Nearing Retirement

All those years you've worked have been in preparation for this day. You may have more time to travel, enjoy your family, and perhaps even serve in the community and take part in other activities if your health allows. But you also have many decisions to make as you near your retirement date. This brochure should help you make a smooth transition into retirement.

Things to Consider

• If you are at least 55 years old and have worked full time for your employer for at least 10 years, you may be eligible for retiree medical, dental, and life insurance. Contact your employer or Deseret Mutual to determine to find out if you're eligible for these programs.
  
  
• At retirement, your Group Term Life benefit reduces to $10,000 and supplemental life benefits reduce, as well. Review your Benefits Handbook for details.
  
  
• If you have a Flexible Spending Account, be sure to use the money before your retirement date.
  

Checklist

• Meet with your employer to discuss your retirement
• Review your Personal Statement of Benefits to estimate your retirement benefits
• Use the financial planning tools on our Web site for a more accurate calculation:
  - Retirement Planner calculates your Master Retirement Plan benefit
  - Savings Annuity Estimator calculates retirement income from your savings plans
  - Our financial benefits representatives are available to assist you
• Review your employment history in your Personal Statement of Benefits to make sure we have record of your complete work history
• Check with previous employers for possible retirement benefits
• Contact our savings department to discuss your Thrift Plan payout options
• Review personal investments
• Review your health plan options and the monthly costs or premiums
• Review your life insurance needs and options
• Contact MetLife concerning your group home, auto, or long-term care insurance (if applicable) to make arrangements for your premium payments
• Collect the following documents and give to Deseret Mutual and Social Security:
  - Social Security card
  - Birth certificate or other proof of age
  - Copy of latest W-2 form
  - Spouse's Social Security card
  - Marriage license
• Contact Social Security at (800) 772-1213 three months before you plan to retire
• After you retire, make sure your Thrift Plan investment allocation meets your needs and risk tolerance.
• If you are not enrolled in MetLife's long-term care insurance, consider signing up now. You may enroll your spouse as well. However, you will both need to meet health standards to be eligible.
• If you have more than one IRA, consider consolidating them to reduce administrative fees.
  

Frequently Asked Questions

Q. Should I defer or postpone my Social Security benefit?

A. Deferring your Social Security benefit once you're eligible may not present a financial advantage to you.

Q. Should I postpone my Master Retirement Plan benefit?

A. If you are under age 65, there may be an advantage in postponing your benefit until age 65. If you are 65 or older when you terminate your employment, you'll be required to begin receiving your Master Retirement Plan benefit immediately.

Q. Should I postpone my Thrift Plan benefit?

A. You may want to consider leaving your money in the Thrift Plan as long as possible to take advantage of the compounding growth. The IRS allows you to leave the money in your account until April 1 following the calendar year you turn age 70 1/2 (unless you're still working.) At that time you will need to choose a payment option or close your account

Q. What about my Thrift Plan loan?

A. If you still have a loan when you retire, you can: (1) pay off the remaining balance in a lump sum, (2) continue making monthly payments directly to Deseret Mutual, or (3) choose not to repay the loan and have the unpaid balance treated as a taxable withdrawal. Once you retire, you will not be able to apply for a new loan.

Q. What are my medical plan options at retirement?

A. You may be eligible for our retiree health insurance if you have at least ten years of benefit credit in the Master Retirement Plan and you have been enrolled in a Deseret Healthcare medical plan or another group plan for at least 12 months immediately before your retirement date. (Some exceptions apply.) Medicare will be your primary insurance (if you are at least 65) and our retiree insurance acts as a supplement, picking up many of the expenses not covered by Medicare. Call us for more information about the retiree medical plans available in your area.

Q. Will my employer continue paying part of the insurance premium?

A. If you qualify for retiree health insurance, your employer will pay a portion of the premium when you retire, depending on how long you worked. However, if you terminate employment and choose to postpone receiving your retirement benefit, you'll be responsible for paying the entire premium. Once you officially retire (begin receiving your Master Retirement Plan benefit), your employer will then begin paying its portion of the monthly premium.

Q. What about dental insurance?

A. You will have a one-time opportunity to sign up for our retiree dental program. If you're interested, make sure you enroll when you complete your retirement application. Our retiree dental plan has a two-year enrollment commitment and you will be responsible for the entire premium.

Q. What is long-term care insurance?

A. Long-term care covers costs for nursing homes, hospice care, assisted living services, etc when you can no longer care for yourself.

This information is provided as a service to help you make informed decisions. Nothing in this information should be considered legal, financial, investment, or medical advise. For a complete description of the plans. please refer to your Benefits Handbook. As with any major life event, you should consult with qualified prefessionals of your choice who can provide you with appropriate counsel and advise.