RE: Employee Benefits Program – Important Information regarding benefits available to City employees and their families
DATE: April 20, 2020
I. Health Benefits Program
Retiree Health Benefits Applications or Program Inquiries:
The Health Benefits Retiree client service walk-in center is closed.
Due to the closure of the office, retirees after are requested to please submit inquires or documents as follows:
1) Inquires and questions can be emailed to healthbenefits@olr.nyc.gov
2) Forms/documents can be sent via email to NYCRetireesHBP@emblemhealth.com
Medicare Part B/IRMAA Reimbursements:
Please be advised that the Health Benefits Program’s website is updated with the following payments information.
1) Medicare Part B Reimbursements for the calendar year 2019:
Medicare Part B 2019 reimbursements will be distributed by the end of April 2020.
2) IRMAA payments for the calendar year 2019:
IRMAA 2019 reimbursements are scheduled to be issued by the end of October 2020.
3) Medicare Part B differential payments for the calendar year 2019:
Medicare Part B 2019 differential reimbursements are scheduled to be issued by the end of March 2021.
For additional information, please direct employees to the Health Benefits Program’s website at:
https://www1.nyc.gov/site/olr/health/healthhome.page
https://www1.nyc.gov/site/olr/health/retiree/health-retiree-responsibilities-assistance.page
II. Deferred Compensation Plan
Deferred Compensation Plan Forms and Plan Inquires:
The Deferred Compensation Plan client service walk-in center is closed.
You can contact a Plan representative at (212) 306-7760.
Please submit your documents as follows:
1) Inquires and questions can be sent via email to https://www1.nyc.gov/site/olr/webforms/send-message-deferred-compensation-plan-nyce-ira.page
2) Forms/documents can be sent via email to NEWYRK@VOYAPLANS.com. Forms can also be faxed to 844-299-2362.
For additional information, please direct participants to the New York City Deferred Compensation’s website at: www.nyc.gov/deferredcomp.
Coronavirus related Plan Changes:
As a result of the signing into law of the Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”) on March 27, 2020, the New York City Deferred Compensation Board approved the following amendments to the New York City Deferred Compensation Plan/NYC IRA (the “Plan”):
1) The CARES Act adds a new category of distribution, referred to as a “coronavirus-related distribution”.
A coronavirus-related distribution is a withdrawal of up to $100,000, with no early withdrawal penalty, from any of the DCP Plans made before December 31, 2020, to a qualified individual. A “qualified individual” is an individual who:
• is diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention, or
• has a spouse or dependent diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention, or
• experiences adverse financial consequences as a result of (i) being quarantined, furloughed or laid off or having work hours reduced due to COVID-19, (ii) being unable to work due to lack of child care due to COVID-19.
The coronavirus-related distribution is subject to applicable federal, state and local income taxes. Federal taxes may be spread over three taxable years from the date of distribution. The participant may repay the distribution over a three year period.
The Plan has created a Coronavirus Related Distribution Form. The form is available in a dedicated Coronavirus section on the Plan website at https://www1.nyc.gov/site/olr/deferred/dcp-caresactcovid19.page
2) The CARES Act increases the maximum loan limits to $100,000 (currently $50,000) for any loan made from the 457 Plan or the 401(k) Plan to a “qualified individual” (as defined above) during the 180 day period beginning on March 27, 2020 to on or about September 23, 2020.
The CARES Act also extends the due date for a “qualified individual” with an existing loan from the 457 Plan or 401(k) Plan. For any loan repayment that occurs for a Plan loan during the period March 27, 2020-December 31, 2020, the due date for the repayment is delayed one year and the term of the loan is extended by one year.
The Plan has created a Coronavirus related loan form and a Coronavirus related loan extension form for “qualified individuals”.
Both forms are available in a dedicated Coronavirus section on the Plan website at https://www1.nyc.gov/site/olr/deferred/dcp-caresactcovid19.page
3) The CARES Act waives Required Minimum Distribution (RMD) payments for participants and beneficiaries for calendar year 2020 from the 457 Plan, 401(k) Plan, 401(a) Plan and the NYCE IRA. The waiver applies to the 2020 RMD and the 2019 RMD (grace period RMD) required to be paid by April 1, 2020.
The Plan has created an RMD Waiver Form accompanied by a letter to all Plan participants who have scheduled RMD payments through 2020. The letter will advise participants of the CARES Act and the option to waive their scheduled 2020 RMD payment.
The form is available in a dedicated Coronavirus section on the Plan website at https://www1.nyc.gov/site/olr/deferred/dcp-caresactcovid19.page
—
Oren Barzilay
President
FDNY EMS Local 2507