Retiring from the Getty

Overview

If you’re retiring from the Getty, it’s important to consider your future financial and health care needs and your benefit options. The Frequently Asked Questions and Retirement Preparation Checklist can help you understand the steps you need to take.

If you have already retired from the Getty, see the menu on the right to get to information.

If you are looking for information regarding the Getty’s retirement savings plans, visit the Retirement Plan page.

Frequently Asked Questions

I am considering retirement:

I am already retired:

If you have further questions, refer to the Retirement Plan Summary Plan Description or contact Human Resources.

Retirement Preparation Checklist

Planning for retirement...

Notify your supervisor and Human Resources of your intent to retire. Human Resources should be notified at least 90 days in advance and will set up an appointment with you to discuss your retirement.

Give your new address to HR if you will be moving. Remember to always keep a current address on file with Getty Human Resources.

Consider your COBRA options, if applicable.

Follow the steps below for the Plan(s) you are in.

Follow the steps below depending on your age at retirement:

Review Frequently Asked Questions and the Resources available to you.

Retirement Age

The normal retirement age is 65. You may take early retirement between ages 55-64 if you have completed 10 years of service. However, if you retire early, your monthly benefit amount will be reduced (to account for the longer period of time over which plan benefits will be paid), as shown in the Early Retirement Chart:

Note: Actual factor is prorated based on age in years and months.

Receiving Your Retirement Benefit

Your retirement benefit may come from several sources:

• Getty’s Employee Investment Program: If you have money in the 403(b), 401(a) match, and/or non-elective contribution accounts, check Vanguard for up-to-date account balance information.
• Getty Defined Benefit Retirement Plan: Employees who are vested in the Defined Benefit Retirement Plan will receive a pension from the Getty. Go to ESS for your estimated pension benefit.
• Social Security: Visit www.ssa.gov for more information.
• Medicare: Visit www.medicare.gov and see Medicare Basics for more information.

Applying for Your Employee Investment Program Benefits

Visit Vanguard or call 800-523-1188 to initiate a distribution at retirement. Vanguard will also send you a termination kit at retirement.

How Your Employee Investment Program Benefit Will be Paid

You have choices concerning how you wish to receive your vested EIP account balances (e.g., leave the money with Vanguard, cash it out or roll it over). The termination kit will provide those options or you may call Vanguard at 800-523-1188 to discuss.

Estimate of Defined Benefit Retirement Plan Benefits

Your estimated benefit amount is available on ESS. If you’re within 1 year of retirement, contact Human Resources for more information.

Applying for Your Defined Benefit Retirement Plan Benefit

At least 90 days prior to your retirement date, complete the Application for Retirement Plan Benefits Form (see Documents in the upper left menu) and send to Human Resources.

How Your Defined Benefit Retirement Plan Benefit Will be Paid

Your retirement benefit will be paid monthly and will be effective the first of the month following your termination date, assuming the Getty has received all necessary paperwork.

The normal form of retirement benefit payment for married participants is the Qualified 50% Joint and Survivor Annuity, in which a monthly benefit is paid to you for as long as you live and after your death, your spouse is paid 50% of the benefit for the remainder of his or her life.

The normal form of payment for single participants is the Single Life Annuity, in which a monthly benefit is paid to you for as long as you live.

However, you may elect a different form of payment at retirement. The monthly amount you receive will be based upon the payment option you choose and upon the age of your beneficiary. Once selected, your payment option and beneficiary cannot be changed. You do not name a beneficiary until you are ready to begin receiving your benefit.

If you take early retirement between ages 55-64, your monthly benefit amount will be reduced to account for the longer period of time over which plan benefits will be paid.

Medical Plan — Retirees

You may be eligible to participate in the Getty Retiree Medical Plan at retirement if you have met all of the following criteria:

• You must have reached age 50 and had a minimum of 5 years of benefit service* as of December 31, 2008;
• You must be enrolled in a medical plan through the Getty as an active employee at the time of your retirement;
• You must have a minimum of 10 years of service* in total; and
• You must be employed by the Getty at the time you retire.

* A year of service is defined as a calendar year in which you have completed at least 1,000 hours of service.

Under age 65

Retirees, spouses, and dependents under the age of 65 who qualify for the Retiree Medical Plan will continue to be enrolled in the same health plan offered to active employees until they turn 65. Premiums for this coverage will be deducted on a monthly basis from the Retirement Plan Benefit. Review the 2020 Medical and Dental Rates. Only dependents covered under a Getty active medical plan at the time your employment ends will be eligible for any future benefit under the Retiree Medical Plan.

OR — You may choose to begin your Retiree Reimbursement Account (RRA) prior to age 65. If you make this choice, it will also apply to your eligible, covered spouse/registered domestic partner. At the time you begin your RRA, your coverage in a Getty active medical plan will end. For more information on the RRA, refer to the “Age 65 or older” section below.

Age 65 or older

Upon reaching age 65, retirees and spouses become Medicare-eligible, and coverage in a Getty active medical plan will end. Retirees and spouses may wish to enroll in a Supplement or Advantage Plan, including prescription drug coverage, to help pay some of the costs that Medicare does not cover. The Getty has a relationship with United Healthcare, which allows Getty retirees to call a dedicated enrollment number in order to learn more about, and enroll in, one of the variety of Medicare supplement insurance plans that United Healthcare offers across the country. However, Getty retirees and spouses are not required to enroll in a plan with United Healthcare.

Note: Only dependents covered under a Getty active medical plan at the time your employment ends will be eligible for any future benefit under the Retiree Medical Plan.

The Getty will provide a Retiree Reimbursement Account (RRA) — a non-taxable account that participants can use to help cover health care expenses, including plan premiums and out-of-pocket expenses such as copays and deductibles. For a list of expenses that are eligible for reimbursement under an RRA, please refer to IRS Publication 502. The Getty sets aside $3,000 per year for the former employee and eligible spouse/registered domestic partner. (This amount is prorated for partial-year enrollments.)

Medical Subsidy Plan — Retirees

If you are not eligible for the Retiree Medical Plan, you will be eligible for the Retiree Medical Subsidy Plan, if you have met all the following criteria at retirement:

• You must be enrolled in a medical plan through the Getty as an active employee at the time your employment ends;
• You must have a minimum of 10 years of service in total*; and
• You must be age 55 or older when your employment at the Getty ends.

* A year of service is defined as a calendar year in which you have completed at least 1,000 hours of service.

Under the Retiree Medical Subsidy Plan, the Getty will provide a Retiree Reimbursement Account (RRA) — a non-taxable account that participants can use to help cover health care expenses, including plan premiums and out-of-pocket expenses such as copays and deductibles. For a list of expenses that are eligible for reimbursement under an RRA, please refer to IRS Publication 502. The Getty sets aside $1,200 per year for the former employee. (This amount is prorated for partial-year enrollments.)

Age 65 or older

Upon reaching age 65, retirees become Medicare-eligible. At that time, you may wish to enroll in a Supplement or Advantage Plan, including prescription drug coverage, to help pay some of the costs that Medicare does not cover. The Getty has a relationship with United Healthcare, which allows Getty retirees to call a dedicated enrollment number in order to learn more about, and enroll in, one of the variety of Medicare supplement insurance plans that United Healthcare offers across the country. However, Getty retirees are not required to enroll in a plan with United Healthcare.

Medicare Basics

You and/or your eligible spouse must enroll in Medicare Parts A and B if you are eligible.

You are eligible for Medicare if you are a U.S. citizen or legal resident who has been living in the U.S. for at least five years in a row and are 65 years or older. You may be younger than 65 years old and be eligible for Medicare if you have a qualifying disability.

Other Benefits at Retirement

Understand what happens to your other coverage when you retire.

Dental and Vision Plans

Coverage ends on the last day of the month in which you terminate your employment. Continued dental and vision coverage may be available through COBRA.

If you enroll in a United Healthcare Supplement or Advantage Plan, you may be able to purchase dental and/or vision coverage through United Healthcare.

Flexible Spending Accounts

If you participate in an FSA and retire from the Getty, you will not be able to receive reimbursement for eligible expenses incurred after your last day of work. However, you may continue to submit claims until March 31 of the following year for eligible health care expenses incurred before you retire.

Health Savings Account

If you participate in the HSA and you retire from the Getty, any remaining balance in your HSA account is yours to keep and pay for future medical expenses. You may also move your account to another bank. Contact PayFlex at 844-729-3539 for your account balance and additional details.

Group & Voluntary Life Insurance

Coverage will terminate on your last day worked. You may convert this insurance to individual policies after termination and within 31 days from your last day worked.

Auto/Home/Pet Insurance

You may continue coverage under these plans by contacting MetLife at 800-GET-MET8 or at www.metlife.com/mybenefits (enter “The J. Paul Getty Trust” for company name).

Pre-Paid Legal Services Plan

Coverage will terminate on your last day worked. To continue participating, you must contact Hyatt Legal at 800-821-6400 within 30 days from the last day you worked.

Long-Term Disability Insurance

Coverage will terminate on your last day worked and cannot be converted to an individual policy.

Considerations for Retirees

As a retiree of the Getty, you may still have questions about how your benefits work in retirement. The Getty provides the following information to direct you to the right answers.

• Read about the Retiree Medical Plan or the Retiree Medical Subsidy Plan.
• Review the Frequently Asked Questions.
• Find Important Contact Information.

Resources

Take advantage of these resources to help you manage your retirement:

• Call Vanguard's general line, 800-523-1188 (800-828-4487 Spanish), to hear about your distribution options.
• Call 800-310-8952 to access Vanguard's free Ask an Advisor service (you must be logged in to Vanguard when you call).
• Visit the Retirement Plan section to find out more about your Retirement Plan account, if you are a participant.
• Visit www.ssa.gov for information about your Social Security benefits.
• Visit www.medicare.gov to learn more about your Medicare benefits.