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.
Answer: If you leave the Getty, you have the right to receive your contributions as well as your vested Getty contributions. Contact Vanguard for more information. Certain loans or hardship withdrawals may be permitted while you are employed.
Answer: Go to Employee Self Service to view your estimated benefit. If you’re within 1 year of retirement, contact HR@getty.edu for more information.
Answer: Typically, if you are employed at age 65 and you still receive health coverage through your employer, you can delay enrollment in Medicare Parts A & B until your employer health coverage ends. Visit www.medicare.gov for more information.
Answer: See Medical Plan — Retirees and Medical Subsidy Plan — Retirees for information.
Answer: Send an email to HR@getty.edu or call 310-440-6523.
Answer: Complete the following forms and return them to HR@getty.edu: Direct Deposit Form — Retirement Plan, Retiree Federal Tax Withholding Form, Retiree State Tax Withholding Form.
Answer: Customer service for UHC Supplement Plan is 800-392-7537. Customer service for UHC Medicare Advantage Plan is 800-457-8506.
Answer: You can log in to your account at www.uhcretireeaccounts.com or call RRA Customer Service at 877-298-2305.
If you have further questions, refer to the Retirement Plan Summary Plan Description or contact HR@getty.edu.
✓ Review the estimate of your Retirement Plan benefit, available on Employee Self Service (ESS).
✓ Review the table under Retirement Age if you are under age 65.
✓ Understand how you will receive yourretirement benefit.
✓ Gather documents, including copies of your marriage certificate (if applicable), birth certificate, driver’s license, or passport (for yourself and for your beneficiary, if applicable).
✓ Complete all forms you receive from HR.
✓ Consider your medical options.
✓ Contact Social Security.
✓ Consider enrolling in a Medicare option. It is suggested that you start the process of enrolling in Medicare three months in advance of your last day. Review Medicare Basics for an overview of your options and eligibility requirements.
✓ Consider enrolling in a Supplement or Advantage Plan, including prescription drug coverage.
✓ Social Security and Medicare Booklets are available in Human Resources. Email HR Benefits for copies.
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:
Age When Vested Benefit Payments Begin | Early Commencement Adjustment Factor |
---|---|
65 | 100% |
64 | 100% |
63 | 100% |
62 | 100% |
61 | 94% |
60 | 88% |
59 | 82% |
58 | 76% |
57 | 70% |
56 | 64% |
55 | 58% |
Note: Actual factor is prorated based on age in years and months.
Your retirement benefit may come from several sources:
Visit Vanguard or call 800-523-1188 to initiate a distribution at retirement.
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). You may call Vanguard at 800-523-1188 to discuss.
Your estimated benefit amount is available on ESS. If you’re within 1 year of retirement, contact HR@getty.edu for more information.
At least 90 days prior to your retirement date, complete the Application for Retirement Plan Benefits Form (see Documents in the right menu) and send to HR@getty.edu.
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.
You may be eligible to participate in the Getty Retiree Medical Plan at retirement if you have met all of the following criteria:
* A year of service is defined as a calendar year in which you have completed at least 1,000 hours of service.
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 2021 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.
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.)
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:
* 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.)
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.
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.
Understand what happens to your other coverage when you retire.
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.
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.
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.
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.
You may continue coverage under these plans by contacting MetLife at 866-792-4638 or at www.metlife.com/mybenefits (enter “The J. Paul Getty Trust” for company name).
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.
Coverage will terminate on your last day worked and cannot be converted to an individual policy.
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.
Take advantage of these resources to help you manage your retirement: