Pre-Retiree or Retiree

Are you thinking about your retirement, or already retired? You may already know that taking the leap into this next phase of your life takes careful planning. Eaton wants to help make this a smooth transition—and provide support even after you’ve left the company. Review the retirement checklist below for steps you may want to take in the months leading up to your last day worked, and information on what you can expect when you head into retirement and receive your benefits. Review the Countdown to Retirement section below for more details on these steps.

Retirement Checklist

View the Retirement section to learn more about health benefits and retirement income available to you during your retirement.
Check the Countdown to Retirement section below to see what you need to do and when so you are well prepared for this new and exciting stage in your life.
Contact the Eaton Service Center at Fidelity to request a Retirement Benefits Coordinator (RBC) to start the retirement process, including requesting a pension modeling statement, if applicable, requesting a retiree Health & Life Insurance Modeling Kit and checking your 401(k) account balance.
Contact the Social Security Administration office, if applicable. See the Social Security and Medicare page.
If you are Medicare eligible, enroll in Medicare Parts A and B at least 90 days prior your planned retirement date. Note how Medicare enrollment impacts contributions to an HSA, if you have one, while you are still working (see the HSA and Medicare section on the Health Savings Account and Reimbursement Accounts page for more information).
Keep an eye out for your health benefits member ID card(s). If you have not received it within 30 days of your retirement date, reach out to the provider.

Review your medical insurance options at Eaton and in the marketplace to compare benefits and cost. Note: If you were not participating in Eaton employee medical coverage immediately prior to becoming eligible for retiree benefits, you must enroll in Eaton retiree medical coverage. (If you were participating in Eaton medical coverage, you were automatically enrolled in retiree medical coverage.). Important: If you are Medicare-eligible and decline coverage or cancel coverage later, you will no longer be eligible for Eaton medical coverage for yourself or your eligible dependents, and you will not have the option to enroll in retiree medical coverage later.
Provide the Eaton Service Center at Fidelity your Medicare Identification Number (MBI) found on your red and blue Medicare ID card. Be sure to update your address, if needed, as well as your beneficiaries.
Elect how much life insurance you would like to have in retirement.
If applicable, make your pension benefit election.
Make any changes you want to your retiree benefits within 45 days following your last day worked.
Contact your Retirement Benefits Coordinator (RBC) if you have questions about the timing or amount of your pension benefit.

Countdown to Retirement

Whatever the future looks like for you, we are excited to help you get there. If you are considering the possibility of retirement, below are the steps that you can take to ensure that your transition is seamless. You will need to give yourself plenty of time to make important decisions and complete the forms required in order to receive your pension and retiree medical benefits in a timely manner.

Your pre-retirement timeline:

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90 days before your retirement date

Contact the Eaton Service Center at Fidelity and request a Retirement Benefits Coordinator (RBC) to start the retirement process.

Pension: Once you call, your RBC will prepare and mail a pension modeling statement to show all your pension options (if applicable). If you already know how you wish to receive your pension benefit, you can make your election at this time.

401(k): You should also check your savings plan account balances and distribution options at retirement, which may include rolling the balances over to an IRA or receiving a withdrawal.

Medical: If you are eligible for retiree medical benefits when you retire (generally, if you are at least age 55 and have 10 years of service when you leave Eaton), the medical plans that will be available to you are Medicare Advantage with Prescription Drug coverage (MAPD) plans insured by UnitedHealthcare. There are certain steps you need to take in order to be enrolled in an MAPD plan. If you don’t take these actions, and you are enrolled in Eaton active employee medical coverage immediately prior to retirement, you will be temporarily enrolled in a more expensive retiree medical plan that is administered by UMR until the necessary actions have been taken.

If you want to be enrolled in an Eaton MAPD with United Healthcare, you should take these actions 90 days prior to retirement:

Contact the Eaton Service Center at Fidelity at 866-328-6601 and request an SSA L-564 (Request for Employment Information) form. You will need to take this completed form with you to your local Social Security office when you apply for Medicare to qualify for a special enrollment into Medicare Part B.
Enroll in Medicare Parts A and B. If you do not enroll in Medicare, you will not be eligible for Eaton’s MAPD retiree medical coverage. Please note: When you apply for Medicare and/or Social Security, Medicare Part A will be retroactive up to six months from the date of application. Therefore, if possible, you should stop contributing to your HSA six months before applying for Social Security and/or Medicare benefits. If this is not possible, you should contact the Eaton Service Center at Fidelity when you retire to discuss if a refund of contributions is necessary.
Provide your Medicare Beneficiary Identifier (MBI) to the Eaton Service Center at Fidelity. This number is shown on your red, white, and blue Medicare ID card.
Ensure that the Eaton Service Center at Fidelity has a street address, not just a P.O. Box, on file for you.
Call the Eaton Service Center at Fidelity if you are eligible for Medicare due to End Stage Renal Disease (ESRD) and are still in the 30-month coordination period.

If you do not want to be enrolled in an MAPD plan, you must contact the Eaton Service Center at Fidelity at 866-328-6601 in advance of your retirement date to opt out of Eaton retiree medical coverage. If you call after your retirement date, coverage cannot be cancelled retroactively.

If you elect not to have retiree medical coverage under an MAPD plan, you will no longer be eligible for Eaton medical coverage for yourself or your eligible dependents, and you will not have the option to enroll in retiree medical coverage later.

If you are eligible for retiree medical benefits, you can call Fidelity and request a Retiree Health & Life Insurance Modeling Kit.

75 days before your retirement date

If eligible for a pension, you will receive your pension modeling statement. If you made your pension benefit election when you initially contacted your RBC, you will also receive your Election Authorization Form (EAF). You will receive your Retiree Health & Life Insurance Modeling Kit separately if you are eligible for Eaton’s retiree medical benefits and requested one from your RBC.

Review all your retiree medical coverage options including Medicare or participation in another employer-sponsored health plan (for example, your spouse’s coverage through his or her employer). Review the cost of continuing Eaton life insurance coverage, considering any other coverage you may have and what your needs will be.

60 days before your retirement date

If you haven’t already made a pension benefit election, contact your RBC to make one. Your EAF will be mailed within two business days.

45 days before your retirement date

Mail your signed EAF and any other required documents to the Eaton Service Center at Fidelity. Your RBC will confirm in writing that forms were received, if they are in good order and/or if any additional paperwork is required.

Make decisions about your Eaton 401(k) plan account and take action. Consider revising your investment fund choices, if needed. Also consider what will happen to any 401(k) loan you might have outstanding, and be sure to understand what your options are for withdrawals in the coming years.

30 days before your retirement date

Your paperwork will be processed.

Make final decisions about your retiree medical coverage and life insurance. Consider whether to continue your active employee dental, vision and/or EAP benefits through COBRA continuation. Your RBC can give you more information and assist with your enrollment, if applicable.

On your last day before you retire

Eaton will send Fidelity confirmation of your retirement. Fidelity will be able to calculate your final pension benefit once all final payroll information is received. Depending on your payroll cycle, this may take two to three weeks.

If you are eligible, you will be enrolled automatically in retiree medical “default” coverage provided you are currently covered by Eaton medical plan benefits for active employees. You will also be enrolled in retiree life insurance benefits if you are eligible. These benefits will be effective the first of the month following your last day worked.

When you are ready to take the leap into your retirement planning, contact the Eaton Service Center at Fidelity at 866-EATON01 (866-328-6601) to get started! From there, your Retirement Benefits Coordinator (RBC) will be your main point of contact for completing the retirement process.

In preparation for your countdown to retirement, reference the Countdown to Retirement brochure as your guide to planning ahead.

For help with your personal savings goals, you can also contact a Workplace Planning Consultant, who can answer your individual questions and help you build a financial plan. Contact a Workplace Planning Consultant directly at 1-866-973-5023.

Turning 65 and still working?

Turning age 65 is considered a milestone for several reasons, one of which is becoming eligible for Medicare. You have the option to enroll in Medicare as early as 90 days prior to your 65th birthday or you can delay enrollment until you retire if you are planning to continue employment beyond age 65. While you remain a current employee, you do not need Medicare coverage as long as you are enrolled in an Eaton active employee medical plan and you remain employed by Eaton. Please consult with your local Social Security office to determine if enrolling in Medicare is the right option for you while you are still actively working.

You’ve Retired! Now What?

Congratulations on reaching retirement! Here is what you can expect to come your way as you enjoy your well-deserved retirement.

See the details below for more information about how your retiree medical, insurance and pension benefits are impacted by your retirement. You should also view:

Retiree Medical and Insurance Benefits. The Eaton Retiree Medical Plan offers medical benefits for eligible retirees and their eligible dependents.

If you were eligible for this coverage when you retired, you were automatically enrolled in retiree medical “default” coverage, provided you were covered by Eaton medical plan benefits. You were enrolled in retiree life insurance benefits if you were eligible when you retired, and both these benefits are effective the first of the month following your last day worked.

If you were not participating in Eaton employee medical coverage immediately prior to becoming eligible for retiree benefits, you will need to enroll in Eaton retiree medical coverage if you wish to have coverage for yourself and your eligible dependents.

Within 45 days following your last day worked, you can make the following changes to your benefits:

Revise your retiree medical coverage, if needed, or enroll in retiree medical benefits, if applicable.
Reduce your retiree life insurance coverage if you don’t want the full amount of default life insurance coverage.
Add or remove eligible dependents.

Health Plan Partners will issue member ID card(s), if necessary, generally within 30 days of your retirement date.

Pension Benefits. Prior to retirement, your RBC will confirm the date you can expect to receive your pension benefit. If you started the retirement process 90 days prior to your last day worked, you can expect to receive your pension benefits two to three months after your last day worked. Contact your RBC if you have any questions about the timing or amount of your pension payment.

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