Retirement & Savings

Work directly with Fidelity to:

• Request an estimate of your pension benefit; or
• Begin the commencement process online at NetBenefits.com.

Call Fidelity at 1-866-602-0629 for assistance. 

Important to Know

Pension Elections

Complete your pension elections online at NetBenefits.com up to 180 days before your retirement date. Your elections determine your monthly payment amount and survivor benefits.

Setting Your Retirement Date

Choose the 1st day of the month following your last day of work as your retirement date. This timing is especially important if you’re age 65+ and Medicare-eligible, as it may impact benefit eligibility and pension calculations.

Notifying Your Manager

Give your manager/supervisor 30 to 90 days’ notice to ensure a smooth transition.

Understanding Key Dates

• Last day worked = Entered into myHR Connection as your termination date for payroll
• Retirement date = The 1st of the month after your last day worked
• Example: Last day March 31 = Retirement date April 1

You may have several options for your 401(k) Thrift Plan account balance.

Minimum Required Distributions: Contact Fidelity by April 1 of the year prior to your 73^rd birthday to initiate your minimum required distributions.

Any medical, dental, life, and vision coverage elected as an active employee will be transferred to an equivalent retiree plan once your termination has been entered into myHR Connection. If you’re Medicare eligible, you will automatically be enrolled in the Medicare secondary medical option (Indemnity Rx).

Important to Know

Making Coverage Changes

Make any changes to your medical, dental, or vision coverage within 30 days of your retirement date. Shortly after retirement, you’ll receive a letter with instructions on viewing your benefit elections and making changes online.

Paying Your Premiums

Contact the Oncor Benefits Center at 1.833.253.4927 to set up automatic payments or arrange to mail a monthly check. Note: You will not receive monthly invoices, but you will receive mid-month payment reminders.

Updating Your Beneficiary

Be sure to enter your designations and approve your beneficiary for retiree life insurance.

Call the Oncor Benefits Service Center at 1.833.253.4927 if you have questions about your coverage, payments, or beneficiary designations.

Retiree Medical Premiums

What you pay for retiree medical coverage is based on your hire date, years of service, and retirement age.

You’ll pay 100% of the cost for retiree medical coverage if you were:

• Hired or rehired on or after January 1, 2002
• Under age 35 on January 1, 2002
• Under age 50 with less than 10 years of service

Oncor Subsidy Eligibility

If none of the above apply, Oncor will contribute a subsidy toward your cost. Your premiums are calculated using a retiree medical points formula tied to rate bands with associated premiums.

• How retiree medical rates are determined

Retirees are provided with $10,000 in company-paid retiree life insurance. At retirement, your company-paid basic life insurance amount is automatically added to your optional life insurance, if applicable. You can decrease your optional employee life insurance coverage after you retire, but you cannot increase it.

Important to Know

Managing Your Coverage

You can decrease your optional life insurance after retirement, but increases are not allowed. You can make a reduction at any time of the year. Your coverage includes complimentary will preparation services through MetLife Legal Plans at no cost to you.

Note: You must have elected optional employee life coverage to continue spouse life insurance at retirement. Your spouse life insurance cannot be greater than your retiree optional life coverage (max. amount of $250,000), so keep that in mind when making changes to your retiree life coverage.

Paying Your Premiums

Optional life insurance premiums can be paid through automatic payments or monthly check. Contact the Oncor Benefits Center at 1.833.253.4927 to set up your payment method.

Updating Your Beneficiary

Be sure to enter your designations and approve your beneficiary for retiree life insurance online so proceeds are paid according to your wishes.

• Your Guide to Retirement

If you’ve been employed for at least three full months during the plan year, you may be eligible for a prorated PEP award. If so, you’ll receive any payable awards around March 31 of the plan year following your retirement.

If you or a dependent are Medicare eligible when you retire, there are a few additional steps to take.

1. Enroll in Medicare Parts A and B only

• Enroll at least three months before your retirement date
• Contact Social Security at ssa.gov or 1.800.772.1213

2. Automatic Oncor Coverage

• You’ll automatically be enrolled in Oncor’s Medicare secondary medical option (Indemnity with Rx)
• Medicare becomes your primary coverage; Oncor’s retiree medical option provides secondary coverage

3. Submit Your Medicare Beneficiary Identification (MBI) to Oncor

• Enter your MBI on myoncorbenefits.com as soon as you receive it
• Oncor needs your MBI to enroll you in SilverScript prescription benefits
• Critical: Submit at least 45 days before you turn 65 to avoid delays.
• Medicare verification can take up to 30 days.
• Oncor will extend your CVS Rx benefits until SilverScript is active.

4. Request Form CMS-L564

Note: If you are working past age 65 or have a covered spouse who is over 65 and not enrolled in Medicare Parts A and B, you will need to submit Form CMS-L564 to Medicare.

• Email HR Advocacy at oncres1@oncor.com to request this form
• Form CMS-L564 is used to verify coverage under Oncor’s medical option
• Submit the completed form to Medicare when you enroll in Part B to avoid Medicare’s late enrollment penalties