| What is a bona fide
termination? |
Bona fide termination
equals at least 120 days off the Trinity Health payroll system. |
| What do you mean
by no guarantee of rehire? |
This means that at the
time of an employee's termination of employment, there must be no agreement or
understanding (written or verbal) that the employee will be, or is likely to be,
automatically rehired at a later date. The employee's position will not be held
open for them. |
| Why was 1300 hours
of work chosen as the threshold for allowing employees under age 65 to continue
receiving their pension benefit? |
The 1300 hours of work
equates to working no more than 25 hours per week. This level of hours also allows
most employees to be eligible for benefits such as medical plan coverage. |
| Will I be eligible
for the Trinity Health matching contribution if I return to work and I am collecting
a Trinity Health pension benefit? |
Yes. If you contribute to the Trinity Health Retirement
Savings Plan, you will be eligible for an employer matching
contribution. Any additional employer matching contributions will
be converted to an annuity and added to your pension payment. |
| Will I receive additional
pension benefit credits if I return to work? |
For employees under age 65 who retire and return to work
at Trinity Health, they will receive additional pension
credits for the time they work. This means when they stop
working completely for Trinity Health, their pension benefit
will be recalculated using the additional service which
may result in an increased monthly benefit.
Employees who retire on or after age 65 and return to work at Trinity Health will
also have their benefit recalculated when they stop work completely. However,
in most cases, this will not result in an increase in their monthly benefit.
|
| If I am participating
in phased retirement and am under age 65, what happens if I work more than 1300
hours? Can I start phased retirement again? |
If you work more than 1,300 hours, your benefit
will be suspended until you reach age 65 or terminate employment. After a bona
fide termination you may re-apply to work at Trinity Health, at which time the
same limitations would apply (i.e. you may not work more than 1,300 hours if you
are under age 65 and receiving a benefit). |
