RETIREES

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ANNOUNCEMENTS - PLEASE CHECK THE LATEST ANNOUNCEMENTS BELOW

 

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PENSION PLANS ANNOUNCEMENTS

CHECK THE LATEST NEWS ON PENSION PLANS

The Retiree Self-Services is being UPDATED!

 IMPORTANT:  To setup the Retiree Self-Services account, retirees must have a personal email address registered in the Bank’s pension system. If you don’t yet have an email address registered, please send us an email at VPF/SRP@IADB.ORG . Register or update your email address as soon as possible and take advantage of the Retiree Self-Services!  More info here

Need to update your contact information ? please email the Executive Secretariat of the Retirements Plans VPF/SRP@IADB.ORG .

 

 

MEDICAL PROGRAM ANNOUNCEMENT

CHECK THE LATEST NEWS ON THE MEDICAL PROGRAM

New Medical Benefits Program Administrators

As announced to all IDB Group staff and retirees by e-mail, beginning July 1, 2018, the IDB Group will replace Cigna and Cigna IGO, the current administrators of our Medical Benefits Program, with new administrators. Aetna International will be the new administrator of the medical, dental, and vision program for all members residing in the U.S. and outside the U.S.  Members residing outside the U.S. will have access to Aetna network dentists and vision providers when in the U.S.

 

Express Scripts will be the new administrator for prescription drugs received in the U.S. and Puerto Rico. For prescriptions received outside the U.S. and Puerto Rico, Aetna International will be the new administrator. Members residing outside of the U.S. and Puerto Rico will have access to prescription drugs through Express Scripts when in the U.S. or Puerto Rico.

 

We’re committed to making this transition as smooth as possible for everyone. Please explore the sections below to learn more about the transition. If you have any questions, contact the IDB Group Health and Life Insurance Group at hrd/ins@iadb.org or at +1 (202) 623-3090.

 

Please CLICK HERE  for following information:

  1. TRANSITION BASICS
  2. FAQs
  3. ACTIONS TO TAKE
  4. WELCOME KITS AND FORMS
  5. TOWNHALLS AND WEBINARS
  6. CONTACT INFORMATION

HRD/INS

 

Medicare Part D Announcement                                                                                         

Dear Retiree:

This letter serves as notice to all Medicare-eligible and Medicare participating retirees about your option NOT to participate in Medicare Part D coverage because the IDB health plan already provides pharmacy benefits for you and your eligible dependents.   

 

Please read this notice carefully and keep it where you can find it.  This notice has information about your current prescription drug coverage with the Inter-American Development Bank through Cigna and prescription drug coverage available for people with Medicare.  It also explains the options you have under Medicare prescription drug coverage and can help you decide whether or not you want to enroll.  At the end of this notice is information about where you can get help to make decisions about your prescription drug coverage.

  1. Medicare prescription drug coverage became available in 2006 to everyone with Medicare through Medicare prescription drug plans and Medicare Advantage Plans (like an HMO or PPO) that offer prescription drug coverage. All Medicare prescription drug plans provide at least a standard level of coverage set by Medicare. Some plans may also offer more coverage for a higher monthly premium. 
  2. The Bank’s Benefit Consultants have determined that the prescription drug coverage offered by the Inter-American Development Bank is, on average for all plan participants, expected to pay out as much as the standard Medicare prescription drug coverage will pay and is considered Creditable Coverage.

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Because your existing coverage is on average at least as good as standard Medicare prescription drug coverage, you can keep this coverage and not pay extra if you later decide to enroll in Medicare prescription drug coverage.

 

The IDB Plan includes a prescription drug benefit for all participants. Benefits are provided for brand name and generic prescription drugs. The Plan pays 100% of the charges less the corresponding co-pays per the table below.

 

PRESCRIPTION DRUG BENEFITS

In the USA

Tier

Co-pay Retail

Co-pay Mail-order*

 

30-day supply

90-day supply

Generic

$5

$10

Formulary (preferred) Brand

$15

$30

Non-Formulary Brand

$30

$60

Specialty

$40

$80

Outside the USA

Co-pay

$5

N/A

Lifestyle drugs (e.g. erectile dysfunction, impotence) • Limit of 4 pills per month

* $0 mail order co-pay for generic and preferred brands, for preventive conditions only such as high blood pressure, high cholesterol, diabetes, asthma, osteoporosis, heart attack and stroke, and prenatal nutrient deficiency

Prescription drugs and medicines covered under the IDB Plan are those that are medically necessary and can be obtained only when prescribed by a Provider who is a physician or a dentist. (More information about the prescription drug benefit is available in the Insurable Benefits Handbook.)

Since the IDB Plan is, on average for all participants, expected to pay out at least as much as the standard Medicare prescription drug coverage will pay, current participants in the IDB Plan would not gain any additional prescription coverage by participating in a Medicare plan.

You may enroll for Medicare prescription drug coverage when you are first eligible for Medicare and each year from October 15th through December 7thHowever, if you lose your current creditable prescription drug coverage through no fault of your own, or if you decide to terminate your IDB coverage, you will be eligible for a two (2) month special enrollment period to enroll in a Part D plan.

 

Because your IDB plan is considered Creditable Coverage, if you decide to continue to participate in the IDB plan without enrolling in Medicare Part D at this time, you will not be subject to a late enrollment penalty if you enroll in Part D at a later date. 

If you decide to join a Medicare drug plan, your current IDB coverage will not be affected, but will pay secondary to Medicare.  If you drop your IDB coverage, you will not be able to get it back.

Keep in mind that if you drop your IDB coverage and go 63 days or longer without prescription drug coverage that’s at least as good as Medicare’s prescription drug coverage, your monthly premium will go up by at least 1% of the Medicare base beneficiary premium per month for every month that you did not have that coverage. For example, if you go nineteen months without creditable coverage, your premium will always be at least 19% higher than the Medicare base beneficiary premium. You may have to pay this higher premium as long as you have Medicare prescription drug coverage.  In addition, you may have to wait until the following October to enroll.

You will receive this notice annually and at other times in the future such as before the next period you can enroll in Medicare prescription drug coverage, and if this coverage through Cigna changes.  You also may request a copy.

 

More detailed information about Medicare plans that offer prescription drug coverage is in the “Medicare & You” handbook. You’ll get a copy of the handbook in the mail every year from Medicare.  You may also be contacted directly by Medicare prescription drug plans. For more information about Medicare prescription drug plans:

 

  • Visit www.medicare.gov
  • Call your State Health Insurance Assistance Program (see the inside back cover of the Medicare & You handbook for their telephone number) for personalized help,
  • Call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.

 

For people with limited income and resources, extra help paying for Medicare prescription drug coverage is available.  Information about this extra help is available from the Social Security Administration (SSA) online at www.socialsecurity.gov, or you can call them at 1-800-772-1213 (TTY 1-800-325-0778).

 

 

Remember:  Keep this Creditable Coverage notice handy.  If you enroll in one of the Medicare drug plans, you may be required to provide a copy of this notice when you join to show that whether or not you are required to pay a higher premium (a penalty). 

 

HRD/INS

 

Best Doctors Renewal Announcement                                                                                          04/09/2018

Dear IDB Retirees,

After a successful pilot year, please be advised that IDB has decided to extend its contract with Best Doctors for another year.  As such, their services and resources will be available through the end of 2018. 

At the end of this year, the Bank will reassess the utilization and service value of this program to determine if it will be offered again in 2019.

HRD/INS

 

Annual Meeting of the Review Committee of the IDB Group Life and Medical Insurance Programs

 

The Review Committee of the IDB Group’s Life and Medical Insurance Programs is pleased to announce its annual meeting to present and discuss its annual report for the year 2016. The report was distributed to members on December 29, 2017, and may be accessed and downloaded again via the following links: English | Spanish

 Committee members and representatives of the Human Resources Department will also be available to discuss the current status of the Medical Benefits Program.

Date: Tuesday, February 27, 2018

Time: 12:30 – 2:00 pm

Location: CR-2, 2nd Floor, IDBG Headquarters

Webex: Annual Report of the Review Committee of the Life and Medical Insurance Programs
Meeting number: 735 949 558 
Meeting linkhttps://iadb.webex.com/iadb/j.php?MTID=mda416cae81c666f3df04a711ac2a085c

 

Highlights of Benefits Updates

Effective Date 

Medical Insurance Program (International and National Staff)

· Institute criteria under which staff, and/or staff and spouse and/or children, that are under a waiver can enroll back in the program.

· Waiver for dependents- alternative coverage no longer needs to be comparable to the Bank’s plan.

Optional coverage after termination of service set at a maximum period of 5 months.

Please click following links for Staff Rule  PE-375  and  PN-8.03

August 1, 2017

 

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TAXES ANNOUNCEMENT

CHECK THE LATESTS NEWS ON TAXES

 

Q1 2018 Tax Reimbursements                                           03/19/2018

The Tax Administration Unit is currently working on the necessary changes to the tax system and other required adjustments to calculate 2018 quarterly U.S. tax reimbursements consistent with the applicable provisions of the recently enacted U.S. tax legislation, the Tax Cuts and Jobs Act, which is effective for 2018. Retirees who receive U.S. tax reimbursements will receive their 2018 first quarter tax advance payment on March 30th, 2018 based on their most recent estimated tax liability calculation. The Tax Administration Unit will keep retirees informed on the advances of this implementation, including any related changes to the tax reimbursement process.

 

IDB Tax Administration Office

 

ANNOUNCEMENT: 2017 Retirement Settlement Process                                   03/12/2018

Dear Retiree, Please be informed that we have sent you by email and regular mail the necessary forms and instructions and the applicable deadlines for the tax settlement process for the 2017 tax year.

Important change for U.S. Tax Residents: : Beginning with the 2017 tax year, the annual process for submitting your IRS Form 4506T has been merged with the tax settlement application process. We hope that having a single deadline for providing all required forms and documentation in a single submittal will ease the process for retirees.

The communications sent included the following documents:

A letter from Deloitte Tax LLP with instructions regarding the tax settlement process for the 2017 tax year, including details on how to submit your forms to Deloitte;

IDB Tax Form 7R (for U.S. tax residents only);

IRS Form 4506T, with instructions (for U.S. tax residents only); andy

IDB Tax Form 7R Int (for non-U.S. tax filers)

The deadline for submitting the applicable required documents for the 2017 tax year is July 6, 2018. Please note that if you have filed an extension to file your 2017 U.S. Individual Income tax return (Form 4868), your will need to provide a copy of this form for our records. The deadline for those who file an extension with the IRS is September 30, 2018.

If you do not submit the required documents by the deadlines indicated above, your quarterly tax advance payments, if applicable, will be suspended beginning with the payment for the 3rd quarter at the end of August 2018.

Should you have any questions on this process, please feel free to reply or to contact directly Deloitte Tax LLP, our tax service provider, by phone at 202.623.2766 or by email totaxconsultants@iadb.org

Sincerely,

IDB Tax Administration Office