Retirement At A Glance – NKCH Only

  
EligibilityAny permanent employee of North Kansas City Hospital who has completed one (1) year of service and age criteria (age 21) will be eligible to participate in the Hospital’s retirement plan. A permanent employee is described as any employee who is classified as full time, part time, part time on call, or PRN. One (1) year of service is described as the 12-month period that begins on your employment date and ends on your first employment anniversary date.
EnrollmentIs automatic. You join the Plan on January 1 after attaining age 21 and completing one (1) year of service.
CostThe Hospital pays the entire cost of the plan.
VestingYou are vested (entitled to a pension benefit) if you have 5 years of credited service or reach age
62. A year of credited service is any calendar year in which you receive pay and are credited with totaling at least 1000 hours or service.
Normal Retirement DateYour normal retirement date is the first of the month following your 65th birthday.
Early Retirement DateOnce you are vested, the earliest you may receive any benefit from the plan is the date you reach age 55 and have at least 10 years of continuous service. Or, you may retire at age 62. If you retire early, your monthly benefit will be reduced because payments begin at a younger age and are paid for a longer period of time. The percentage is based on the number of years you retire early. “Continuous Service” shall mean the number of years of service from your first date of employment to your separation date.
Insurance ContinuationYou may continue your coverage until the first of the month in which you reach age 65 provided you have been enrolled in the Hospital’s medical, dental and/or vision plan for at least the five consecutive years prior to retirement. You must retire from the Hospital and start taking retirement pay immediately.

Retiree health, dental and vision coverage will be identical to the health, dental and vision coverage offered to active employees. As a retiree, you will be required to pay Retiree premiums for the benefits. The rates are subject to change January 1st of each year.

The Hospital (at its sole discretion) reserves the right to any time to change, modify, or discontinue the retiree medical, dental and/or vision coverage. Acceptance and enrollment in the retiree medical, dental, and vision coverage is only for so long as the Hospital chooses to continue the Plan for active employees, you make required contributions in the amount determined by the Hospital, and you have not become entitled to coverage by Medicare.
Disability BenefitIf, while an active employee, you become totally disabled and receive a Social Security disability award, you will be entitled to receive a monthly disability payment equal to your earned benefit, payable until age 65, death, or recovery. You must be an active employee at the time you receive your Social Security award. Receipt of this disability benefit does not affect your retirement benefits payable at your normal retirement date.
Death BenefitIf, while an active employee, you become totally disabled and receive a Social Security disability award, you will be entitled to receive a monthly disability payment equal to your earned benefit, payable until age 65, death, or recovery. You must be an active employee at the time you receive your Social Security award. Receipt of this disability benefit does not affect your retirement benefits payable at your normal retirement date.
Annual Benefit StatementEvery year you will be provided a comprehensive benefit statement that outlines your current benefits.
Retirement ProcedureBegin the pension distribution by calling the Retirement Transition Service counselors with Transamerica, 1-800-755-5801 6-8 weeks prior to last day worked.

NKCH Human Resources: You are required to give your department manager a minimum of two weeks’ notice. Human Resources must have 6-8 weeks’ notice in order to prepare the final payroll and benefit documents. If you retire, you will be paid your accrued but unused PTO and STD hours. These hours may be deferred to a qualified VOYA account or paid in cash, subject to normal payroll taxes. Medical Leave (ML) hours are not eligible for payment at retirement.

Call NKCH Human Resources if you have any questions. 816-691-2062.
Pension Retirement At A GlanceCLICK HERE TO VIEW