Certified Staff Retirement

Thinking About Retirement?First, thank you for your service and dedication to the students at Avon Community School Corporation. We recognize that deciding when to retire is one of the most important decisions you will make during your lifetime. We have provided some tools to assist you with this decision.

One year before retirement, we recommend that you contact:

• INPRS (Teacher Retirement Fund – TRF)
  • Request to meet and discuss your pension/annuity options and when benefits would start.
    • Visit the Website: INPRS Retirement Education
    • (844) GO-INPRS or 844.464.6777
• Principal (401a Retirement Savings)
  • Visit the Website: www.principal.com
    • (800) 547-7754
• Nationwide (403b Retirement Savings)
  • If you are enrolled in this plan, contact Nationwide to discuss the future of this account.
    • Nationwide: (888) 867-5175
    • Visit the Nationwide Website: Nationwide My Retirement

Requirement to continue Avon's Medical/Dental Benefits:

You must already be enrolled in Avon's medical/dental the year of retirement – no new enrollments.

• Age 65 with at least 10 years of creditable service
• Age 60 with at least 15 years of creditable service
• Age 55 with at least 30 years of creditable service with 10 years immediately preceding retirement (Rule of 85)

Premium Cost: To continue these plans, you will become responsible for paying 100% of the insurance premiums. This includes the portion previously paid by the school. The current full premium amounts can be viewed  HERE.

Once You Make the Final Decision to Retire

1.     Submit a retirement letter to your principal.

• Be sure to state your intention is to retire from Avon Schools and indicate the last day you will be working.
• Click HERE for Retirement Letter Tips and Examples

2.      The principal will forward a copy of the retirement letter to HR.

• After this happens, both Benefits and Payroll will be notified.
• Benefits will email a retirement letter containing further instructions concerning your benefit plans.

3.      Termination of Medical and Dental Insurance Coverage:

• End of School Year Retirement:
  • If you retire at the end of a school year, insurance coverage will continue through July 31st of that year. On the final paycheck in June, we will deduct any remaining premium due to continue the coverage through July 31st.
  • Per the teacher contract, anyone not returning the next school year must be "paid out" on the last paycheck in June.
  • The term "paid out" refers to all the pay that the teacher is entitled to and would normally receive over the summer, will be paid on the last paycheck in June.
• Mid-Year Retirement:
  • If you retire at any other time than the end of the school year, your insurance coverage will end on the last day of the current month in which you retire.

4.      Continuation of Medical and Dental Insurance Beyond Retirement - TWO OPTIONS:

• If you meet Avon's minimum retirement requirements above:
  • You may choose to remain on the school's medical and dental plans until age 65, the year you become eligible for Medicare. You must communicate this to the Benefits Department as soon as possible. 
  • If Benefits is not contacted prior to the last day of work, this benefit is considered waived.
  • If you retain these benefits, an annual bill for 100% of the total premium will be provided to you and you will send in a payment monthly. See current full premium costs HERE.
  • Once eligible for Medicare, age 65, you will no longer be able to remain on the ACSC plan.

• If you do NOT meet Avon's minimum retirement requirements above:
  • You may qualify to remain on ACSC's plan for a limited time (up to 18 months) through COBRA.
  • Read more about COBRA: What is COBRA?
  • Ameriflex will send separate communication via USPS regarding COBRA continuation for your health and dental insurance within two weeks from the end of Avon's benefit coverage.
  • Look for the Ameriflex logo in your mailbox and follow their instructions for continuation.

 

5.     Retirement Savings Plans:

• You are responsible for contacting INPRS to complete the work needed to start the TRF pension benefit.
• You are responsible for contacting Principal to decide the future of your 401a account.
• If enrolled in the 403b, you are also responsible for contacting Nationwide to decide the future of that account.

Voluntary Insurance Contact List

Below is a contact list of Avon’s voluntary benefits. Please contact them directly if you want to pursue individual coverage beyond your retirement.

• American Fidelity – Accident, Cancer, Critical Illness, Disability, Hospital, Life
  • Contact Policy Continuation | American Fidelity
  • (800) 943-2331
• American Fidelity – Health Savings Account (HSA)
  • HSAs are individually owned and do not expire. You take your account with you.
• American Fidelity- Flexible Spending Account/Dependent Care Account
  • Terminates on your last day of work.
• VSP - Vision Insurance
  • VSP Vision Care | Vision Insurance
  • 800.877.7195