ENHANCED VOLUNTARY RETIREMENT WINDOW (EVRW)
Frequently Asked Questions
What is the Enhanced Voluntary Retirement Window?
Just as the name suggests, it is an entirely voluntary program. You decide if it is right for you. If you are employed by more than one Archdiocesan employer, the EVRW requires that you terminate employment from all positions and all employers within the Archdiocese. It also requires that you execute multiple documents by specific deadlines, including a waiver of claims against your employer and the Archdiocese, to receive the benefits offered under the EVRW.
What benefits will be available to me under the EVRW?
The benefits you might be eligible to receive under the EVRW, and documents and releases that you will need to execute, are explained in the Summary of Benefits and other EVRW materials you will receive in your personalized EVRW package. General information on the EVRW benefits is shown below – but you must refer to your personalized package and release to learn what specific benefits apply to you and the conditions to receiving those benefits. Depending on the benefits you are eligible for, the EVRW will:
· Grant you an additional five (5) years of service credit and increase your age by five (5) years for purposes of determining your benefit under the Archdiocesan Pension Plan. The additional service and age credit will be used to calculate your accrued benefit and determine your vesting and eligibility for early retirement under the Pension Plan.
· Provide a lump-sum severance payment as reflected on your Summary of Benefits in your retirement package.
· Provide employer paid continued medical coverage for a limited period. See your Summary of Benefits for more details on this benefit. If this benefit is not listed on your summary, you are not eligible for this benefit.
Why did I receive this offer?
You received this offer because it is believed that you meet the following criteria:
In addition, if you are age 65 or older, it is recommended that you contact your local Social Security Administration Office and schedule an appointment to learn about your options under Medicare Part A and Part B, when you may elect Medicare coverage, and the cost of Medicare coverage, and any penalties for late election of Medicare coverage.
If you participate in a different medical plan sponsored by your employer, continuation of coverage may also be available under that other plan after your medical coverage terminates. Contact your employer for more information on your medical plan options.
What happens to my Life Insurance when I retire?
If you are covered under The Hartford Group Life Insurance Plan, your life insurance coverage ends on your last day of employment. For Continuation of Life Insurance coverage under the Portability Option or Conversion Option, you will need to complete an election form within 31 days of the date your coverage ends. Forms are available through your local benefits administrator or by calling The Hartford at 1-877-320-0484.
If you are not covered under The Hartford Plan, please contact your employer for more information on your life insurance options effective as of your Retirement Date.
Can I be rehired by the Archdiocese after I retire?
It is not intended that any employee electing to retire under the EVRW will be rehired by any entity within the Archdiocese.