RETIREES

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WELCOME TO THE EXTRANET PORTAL FOR RETIREES OF THE IDB GROUP!

 

This Portal is intended to make availability to our retirees, including surviving beneficiaries, relevant and up-to-date information about IDBG medical, pension and tax benefits. Additionally, this valuable resource provides tools that enable retirees to securely and efficiently access IDBG services.

 

PENSION PLANS ANNOUNCEMENTS

Click here for latest news on Pension Plans

NEW COST OF LINVING ADJUSTMENT FOR THE STAFF RETIREMENT PLAN 2019 (COLA SRP)

 

The Executive Secretariat of the IDB Group Retirement Plans (VPF/SRP) informs you that, effective January 1, 2019, we have increased your pension by 2.177% to account for Cost-of-Living.

In accordance with Article 15 of the Staff Retirement Plan (SRP), all pensions and benefits in effect as of December 1, 2018 are eligible for Cost-of-Living Increases.  To this end, the Consumer Price Index for All Urban Consumers (CPI-U), U.S. City Average, All items, with 1982-84 equaling 100, as published by the U.S. Department of Labor for November 2018 was 252.038.  This figure implies an annual rate of 2.177% Cost-of-Living Increase with respect to corresponding CPI-U for November 2017 (246.669). 

This 2.177% annual rate of Cost-of-Living Increase is effective January 1st, 2019.  It is relevant to note that, in compliance with Section 15.1(d) of the SRP, the annual rate of Cost-of-Living Increase was prorated on equal monthly basis for any pensions and benefits that became effective during 2018.

NEW COST OF LIVING ADJUSTMENT FOR THE LOCAL RETIREMENT PLAN 2019 (COLA LRP)

The Executive Secretary of the Retirement Plans IDB Group (VPF / SRP) informs you that, in accordance with Article 5 of the Local Retirement Plan (LRP), pensions and benefits under the plan should be adjusted to reflect the increase in the "Consumer Price Index" (CPI) for each country in a twelve-month period ending in November of the previous year, based on the International Financial Statistics (IFS) published by the International Monetary Fund (IMF).

Click here to see the corresponding 2019 General Adjustment per country.

 

 

 

MEDICAL PROGRAM ANNOUNCEMENT

Click here for latest news on the Medical Program

Resource Guide for US Members - 02/08/2019

 

Aetna International Resource Guide (for USA)

 

HRD/INS

 

New handbooks available - 2/7/2019

 

The Medical Benefits Handbooks provide detailed information about the medical, dental and vision plans. 

HRD/INS

 

Implementation Update - 12/27/2018

 

Aetna International Resource Guide (for COF)

 

HRD/INS

 

Information Session Updates - 07/24/2018

 

Video

 

HRD/INS

 

Information Session Updates - 06/28/2018

 

Aetna International Presentation

Express-Scripts Presentation

Quick Guide of How To for Portals and Apps

 

HRD/INS

 

Aetna Welcome Packet

 

Please find the link below to Aetna Welcome kits for different countries:

 

Aetna Welcome Packet - US

Aetna Welcome Packet - Argentina

Aetna Welcome Packet - Brazil

Aetna Welcome Packet - Chile

Aetna Welcome Packet - Colombia

Aetna Welcome Packet - Guatemala

Aetna Welcome Packet - Mexico

Aetna Welcome Packet - Peru

Aetna Welcome Packet - Venezuela

Aetna Welcome Packet - Other Countries

 

HRD/INS

 

Information Sessions for Retirees on the Transition of Administrators of the IDB Group’s Medical Benefits Program

 

Here is the presentation used for the information sessions.

 

HRD/INS

 

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.

__________________________________________________________________________________________

 

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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TAX REIMBURSEMENT ANNOUNCEMENTS

click here for latest news on Tax Reimbursement

     2018 Settlement Process Instructions and Forms                                            03/15/2019

 

The 2018 settlement process is now open. Instructions and forms for US Tax Residents and Non-US tax filers have been sent by email and regular postal service. The instructions and forms are also available here

The deadline for submitting the applicable required documents for the 2018 tax year is July 8, 2019

If you have any questions about this process, please contact TaxConsultants@iadb.org

IDB Tax Administration Office

 

     2018 Forms 1099-R                                                                                              01/24/2019

 

Your 1099-R forms reporting the taxable IDB Group retirement income paid to you in 2018 has been mailed to your home address recorded in IDB Group systems, via the U.S. postal service.

Your 2018 Form 1099-R is also available electronically, and you may download it from Retiree Self Services by following the instructions in the Retirees IRS Form 1099-R Job Aid.  If you need instructions on how to use Retiree Self Services or if you would like to activate your account, please refer to these resources.  

If you choose to download your Form 1099-R, please review the “Retiree 1099R Instr with FATCA notice”, which includes instructions for reporting your IDB Group retirement income on your federal tax return and the annual notice concerning FATCA requirements for U.S. tax residents receiving Staff Retirement Plan benefits.  You are encouraged to forward these instructions to your tax return preparer (if you engage one) along with the form 1099-R  These instructions were also provided in hard copy along with the 1099-R that was mailed to you, via U.S. postal service.

If you do not receive your Form 1099-R in the mail in the next few days, or if you have questions about the form, please contact TaxConsultants@IADB.org.

IDB Tax Administration Office

 

Update on U.S Tax Reform and Changes to IDB Tax Reimbursement Policy       12/21/2018

 

Recent changes to the Bank regulation on “Reimbursement of Income Tax on Pensions” are effective beginning with the 2018 tax year.  You may download the text of the revised regulation from the Important Links Section or by clicking here.   The regulation change will not affect you if you are not paying taxes on your pension.

The revised regulation takes into consideration changes brought about by the recent U.S. tax reform legislation, and they more closely align the retiree and staff tax reimbursement processes.  Here are some highlights of the changes:

  • The standard deduction will be applied in calculating U.S. tax reimbursements regardless of the actual deductions claimed.  The standard deduction is the lowest possible deduction.   Previously, tax reimbursements were calculated based on the retiree’s actual deductions. 
  • Reimbursements of U.S income taxes will be calculated by applying any applicable expanded child tax credit for dependent children under age 17.  The expanded child tax credit was introduced by U.S. tax reform to replace federal exemptions.  Formerly, the calculation of U.S. tax reimbursements took into account the federal exemptions that staff could claim for themselves, a spouse, and any dependent children.    
  • In lieu of the current settlement process, retirees who are subject to U.S. taxes will annually need to provide certain data from their tax return, including information about spouse income, that will be used to finalize the tax reimbursement calculations for the preceding year.  They will also need to update this data as circumstances change, to ensure the accuracy of ongoing quarterly payments. 
  • For reimbursement of taxes imposed by countries other than the U.S., the regulation provide that reimbursements will be calculated by applying a methodology determined by the Bank that is consistent with the general principles that apply to U.S. tax reimbursements, while taking into account the particular rules and requirements of the applicable national tax system.

Recipients of U.S. tax reimbursements should keep in mind that U.S. tax reform may decrease or increase their income tax liability on their IDB Group retirement income, and this will in turn be reflected in the amount of tax reimbursement they receive for 2018 and subsequent tax years.

During the first quarter of 2019, the Tax Administration Office will provide those who receive tax reimbursements with more information about the process for the coming year as well as details about an upcoming informational session regarding the changes. 

IDB Tax Administration Office

 

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