Thread regarding Intel Corp. layoffs

If you are a recent retiree, you should be getting the brochure in the mail right about now. It explains everything. Basically, once you are officially retired, Intel provides $1,500 per year of service into an account (SERMA) that's like an FSA or HRA was under the old CDHP option. You can use that money to pay for premiums post-retirement, like Medicare (which can be a lot more expensive than you think) or for IRMP. IRMP is basically an Intel-managed and provided post-employment insurance plan. It was more popular before there was a medical marketplace (aka Obamacare). It tends to run expensive so shop around. If you are an ERPer and getting COBRA, you don't have to worry about IRMP enrollment until your COBRA is exhausted. At that time, Intel will also, for ERPers, add either an additional 6k (single) or 12k (family) to your regular SERMA credits. However, even if you are getting COBRA, if you are over 65 you better be enrolled in Medicare Parts A and B, as COBRA assumes you are and will only pay out as the 'secondary' insurance. Medicare premiums will be quite high out the gate because it is based on your 2014 income level--you will have to appeal to SS to get it lowered once you no longer have Intel income. I don't know how long that process takes.

If you are a recent retiree, you should be getting the brochure in the mail right about now. It explains everything. Basically, once you are officially retired, Intel provides $1,500 per year of service into an account (SERMA) that's like an FSA or HRA was under the old CDHP option. You can use that money to pay for premiums post-retirement, like Medicare (which can be a lot more expensive than you think) or for IRMP. IRMP is basically an Intel-managed and provided post-employment insurance plan. It was more popular before there was a medical marketplace (aka Obamacare). It tends to run expensive so shop around. If you are an ERPer and getting COBRA, you don't have to worry about IRMP enrollment until your COBRA is exhausted. At that time, Intel will also, for ERPers, add either an additional 6k (single) or 12k (family) to your regular SERMA credits. However, even if you are getting COBRA, if you are over 65 you better be enrolled in Medicare Parts A and B, as COBRA assumes you are and will only pay out as the 'secondary' insurance. Medicare premiums will be quite high out the gate because it is based on your 2014 income level--you will have to appeal to SS to get it lowered once you no longer have Intel income. I don't know how long that process takes.

I'm not really seeing a specific question here... but luckily for you I had just got off the phone ~15 min ago with our benefits department asking my own questions so I might have some pertinent info for you.

Intel (SERMA) puts $1500 for every year of employment into a pot for you to spend on your medical stuff. IF you retire under ANY of the rules, that money is there for you. However, if you took the ERP (this is the part I didn't know and was a tad surprised to find out) the $6,102 (single) or $12,XXX (family) is ONLY available to pay for IRMP which is EXPENSIVE. You cannot use that 'extra' money they supposedly gave us to pay for medical to go out on the market and pay for our own MUCH cheaper than IRMP. That s---s.

This is going to get a tad confusing so bear with me...Intel supposedly gave us 2 yrs paid medical. However, only 18 months of it are covered under COBRA which you MUST enroll in yourself or you're Sh*t out of luck), That $6/$12K is supposed to pay for the remaining 6 months. 18 months gets you to 12/31/17. During open enrollment for 2018 you elect who your medical will be (like you did every November when employed. It's no different).

So.... you'll need to decide if using your $6/$12K is worth paying for ONLY 6 months of IRMP (Jan-Jun 2018) and then you pay the difference (out of your SERMA) for the remaining 6 months since you can't change your medical plan/provider mid-year WITHOUT a "qualifying event" (Move out of area, marriage, divorce, etc). I need to do the math but putting that off till mid-next year (to give me time to research before Open Enrollment).

Not sure what your question is about the rules....

• Rule of 55 = age 55 + 15 yrs of service

• Rule of 60 (I don't think it's actually a rule but I could be wrong) = I think you just need to be age 60, years of service don't matter

• Rule of 75 = Age + full years of service = 75

The ONLY difference in the rules for what retirement benefits you get are the Rule of 55 are ineligible for accelerated vesting of RSU's. Other than that they get the same retirement benefits.

Question answered? If not, be clearer with what you're asking and you'll get better answers. ;)