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If you're thinking about retirement, you've got a lot on your mind. It's one of the most important steps you'll ever take. DFIN can help you get there with a variety of benefits that work hand in hand with Social Security, Medicare and your own personal savings.

What Happens to Your Benefits at Retirement

The information below is an overview of what generally happens to your benefits on your separation at retirement. Different rules and requirements may apply in certain situations (for example, if you retire due to a long-term disability).

Health Care Coverage

Health insurance coverage ends at midnight on the day you separate from DFIN. You, your covered spouse/domestic partner and dependent child(ren), if any, may elect to continue medical, dental and vision coverage (known as "COBRA coverage") under the plan for up to 18 months from the date of your qualifying event. (In certain instances, this 18-month period may be extended to 29 months or 36 months.) Refer to the Summary of Benefits When Your Employment Ends for more information.

Health Savings Account (HSA)

You own your HSA and any funds in your account. You may continue to use your HSA for qualified health expenses, but you may no longer contribute to your HSA through payroll deductions. If you continue to be enrolled in a high-deductible health plan, you may still contribute to your HSA.

Once you enroll in Medicare:

  • You cannot contribute to your HSA.
  • You can continue to use your HSA funds tax-free for eligible expenses, including certain premiums, deductibles, copays and coinsurance.
  • You can use your HSA to pay for things other than qualified medical expenses, although federal, and in some instances, state income taxes would apply. Some states tax HSA account earnings. Consult your tax advisor for details, including the tax rules that may apply in your state.

Health Care Flexible Spending Account (FSA)

Your FSA debit card will be deactivated as of your separation date, but you may continue to submit eligible expenses to Your Spending Account for your Health Care FSA up to the full amount of your annual election, less any amount that has already been reimbursed, provided the services were incurred on or prior to your separation date.

You have until March 31 of the year following your separation effective date to submit eligible expenses for reimbursement, as long as the expenses were incurred prior to your separation effective date.

You may continue your Health Care FSA until the end of the year in which you separate from DFIN by making a COBRA election. If you elect COBRA continuation coverage, you can only make after-tax contributions to your FSA account since you will no longer have payroll deductions. If no COBRA election is made, any funds remaining in your Health Care FSA after March 31 of the year following your separation effective date will be forfeited.

Dependent Care Flexible Spending Account (FSA)

For your Dependent Care FSA, you can request reimbursement for eligible expenses incurred up to your separation date if submitted by the deadline (March 31 of the year after the calendar year in which you participated).

Employee Assistance Program (EAP)

EAP coverage ends at midnight on the day you separate from DFIN, unless you elect COBRA continuation coverage.

Group Term Life/AD&D and Voluntary Term Life Insurance Coverage

Coverage ends on your last day worked. If you are currently covered, you generally have 31 days from your separation effective date to port or convert your current coverage. Log onto Prudential Life Insurance (company access code: 52179) and look under the forms section to access the conversion or portability request form.

Short-term Disability (STD) and Long-term Disability (LTD) Insurance Coverage

STD coverage generally ends on your last day worked except due to a qualified separation in accordance with the Donnelley Financial Separation Pay Plan. LTD benefits continue regardless of your employment status as long as you remain disabled.

MetLife Supplemental Health Care Coverage

Your Accident, Critical Illness, and/or Hospital Indemnity Insurance are generally portable, meaning you can take them with you after your employment status changes, as long as you continue paying the premiums. Please refer to your certificate(s) for coverage details.

Donnelley Financial Savings Plan [401(k)]

You can request a distribution of your entire 401(k) account balance. If your account balance exceeds $1,000, you have the option to leave your account balance in the Savings Plan, or you may request installment distributions.

401(k) Checklist:

  • When you reach age 50, consider making catch-up contributions to your 401(k) Savings Plan account. For up-to-date IRS contributions limits, visit irs.gov.
  • Within five or even 10 years of your expected retirement date, consider reviewing your contribution and investment strategy with a financial planner. If you decide to change your contributions or investment allocation, contact Empower Retirement.
  • Within 30 to 60 days after your retirement date, if you are participating in the 401(k) Savings Plan when you retire, you will receive a kit at your home address. The kit will include information about your distribution options and consent requirements, plus a notice of important tax withholding information.

Pension

If you are eligible for a pension benefit, you can receive an unreduced retirement benefit, in most cases, at age 65. Generally, you can receive an early retirement benefit as early as age 55 if you have at least five years of vesting service. Your early retirement benefit will be reduced to reflect the fact that you will be receiving payments over a longer period of time.

Commuter Program

WageWorks will automatically receive your separation information and cancel your eligibility to participate in the commuter program. Any scheduled recurring commuter orders will be cancelled on the date of your termination or the date WageWorks is notified of your termination date, whichever date is later.

Depending on when WageWorks receives notice of your termination date, you could be charged for an additional month of commuter benefits. To ensure this does not occur, contact WageWorks to cancel your recurring monthly commuter election following your termination. The benefit election cut-off date is the 10th day of each month for the next month's commuter benefit.

Additional Voluntary Programs

Your voluntary benefits are generally portable, meaning you can take them with you if your employment status changes, as long as you continue paying the premium. Certain eligibility requirements and limitations may apply. If you are participating in any of the voluntary programs and wish to continue your coverage, contact the vendor directly.

What Happens When You Work Beyond Age 65

If you continue working for DFIN after you are eligible for Medicare, learn the key things you should to know about your health and welfare benefits.

Social Security Benefits

Learn about your Social Security benefits and access helpful online retirement planning tools and step-by-step instructions for applying for your benefits.