Planning for Retirement
These Specialists offer one-on-one guidance on leaving company for active or Severed employees who meets Rule of 60 and are within 60 days of a confirmed retirement date
What are Life Events Services Retirement Specialists?
The page number in the SPD where I can locate full plan details on pre-65 plans.
What is page 140?
What is Medicare Part A?
October 3, 2023- October 18, 2023
What is wave 1?
One time payment, ongoing Direct Debit, check through the mail, bill pay service.
What are my bill payment options?
If an employee does not have a confirmed retirement date within the next 180 days, I can refer them to this group for general information about retirement.
What is the Benefits Education and Planning Center?
This enrollment event and worksheet offers pre and post 65 coverage as well as any other benefits based on my retirement group.
What is the Retirement Enrollment
What is Medicare Part B?
When an employee has a dual year event at Annual enrollment I run this event last.
What is the Annual Enrollment Event?
What is 60 days?
The fast path for running retirement modeling.
What is HMRTMO?
This is is an exact continuation of active coverage once the active coverage has ended. This is not mandatory coverage, the participant has the choice to enroll or decline any offered coverages at the time they are offered.
What is COBRA?
What is Medicare Advantage?
A calculation used to determine level of medical benefits available and rate of premiums for BOA employees.
What is PYCC?
panel in TBA that I can use to see the amount and the source of the last payment.
What is DBP payments?
The date my benefits end when an active employee retires.
What is the end of the month in which I retire.
The fast path for the COBRA enrollment.
What is HMCBEN?
Private coverage that provides prescription drug benefits to Medicare customers
Must be enrolled in Medicare Part A and/or B and paying for Part B to be eligible
What is Part D?
Employee's enrolled into a PPO plan for the prior year and moving to Tier 3 or above for their PYCC are defaulted into this plan if no elections are made during Annual Enrollment.
What is the Consumer Directed High Deductible plan?
The panel in TBA that I can view
What is DBP premium dates?
The person that I notify of my intent to retire and provide my resignation.
Who is my manager
This is a reimbursement account for retirees, which enables Bank of America to set aside money to help pay medical costs incurred by both the retiree and their eligible dependents. (Not all retirees are eligible) Cannot be used to offset the cost of vision, dental, life insurance, and COBRA coverage.
What is an MRA?
Enrollment period is 7 months
What is the initial enrollment period for Medicare when I turn 65?
What is PTO?
What are billing populations(or groups who are billied)?