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Retirement

So—after years of hard work, you’re thinking about retiring. Congratulations! Thank you for your valuable contributions to this Company. 

The following information will help you plan for retirement and connect you with the resources you need throughout the process. 

Where do you want to start? 

  • What happens to your Company benefits and when
  • Choosing when to retire 
  • Retirement timeline 
  • Retiree healthcare coverage

find it fast

Choosing When to Retire

As you think about when to retire, keep in mind that your age and years of service may affect your eligibility to receive benefits or other payments from certain programs. 

If you are under age 65 when you retire: 

  • You must be at least age 55 with at least 10 years of service to receive a prorated bonus from the Annual Incentive Plan (AIP) for the plan year in which you retire, even if you’re not employed on December 31 of that year. 
  • You must be employed on December 31 of the plan year to receive a Retirement Account Contribution (RAC) of up to 3% of eligible pay contributed to your 401(k) account.  
  • You are not yet eligible for Medicare and will have to consider healthcare coverage (see the Retiree Healthcare Coverage tab for details). 
  • At age 62, you will become eligible for Social Security Benefits. 
  • Note: A select group of employees enrolled in the Supplemental Deferred Compensation Plan can receive a retirement benefit from the plan at age 55. Contact Lockton Financial Advisors for more information: Executive.Benefits-KCNQ@lockton.com.

If you retire between ages 62 and 70: 

  • You can begin receiving your Social Security retirement benefits anytime between ages 62 and 70. However, the age you begin receiving benefits affects the size of your monthly Social Security benefit. Get details from the Social Security Administration at ssa.gov. 

If you are at least age 65 when you retire: 

  • You are eligible for Medicare healthcare coverage (see the Retiree Healthcare Coverage tab for details).
  • You must have at least five years of service to receive an AIP Bonus and LTI Payment. 
  • You can receive a prorated RAC for the plan year in which you retire, without having to be employed on December 31 of that year. 

Retirement Timeline

As your chosen retirement date approaches, use the following checklist to take the right actions at the right time.

Timing

Action

180 days prior to retirement
(6 months)
  • Notify your manager and HR of your intent to retire. Review your retirement plan options and discuss your situation with a tax advisor.

90 days prior to retirement
(3 months)
  • If you want to begin receiving Social Security right away and are at least age 62, apply for Social Security benefits, if applicable. You may apply online at www.ssa.gov/benefits/retirement, in person, or by calling 1-800-772-1213. 
  • If you are at least age 65 or otherwise eligible for Medicare by your retirement date, apply for Medicare. You may apply online at www.ssa.gov/benefits/medicare, in person, or by calling 1-800-772-1213. 
  • Contact Fidelity, your 401(k) Plan administrator, to request a 401(k) estimate, if applicable. Call Fidelity at 1-800-835-5095 or visit netbenefits.com.

30 – 60 days prior to retirement
(1-2 months)
  • Contact your manager to prepare for your last day, which includes submitting your letter of resignation in writing. 
  • Review your coverage options and work with the Benefits4Me Program Service Center to determine which options work best for you. Call 1-844-279- 7894, Monday through Friday, 9:00 a.m. and 6:00 p.m. ET.
  • You can learn more at Benefits4MeEnroll > I Want to > Learn About > Planning to Retire.

Upon retirement
  • Your Company medical, dental, and vision coverage will continue until the last day of the month in which you retire. 
  • After your retirement date, you’ll be mailed an information packet about COBRA continuation coverage. Note: This information is a legal requirement explaining your right to continue certain benefits for a limited time after your retirement. 
  • Contact Fidelity, your 401(k) Plan administrator, for your account withdrawal options, if applicable. Call Fidelity at 1-800-835-5095 or visit netbenefits.com. 
  • Review your options and work directly with the carrier to convert any applicable life insurance coverage.

Retiree Healthcare Coverage

The age at which you retire affects the coverage available to you.

If you retire when you or a family member you cover for health insurance is under the age of 65—and therefore not yet eligible for Medicare—you need to consider how you will maintain health insurance coverage. You may:

  • Extend your current Company health coverage under COBRA for a limited time (see details below)
  • Consider enrolling in your spouse or domestic partner’s plan through their employer, if available
  • Buy coverage through Via Benefits or the Marketplace at healthcare.gov. Note: Via Benefits can’t enroll residents of Vermont, Rhode Island, or Massachusetts in plans through the marketplace or directly through the insurance carrier due to state licensing restrictions. However, Via Benefits can help you choose a plan from publicly available information on the state’s anonymous shop and compare websites.
  • Review this Planning for Medicare recorded presentation to hear from BCBSMA on the countdown to 65. 

Note: A select group of legacy Sigma Aldrich and Millipore Chemicals employees may be eligible for retiree medical benefits if they meet certain age, service, and other requirements. Review your benefit options and eligibility on benefits4meenroll.com.

COBRA Coverage 

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows you to continue your active coverage for up to 18 months following your retirement. 

  • You will receive information regarding the cost of COBRA, how to elect coverage, and how to pay your premiums shortly after your retirement.
  • You can elect to purchase continued medical, dental, and/or vision coverage, as long as you are enrolled in these plans on your last day of work. You may also be eligible to continue your Health Care Flexible Spending Account (FSA) and/or participation in the Employee Assistance Program (EAP).
  • The cost of COBRA is 102% of the total monthly premium for medical, dental, vision, and a Health Care FSA —which means it may cost you more than the other health insurance options available to you. Continuing participation in the EAP will cost you 102% of the cost the Company pays to offer that coverage to you, since you don’t pay for coverage as an active employee.

No matter when you retire, you must enroll in Medicare once you reach age 65. 

Medicare is the federal health insurance program for people: 

  • Age 65 or older
  • Under age 65 with certain disabilities 
  • Any age with End-Stage Renal Disease (ESRD), which is permanent kidney failure requiring dialysis or a kidney transplant 

Key Terms

Part A: Hospital Care

Part B: Medical Care

Note: Part A and Part B are each part of original Medicare, which is provided by the federal government

Part C: Medicare Advantage

Part D: Prescription Drugs

Note: Part C and Part D are offered by private insurance companies

Medicare is made up of four parts:

Medicare

What It Covers

What You Pay

Additional Notes

Medicare Parts A and B make up the Original Medicare program, offered by the federal government

Part A: Hospital Insurance
  • Inpatient hospital services 
  • Skilled nursing facilities 
  • Hospice care
  • Some home healthcare

$0 premium if you have paid 40 quarters’ (10 years’) worth of Medicare taxes. If you have paid fewer, premiums are determined by the Social Security Administration.

Original Medicare (Parts A and B) does not cover: 

Routine foot care

  • Most prescriptions
  • Long-term care (also called custodial care)
  • Most dental care and dentures
  • Eye exams 
  • Cosmetic surgery
  • Acupuncture
  • Hearing aids and exams

Part B: Medical Insurance
  • Doctor visits
  • Outpatient care
  • Medical supplies
  • Chemotherapy
  • Preventive services

Standard base premium for 2025 is $185 per month (may be higher based on income) and usually deducted from your Social Security check. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). If you aren’t taking Social Security benefits, you’re responsible for paying Medicare premiums independently.

Medicare Parts A and B make up the Original Medicare program, offered by the federal government

Part C: Medicare Advantage Plan

All Original Medicare services and may cover extra benefits such as: 

  • Fitness benefits
  • Prescriptions
  • Dental coverage
  • Vision coverage

You may pay a low monthly premium to a private plan, while continuing to pay your Medicare Part B premium to the federal government.

This coverage caps your out-of-pocket spending on covered medical costs.

You are required to have both Parts A and B before you can enroll in a Medicare Advantage Plan.

Part D: Medicare Prescription Drug Plan
  • Covers Medicare-approved prescription drugs 
  • Often included in a Medicare Advantage plan

You may pay a monthly premium. Can be purchased separately to go with Original Medicare.

You can only enroll in Medicare Part D if you have Part A and/or Part B coverage.

As an alternative to Part C and D, you may also find other Supplemental or Advantage benefit programs available through private insurance companies. As you consider which coverage is best for your needs, ask yourself:

  • Would you prefer to pay a higher monthly premium in exchange for less money when you receive care and a wider network of providers?
  • Do you anticipate having significant medical expenses after you turn 65?

There is no one right answer about which coverage to choose. If you have questions about your options, Via Benefits can help: Learn more about Via Benefits.

Enrolling in Medicare 

You have an opportunity to enroll in Medicare Parts A and B during your Initial Enrollment Period (IEP), which is a seven-month window that begins three months before you turn 65 and ends three months after your birth month. For example, if you turn 65 on September 29, your IEP would be from June 1 – December 31.

If you don’t enroll in Medicare during this time, you may have to pay a later enrollment penalty for as long as you have Part B coverage. Your monthly premium will go up 10% for each 12-month period you were eligible for Part B but didn’t enroll. This penalty does not apply if you delayed enrollment because you were covered under a group medical plan. For example, if you retire from our Company after age 65, and you provide proof of coverage under our Company medical plan, you would not be penalized.  

The Annual Election Period (AEP) runs every year between October 15 and December 7. This will be your once-a-year opportunity to change your health plans and prescription drug coverage for the coming year. 

You have two options: 

  1. Sign up to get only Medicare coverage 
  2. Apply to start getting benefits from Social Security (or the Railroad Retirement Board). Once you’re approved to get those benefits, you’ll automatically get Part A coverage. You’ll choose if you want Part B coverage when you apply for benefits. 

When you’re ready, contact Social Security to sign up:

  • Apply online (at Social Security): This is the easiest and fastest way to sign up and get any financial help you may need. You’ll need to create your secure my Social Security account to sign up for Medicare or apply for Social Security benefits online.
  • Call 1-800-772-1213. TTY users can call 1-800-325-0778.
  • Contact your local Social Security office.
  • If you or your spouse worked for a railroad, call the Railroad Retirement Board at 1-877-772-5772.

For more information about Medicare, call your local Social Security Office.

Note: If you’re currently enrolled in the Consumer Choice Plan with HSA when you enroll in Medicare, you can’t make contributions to your HSA for any months after you are enrolled in Medicare, even if you’re also covered by an HSA qualifying plan.  

What Happens to Your Company Benefits and When

Once you hit your retirement date, many of your benefits will be discontinued. The following information explains what will happen and provides contact information for the carriers you can call with questions. 

Benefit

What Happens Upon Termination

What Actions Do I Need to Take?

Provider

Provider Contact

Medical and
Prescription Drug

Your current coverage and rates continue until the end of the month in which you separate from employment. After that time, COBRA continuation coverage is available at your own expense for up to 18 months by paying 102% of the cost.

COBRA election forms will be mailed to your home automatically. You have 60 days to elect COBRA at www.benefits4meenroll.com or by calling the Benefits4Me Program Service Center at (844) 279-7894.

You will receive new member ID cards when you transition to COBRA.
See the last page of this guide for COBRA premium rates

Blue Cross and Blue Shield of Massachusetts (BCBSMA) (Medical)

Express Scripts (Rx)

www.bcbsma.com
(888) 618-7013


www.Express-Scripts.com
(800) 396-2256

Dental

Same as above

Same as above

Delta Dental of
Massachusetts

www.deltadentalma.com
(800) 872-0500

Vision

Same as above

Same as above

EyeMed Vision Care

www.eyemed.com
(866) 299-1358

Employee Assistance Program

Same as above

Same as above

Comprehensive EAP

www.compeap.com
Username: Benefits4Me
Password: Benefits4Me

Flexible Spending Accounts

Dependent Care (DCFSA)

Health Care (HCFSA)

Payroll deductions cease as of
your last day of employment.
HCFSA: Eligible medical services provided prior to your date of termination will still be eligible for reimbursement. Services provided after the date of separation will not be eligible unless you elect to continue coverage under COBRA.
DCFSA: Your balance will continue to be available for reimbursement of eligible services provided at any time within your plan year.

Submit reimbursement claims for any eligible HCFSA or DCFSA expenses by March 31 of the following year.

MyChoice Accounts through Businessolver

www.benefits4meenroll.com
(844) 279-7894

Health Savings Account (HSA)

Payroll deductions cease as of your last day of employment.
Funds already deposited into your HSA remain in your account and automatically roll over from one
year to the next.

Since you are the owner of your HSA, you may continue to use the HSA funds for qualified healthcare expenses or save them for the future.
You may also roll over your HSA balance to another HSA, such as your own bank’s or one through a new employer.

Fidelity

www.netbenefits.com
(800) 544-3716

401(k) Savings & Investment Plan

Participation ends on your last day
of employment.
You are 100% vested in Company-matching contributions made to your 401(k) account, which means they are always available to you, even when you leave the Company.
You will also have access to any Retirement Account Contributions (RAC) that have become vested. As a reminder, RAC vests 20% per year of service and are 100% vested after you have five or more years of service.

Upon separation, Fidelity will send information about distribution options in the mail to the preferred address you have on file with Fidelity. These options include leaving funds in your current account or rolling funds over to a different retirement account.
Employees with a 401(k) loan outstanding at the time of separation may choose to:

Default on the loan
If you do not enroll in loan repayment or pay the loan in full within 90 days of the end of the month of the separation date, the loan will automatically default, causing the outstanding principal to be considered a taxable distribution subject to state and federal taxation and penalties.

Enroll in Fidelity’s 401(k) loan repayment option

Pay off the loan in full

Fidelity

www.netbenefits.com
(800) 835-5095

Life Insurance:

Dependent

Basic

Supplemental

Coverage ends on your last day
of employment.

You may be able to convert your supplemental life insurance coverage and pay premiums directly to Sun Life. Premiums may be higher than those paid by active employees.
Once your Company-provided life insurance coverage ends, Sun Life will mail paperwork to your home address about converting your coverage to an individual policy. You must take action within 31 days of your termination in order to avoid an interruption in coverage.

Sun Life

www.Sunlife-AMS.com
(866) 806-3619

Accidental Death and Dismemberment Insurance (AD&D)

Coverage ends on your last day
of employment.

N/A: There is no conversion option available.

Sun Life

www.Sunlife-AMS.com
(866) 806-3619

Short-Term/Basic and Buy- Up Long-Term Disability*

Coverage ends on your last day
of employment.

N/A: There is no conversion option available.

Sun Life

www.Sunlife-AMS.com
(833) 812-5184

Backup Day Care*

Coverage ends on your last day
of employment.

N/A

Wellthy

wellthy.com/member/benefits4me
(877) 588-3917

Voluntary Benefits:

Whole Life with Long Term Care

Critical Illness

Hospital Indemnity

Accident Insurance

Payroll deductions cease as of the last day of employment.

Information on how to continue the coverage through a direct bill arrangement will be sent to your home address within 30 days of your last day or employment.

Allstate

allstatebenefits.com
(866) 828-8501

Group Legal Coverage

Payroll deductions cease as of the last day of employment.

To set up direct payment, call the MetLife Client Service Center within 30 days of your last day of employment.

MetLife

members.legalplans.com
(800) 821-6400

Identity Theft Protection

Payroll deductions cease as of the last day of employment. When employment ends, you will be
placed in a 30-day complimentary service period.

Within 30 days of your separation date, an email will be sent to the email address on file with information about switching to a credit card payment.
If you do not receive this email, please call the customer support number.

MetLife
(powered by Aura)

metlife.com/identity-and-fraud-protection/
(833) 552-2123

Auto/Home

If you pay the carrier directly (i.e., direct bill): Your current direct bill arrangement will continue until the end of your policy year.

If you pay via payroll deductions: Payroll deductions cease as of the last day of employment.

N/A: Your current arrangement will continue.

A coverage continuation form will be mailed to you to set up direct payment. You may also contact your insurance company directly to arrange an alternate payment method.

Farmers or
Liberty Mutual

Farmers:
www.farmers.com/groupselect
(Discount Code: AN3)
(800) 438-6381
Liberty Mutual:
libertymutual.com/benefits4me
(Client Code: #135512)
(844) 441-2592

Purchasing Power

Access to the program ends on your last day of employment. Payroll deductions for any purchases you have made through Purchasing
Power will cease as of the last day
of employment.

If you are in repayment for a purchase, Purchasing Power will contact you via email, phone, or mail to arrange direct bill. You may also reach out to Purchasing Power directly.

Purchasing Power

benefits4me.purchasingpower.com
(888) 923-6236

Kashable

Access to the program ends on your last day of employment. If you have an open Kashable loan, payroll deductions cease as of the last day of employment. There will be no changes to your rates or terms.

You are still responsible for repaying the remaining balance of your loan. Please contact Kashable directly to set up an alternative repayment method for the remainder of your loan repayment schedule. You may also repay your loan in full at any time with no prepayment penalty.

Kashable

kashable.com/
employee-emd.html
(646) 663-4353

Pet Insurance

Payroll deductions cease as of the last day of employment.

A coverage continuation form will be mailed to you to set up direct payment. You may also contact MetLife directly to arrange an alternate payment method.

MetLife

metlife.com/getpetquote
(800) 438-6388

Discount Program

Program availability ends on your
last day of employment.

N/A: There is no option available to continue the program.

PerkSpot

benefits4me.perkspot.com

Access Code: benefits4me

Wellness Program & Incentives**

Eligibility for the Benefits4Me
Wellness Program and incentives ends on your last day of employment.

If you have earned any incentives as part of the wellness program, they will be paid following the normal quarterly payout schedule.

Sharecare

benefits4me.sharecare.com
(800) 806-3996

Tuition Reimbursement*

If you voluntarily separate employment from the Company,
you are responsible to reimburse
the Company for any payments received under this program within the 12 months prior to separation from employment.
If your separation is involuntary, you are not required to reimburse the Company for any tuition payments.

Any payments due following voluntary separation must be made within 30 days of your last day of employment.

EdAssist

hr4you.edassist.com/

Adoption Assistance*

Eligibility for adoption assistance ends on your last day of employment

You must submit for reimbursement prior to your separation date. If you have submitted for reimbursement prior to your last day of employment, you may be eligible to receive payment even after you leave the Company.

HR4You

HR4You.merckgroup.comHR4You.com
(855) 444-5678

Transit Benefits**

Transit: Eligibility for the program ends on your last day of employment. Expenses incurred after the separation date are not eligible. The debit card also cannot be used after separation.

Parking: Eligibility for the program ends on your last day of employment. Expenses must be incurred prior to separation. Any expenses incurred after termination are not eligible for reimbursement.

N/A

You can continue to submit claims for expenses incurred prior to becoming ineligible. You have 90 days to submit your claim for reimbursement.

MyChoice Accounts through Businessolver

www.benefits4meenroll.com
(844) 279-7894

Retiree Medical

You are no longer eligible for active employee medical coverage through the Company.

If you’ve retired from the Company at age 55 or older, shop for retiree medical coverage through Via Benefits, which helps you navigate your coverage options and gives you access to coverage at a more affordable rate than you are likely
to find on your own.

Via Benefits

For coverage before
age 65:
marketplace.viabenefits.com/Benefits4Me
(833) 414-1450

For coverage after becoming eligible for Medicare:
my.viabenefits.com/Benefits4Me
(833) 431-1359

Paid Time Off (PTO)

You will receive payment for any earned, unused vacation time. In addition, you may receive payment for unused Floating Holiday(s) per the calendar year’s Floating Holiday policy. You will not receive payment for any unused Time Off Allowance/Sick Time.

If you have a negative vacation balance, the Company will take action to recoup the value of this time.

HR4You

HR4You.merckgroup.com
(855) 444-5678

*Please Note: Union Employees should refer to their union contract for eligibility and the specifics on this benefit.

**Please Note: Union Employees should refer to their union contract for eligibility and the specifics on this benefit. Serono employees should refer to their transit benefits details.

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