You're Getting Ready to Retire


Medical Coverage	If you meet the eligibility criteria and retire before you reach age 65, you may be able to continue coverage through McGraw-Hill until age 65. If you meet the eligibility criteria, you can choose either the Traditional or Core options. If you don't want to enroll in one of the retiree options available to you, you can continue the coverage you had as an active employee through COBRA, but not beyond age 65. Starting at age 65, Medicare replaces coverage provided by the Corporation or that you continued under COBRA. If you were age 62 and had 10 or more years of service on December 31, 2005, you are eligible for a premium reimbursement for Medicare Part D prescription drug benefits.
Dental Coverage	You may be able to continue dental coverage for yourself and your eligible family members if you meet certain requirements. If you choose not to enroll in the retiree dental coverage available to you, you can continue the dental coverage you had as an employee through COBRA, but not beyond age 65.
Vision Coverage	Vision coverage generally ends when you retire. If you are retiring before age 65, you may be eligible to continue vision coverage through COBRA, but not beyond age 65.
Healthcare FSA	Your contributions stop when you retire. Only expenses incurred while you were contributing are eligible for reimbursement. Claims for expenses incurred while you were contributing must be submitted by May 31 of the year following the year your contributions end.
Dependent Care FSA	Your contributions stop when you retire. If you continue to work at another job, you can submit claims for eligible dependent care expenses incurred through December 31 of the year in which you retire. Claims for eligible expenses must be submitted by March 31 of the year following the year your contributions end.
Disability Coverage	Short-term disability (STD) coverage ends on the day you retire. If you are disabled before you retire, STD benefits continue for up to 26 weeks. Coverage under the long-term disability plan ends on the day you retire. If you are disabled before you retire, your benefits may continue.
Retiree Life and Accident Insurance	You may be eligible for $4,000 in coverage from The McGraw-Hill Companies Group Life Insurance Plan for Retirees if you meet certain requirements. If you are eligible, you are automatically enrolled. It's a good idea to review your beneficiary designations and update them as needed. You may name anyone you wish as beneficiary(ies) for benefits payable from the retiree life insurance plan. You may also change your beneficiary designations whenever you want by completing the Retiree Beneficiary Designation Form available on this website under Forms. If you are not eligible for this retiree coverage, or if you want more than $4,000 in coverage, you may convert the coverage you have as an employee under the Corporation's basic and supplemental plans to individual policies. You also have the option to continue your supplemental employee life insurance coverage through the portability feature at rates slightly higher than the Corporation's group rates. You must make your election to convert or continue coverage within 31 days of your retirement date. If you are not eligible and/or choose not to convert your coverage, coverage ends on the last day of the month in which you retire. Accidental death and dismemberment insurance coverage ends on the last day of the month in which you retire.
Dependent Life and Accident Insurance	Life and accident insurance coverage for your family members ends on the day your coverage under the Corporation's plans for employees ends. (That is, your family members' coverage will not continue because you convert or continue any coverage through the portability feature, and will not continue because you may be eligible for $4,000 in coverage under the Group Life Insurance Plan for Retirees.) Depending on their ages when coverage ends, your family members may be able to convert their coverages to individual policies. If eligible, they must apply within 31 days of your retirement date.
Property/Casualty Insurance	METPAY payroll deductions end with your last paycheck. If individual coverage is available in your area, METPAY will contact you to see if you want to continue coverage. To continue coverage, you will have to pay premiums directly to METPAY.
Retirement Program Pension Plan 401(k) Savings and Profit Sharing Plan	You'll need to select a form of payment for your vested pension plan benefits. In some cases, you will need to decide whether you want to begin receiving pension benefits immediately or whether you will defer payment. You'll also need to name a beneficiary. (Depending on the form of payment you choose, you may have to name a joint annuitant, instead of a beneficiary.) If you are married, you must have your spouse's permission to make certain elections. Note that if your vested benefit in this plan is less than $5,000 at the time of your retirement, your benefit will be cashed out when you retire. You'll also need to decide whether you want to begin receiving your benefits under the 401(k) Savings and Profit Sharing Plan. Note that if your vested benefit in this plan is $1,000 or less at the time of your retirement, you will receive the full vested benefit as a lump sum distribution when you retire.