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Voluntary Benefits

Additional Real Life Planning Programs to Consider
There are other great Real Life Planning Programs that might help while you're planning your retirement, such as the Work/Life Resource and Referral Service, the Employee Assistance Program, and the Postretirement Supplemental Health Benefits Plan.

Visit the Retirement Planning and the Financial Planning sections for more information on planning for retirement.

What If...

You Retire?

The coverages you receive as an active employee will terminate. You'll be eligible for a new package of benefit plans tailored for PSEG retirees, effective the first of the month following your retirement.

Visit the Retirement Planning section for information on the process of retiring.

For more information on a benefit, click on the name of the benefit. To log on as a retiree, go to the log in page.

Coverages That Can Continue

For more information call 1-800-571-0400 and follow the voice recognition prompts to speak with a Benefits Express representative and/or to speak to a carrier directly.

 

Retiree Medical If you're eligible for retiree medical coverage:
  • Enroll for coverage. Active coverage ends on the last day of the month in which you retire. If your retirement date is the first of the month, coverage ends on the last day of the previous month.
If you aren't eligible for retiree medical coverage:
  • You can continue coverage under COBRA for up to 18 months. Shortly after your coverage terminates, you'll receive information from the COBRA administrator. You'll have 60 days from the date you receive this information to sign up for coverage. Coverage and premiums will be retroactive to when your coverage ended.

    See COBRA rates for Non-represented employees of PSE&G, PSEG Power, and PSEG Services Corporation hired on or after 1/1/96; non-represented employees of PSEG Energy Holdings and its subsidiary companies hired on or after 1/1/97; non-represented employees of PSEG Power NY hired after 5/1/00; and non-represented employees of PSEG Power CT hired after 12/6/02.
Dental Active coverage ends on the last day of the month in which you retire. Retiree dental coverage is not available. You can continue coverage under COBRA for up to 18 months. Shortly after your coverage terminates, you'll receive information from the COBRA administrator. You'll have 60 days from the date you receive this information to sign up for coverage. Coverage and premiums will be retroactive to when your coverage ended. Click here for COBRA dental rates.
Group Term Life Insurance

Active coverage ends on your last day of active employment with the Company. Retiree life insurance coverage is not available. You have 30 days to contact the carrier to convert your coverage to an individual policy. You'll receive more information from Benefits Express on converting your coverage. You can also contact MetLife at 1-877-275-6387 for more information on your conversion option.
Long Term Disability

When you retire, coverage ends.
Long Term Care

Coverage ends on the last day of the month in which you retire. If your retirement date is the first of the month, coverage ends on the last day of the previous month. When group coverage ends, you'll receive a bill from the Long Term Care carrier. If you don't pay the bill, your coverage will be cancelled.
Reimbursement Account Programs—Health Care and/or Dependent Day Care

Health Care Reimbursement Account: You can continue your contributions on an after-tax basis until the end of the year you retire through COBRA. You'll receive a letter from the Plan Administrator with instructions on how to continue participation. You have until June 30 of the following year to submit expenses incurred while you were contributing.

Dependent Day Care Reimbursement Account: Your account is closed as of the last day of the month in which you retire. Your participation cannot be continued. You have until June 30 of the following year to submit expenses incurred while you were contributing.
Group Universal Life/Group Variable Universal Life Insurance (GUL/GVUL)

Upon notification of your retirement from the Company, you will be sent information from MetLife regarding your options to continue coverage. You can also contact MetLife directly at 1-800-438-6388 if you wish.
Group Legal Plan

Coverage ends on the last day of the month in which you retire from the Company. If your retirement date is the first of the month, coverage ends on the last day of the previous month. To continue your coverage, you must call 1-800-571-0400 and follow the voice recognition prompts to connect to the group legal carrier to request a conversion application. You have 30 days to convert your coverage to an individual policy.
Property and Casualty Insurance

Convert your coverage to an individual policy with the group discount staying in effect until the end of the current policy term. When the policy ends, you can continue coverage at individual rates. When you retire, you'll receive information and a bill from the carrier. If you don't pay the bill, your coverage automatically will be cancelled.

Programs That Will Pay Benefits

For more information call 1-800-571-0400 and follow the voice recognition prompts to speak with a Benefits Express representative and/or to speak to a carrier directly.

Thrift Plan You'll receive information from Benefits Express outlining your payment options. Choose what to do with your account balance:
  • Leave your balance invested in the Thrift Plan (you cannot make any additional contributions)
  • Elect partial distributions at any time
  • Receive your balance in lump-sum cash payment
  • Transfer your balance into another employer's qualified plan
  • Transfer your balance into an Individual Retirement Account (IRA)
Note: If your account balance is less than $1,000 when you leave PSEG, you will receive an automatic lump-sum distribution of your account balance.
Postretirement Supplemental Health Benefits Plan Your contributions stop. You'll receive information from Benefits Express each year that you have an account balance. You can choose to use your account balance to pay for health care premiums and/or to pay for eligible health care expenses not reimbursed by another plan. There is no time limit within which you must use your account balance.
Cash Balance Pension Plan Choose how to receive your pension payments: There are five payment options available in retirement:
  • A Lump-Sum Payment—You receive your total accrued balance as a one-time, lump-sum payment. You can either roll that sum over to another employer's qualified plan or an IRA to avoid current taxation and possible penalties, or you can accept the payment as cash. If you have a balance less than $1,000, you automatically will receive a lump-sum payment.
  • A 50/50 Payment—You receive half of your accrued benefit as a lump-sum payment in cash or to be rolled over. The remaining 50% is then paid out as an annuity option (i.e., Single Life Annuity, 100% or 50% Joint and Survivor Annuity). You must have a balance greater than $5,000 to be eligible for this option.
  • A Single Life Annuity—This is the highest monthly benefit payable for your lifetime, with no benefit payable to a beneficiary upon your death.
  • A 100% Joint and Survivor Annuity—This is the lowest monthly benefit for your lifetime. This option provides you with a reduced monthly benefit for your life, and your beneficiary would receive the same amount for life upon your death.
  • A 50% Joint and Survivor Annuity—This is the normal form of payment for married employees. You will receive a reduced monthly benefit for your life, and your beneficiary would receive 50% of your benefit for life upon your death.