Retirement Party Checklist
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If you have not exercised your one-time option to switch FRS retirement plans (going from the Pension Plan to the Investment Plan, or Investment Plan to the Pension Plan) and would like to determine if doing so is right for your future, you can get more information by speaking to an unbiased Ernst Young financial planner at the MyFRS Financial Guidance line toll free at 1-866-446-9377 and selecting prompt 1.. (This provision does not apply to State life insurance.) • Continuation Coverage Under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) o For Health Insurance – Those employees who do not meet the State’s eligibility requirements for continuation coverage as a “retiree” may continue State health insurance coverage under the federal COBRA law, for up to 18 months.. IMPORTANT NOTE FOR THOSE WHO FIRST BECAME MEDICARE ELIGIBLE WHILE STILL EMPLOYED BY THE STATE: If you did not take Medicare Part B when you were first eligible because you or your spouse were still working and had primary coverage through the State group health insurance plan, you have a “Special Enrollment Period” during which you can enroll in Part B coverage without having to wait for the next General Enrollment Period (January 1 through March 31 of each year) and possibly having to pay a higher Medicare Part B premium.. However, if you do not wish to wait for the Retiree Insurance Package from the PF Service Center, you can find the necessary paperwork for “New Retirees” by going to the Department of Management Services website at http://dms.myflorida.com/dms/workforce/stategroupinsurance/forms Page 5 If you do send in your forms and payments early, the People First Service Center will post the payment and keep the continuation forms in pending status until your agency has completed the employment separation action.. UPON RETIREMENT / END OF DROP (Most of the following activities have strict deadlines) If you are an FRS Pension Plan participant: □ After your name has been off
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