BENEFITS FAQ For Medtronic Retirees

See questions about financial benefits, or jump to questions about healthcare benefits or miscellaneous topics below.

Financial Benefits

I’m ready to commence distributions from my Medtronic Retirement Account(s). What do I need to do?

To make distribution withdrawals from your retirement account, you’ll need to contact the Retirement Service Center at 844-335-9042.

I participated in the Capital Accumulation Plan (CAP) as an active employee. When will I receive payments or who do I contact with questions?

CAP distributions (payments) are paid according to the distribution elections you made for each of your deferral sources (e.g. 2017 base salary, 2017 commissions, etc.). You can login to your Aon Hewitt account to view your distribution elections. If you chose a lump sum distribution, it will be paid in January of the year you elected. If you chose monthly distributions upon retirement, they will begin approximately 2-3 months after you retire.

You do not need to take any action to start CAP distributions. CAP distributions are paid via Medtronic payroll, typically on the first payroll of each month. Contact the Retirement Service Center at 844-335-9042 with further questions.

I have a Non-qualified Retirement Plan Supplement (NRPS) benefit. When will I receive payments or who do I contact with questions?

If your NRPS balance is $100,000 or less, you will receive a lump sum payment, to be paid via Medtronic payroll on the first payroll of the month following six months after your retirement date.

If your NRPS balance is over $100,000, you will receive monthly installments over 15 years. Payments will begin via Medtronic payroll on the first payroll of the month following six months after your retirement date – view the 2018 NRPS payment dates here. You will receive more detailed information in the month in which your NRPS payments begin.

I have a non-qualified retirement plan supplement (NRPS) benefit. How do I view and/or update my beneficiary information?

To view your update your NRPS beneficiary information, go to retirement.medtronic.com. When you retire, you will need to register as a new user by completing a few simple steps (note: entering your contact information is optional). If you need help, contact the Retirement Service Center at 844-335-9042.

 


Healthcare Benefits

Can I add retiree medical, dental, and/or vision coverage after I retire?

You may receive retiree health coverage under the Medtronic Pre-65 Retiree Health Plan, including medical, dental, and vision coverage, or access to health insurance through the Aon Retiree Health Exchange if (at the time of retirement) you are a participant earning a benefit in one of the following plans: MRP, PPA, or PIA and were enrolled in the Medtronic Medical Plan (for retiree medical coverage only).

Learn more about retiree and dependent eligibility.

When will I receive paperwork to enroll in retiree health benefits?

Your active medical, dental, and/or vision coverage will continue through the end of the month in which you retire.

WageWorks will send information on Medtronic Pre-65 Retiree Health Plan coverage, if applicable, and your COBRA options directly to your home, with actual costs and instructions on how to pay for your coverage. You must return the election form(s) and make your payment(s) directly to WageWorks to enroll in pre-65 retiree medical, dental, and vision coverage within 31 days of your retirement or receipt of the forms, whichever is later. Your complete enrollment options and the timeframe in which you have to make your pre-65 retiree health plan and/or COBRA elections will be outlined in your packet. If you or your dependent are Medicare-eligible, the Aon Retiree Health Exchange will send information to you.

You will receive this packet approximately 2 to 3 weeks after your employment status has been updated from “Active” to “Retiree” in Workday; you can expect that this update will be made by your HR representative or manager close to or shortly after your retirement date.

Generally, you should expect that the retiree benefit process described above will take up to 30 days from your retirement date. If possible, select a retirement date at the beginning of the month in which you plan to retire. This is especially important if you or your dependent are eligible for Medicare at the time of your retirement.

What is the WageWorks address to send pre-65 retiree medical, dental, and vision payments?

Please send your check or money order to the following address and write your WageWorks identification number on the memo portion of your check or money order. Make checks payable to WageWorks, Inc. and mail to:

WageWorks, Inc.
1155 Reliable Parkway
Chicago, IL 60686-0011

You can also choose to set up automatic withdrawal with WageWorks so that your monthly payment is deducted from your checking or savings account automatically.

Why does pre-65 retiree medical coverage cost more than active coverage?

When you are an active employee, the full cost of coverage is based on all active Medtronic employees and their dependents (a large group of people!), their claims experience and expected future costs. As an active employee, Medtronic pays about 80% of the cost of coverage and you pay 20% of the cost of coverage.

When you are a retiree, the full cost of coverage is based only on Medtronic pre-65 retirees, their claims experience and expected future costs. It’s a smaller and older population, generally with more health risk and expense. In fact, we see that retiree costs are generally 175% of active costs!

If you participated in the Medtronic Retirement Plan (MRP) and have a subsidy, you are paying a percentage of that cost. Your subsidy is calculated at the time of retirement and does not increase each year. If you were a participant in the Personal Pension Account, (PPA) or Personal Investment Account (PIA), you are paying the full cost.

There are many healthcare options available outside of the coverage Medtronic offers — it makes sense to compare plans, costs, and benefit features to see if there is a less expensive coverage option available to you.

How do I know what my MRP retiree medical subsidy amount is?

The value of the Retiree Medical Subsidy was capped on Jan. 1, 2018 and will not increase — even though the total cost of retiree health coverage is likely to continue to increase. Active employees can view their subsidy on My Rewards.

If you retired prior to Jan. 1, 2018 and received a retirement estimate from Corporate Benefits, your subsidy  information is listed on the form. The subsidy is fixed at retirement and does not increase.

What happens to my medical and pharmacy coverage when I turn 65?

Medtronic retiree health plan coverage, including medical, dental, and vision coverage, is not available to Medicare-eligible retirees age 65 and older. You will need to purchase new health insurance through the individual market to help cover services and costs that may not be fully covered by Medicare. 

Please review the Turning 65 section for details.

My child just graduated from college. Since they are no longer eligible to be covered under the plan, how do I cancel their coverage?

You’ll need to complete and return the coverage cancellation form to WageWorks.

My spouse was a Medtronic retiree and passed away. What do I do?

Contact AskHR at 800-987-3565 or AskHR@medtronic.com. If you are currently covered under a Medtronic retiree health plan, you can continue coverage (the coverage level and subsidy is adjusted, if applicable).

My parent was a Medtronic retiree and passed away. What do I do?

Contact AskHR at 800-987-3565 or AskHR@medtronic.com. If you are currently covered under a Medtronic retiree health plan, you can continue coverage (the coverage level and subsidy is adjusted, if applicable).

Can I join or continue my onsite fitness center membership?

Yes, you can join or continue your onsite fitness center membership, provided you arrange for an escort on-site. Contact the Wellness Center staff to set up your retiree membership. You will need to pay the 1-year membership fee in advance.

Can I still participate in onsite wellness screenings and/or flu shots?

At the time you retire, you can elect Total Health (Healthier Together) under COBRA for up to 18 months. You would then have access to onsite wellness screenings and flu shots. Remember, if you elect retiree medical coverage you have preventive care services, including annual physicals and flu shots, covered at 100%.

 


Miscellaneous

Where can I find information on the Matching Gifts Program?

Retirees that have not yet registered for access to the Mission in Motion website must fill out a form and request access prior to submitting a matching grant request. Once you request access, you will receive an email with login instructions and credentials within 7 to 10 business days. For questions, email support@yourcause.com or call 866-751-6031.

How do I get access to my Recognize! points once I retire?

After you retire, you can view your points and place an order.

How can I get a copy of my last paycheck?

You can request a copy of your last paycheck by contacting AskHR at 800-987-3565 or AskHR@medtronic.com.

When will I get my severance check (if applicable)?

Please contact your manager or employee relations partner for severance details (if applicable).

What discount programs are available to retirees?

For information on discount programs available to you, access the Voluntary Benefits website. Not all discounts are available to retirees, so you’ll need to review the specifics of each discount to see if it’s available to you.

I used to get a cell phone discount. Why was this discontinued?

The cell phone discount program is available only to active employees.

Am I still eligible to enroll in Long Term Care?

No, retirees are not eligible to enroll in the Group Long Term Care Program through Genworth Life Insurance Company. 

My address has changed since I retired. How do I update my address?

Depending on your benefits, you need to update your address with WageWorks (health care benefits) and Aon Hewitt (retirement benefits). If you are receiving Non-qualified Retirement Plan Supplement (NRPS) payments, you should also contact the AskHR at 800-987-3565 or AskHR@medtronic.com to update your address.