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I’m thinking about retiring from the plant sometime before the end of the year but I have a questions about how to best manage my remaining time off. I haven’t used any of my vacation, personal, and holiday days yet and probably won’t if I plan to if I retire this year but I’d like to use that time off after my retirement date so I can hold on to my health benefits with the company another month or two. Would I still be considered “on the clock” with the company if they’re paying me for earned time off after my retirement date? I still won’t be eligible for full social security but my goal is to extend the company health benefits as long as I can while I look for an affordable option. I would appreciate any advice or suggestions, Thanks.
Jack, Please make sure after you retire your company will let you use those unused vacation, sick day 's and holiday 's you didn't take. Also if you have to pay for your health insurance? I am sure you trust your company will do these things but please be sure and check everything out before you retire. If all is good I say Enjoy yourself and travel and visit with friends and family. All the best , Lisa Renwick
I'm not an expert but you should check and double check with the HR department because some of those time off benefits could be "use it or lose it" and others paid out. Ask about COBRA eligibility for extended healthcare after you retire.
This is a really great question Jack! I'm not sure of the answer, but I'm sure some other fellow Jobcasers may have an idea. I'm interested to know for future as well!
Jack,
Your retirement is a termination of employment event which normal would trigger you being eligible for CORBA but you would need to check with your HR department to ensure you have all the facts. If you have the option of being paid for your unused time then you could use those funds to offset the cost of your CORBA benefits.
The advantage of CORBA is whatever your benefits are now is what they would remain. The disadvantage is the cost for your coverage will go up. Also be certain to find out how long you will be able to receive CORBA.
Normally, it is only for six months after your employment ends.
All the best to you Jack.