At the time that you retire, your active employee life insurance amount is reduced by 10%. It continues to reduce by 10% on each of the next four anniversaries of your retirement date, until it is worth 50% its original value, and then it does not depreciate any further. Retiree life insurance remains at 50% its original value until the retiree passes away.
Contact your 403(b) provider to obtain the required forms. Once completed, sign, date and email the entire completed packet to Benefits@hcpss.org as a PDF, for Plan Administrator signature.
The Benefits Office Customer Service Number is 410-313-7333. You may also email benefits questions to Benefits@hcpss.org.
Please follow the instructions below to allocate a salary reserve to the 403(b)/457(b). If salary or payout date information is needed, please email payroll@hcpss.org for further assistance. We want to ensure you have the correct information before processing your request.
Email the following to Benefits@hcpss.org at least 4 weeks prior to the deduction date:
Name of 403b/457b carrier: ________________
Total deduction dollar amount: ________________
The check date of the transaction (that you will receive the payout): ________
Contact your 403(b) provider to obtain the required forms. Once completed, sign, date and email the entire completed packet to Benefits@hcpss.org as a PDF, for Plan Administrator signature.
No, the FSA is a use it or lose it benefit.
You may submit FSA claims to our FSA carrier within120 days after your retirement date for service dates through your retirement date. Important note: If you retire in the month of July, your active benefits end on August 31. As a result, you can submit FSA claims for service dates through August 31, by December 31.
No, the one time opt-out can only be done once, at the time of retirement.
A benefits eligible employee may elect to opt-out of a benefit upon their retirement date to have the option of opting back into that particular benefit in the future.
