Web site www.rnbenefits.org
19	Questions?
20	Thank you Thank you for participating in this session