Getting Ready to Retire
Last Updated January 31, 2022
If you’re thinking about retirement, you’ve got a lot on your mind. It’s one of the most important steps you’ll ever take.
Your Benefits at Retirement
As you prepare for retirement, make sure you understand what generally happens to your RRD benefits when you retire.
Medical and Prescription Drugs
Active medical coverage for you and your eligible, covered family members ends on the last day of the month in which you retire. However, you, your spouse or covered dependents may continue coverage under COBRA until the end of your qualifying COBRA period, which is generally 18 months after you separate from the company.
NOTE: Your medical coverage as an active RRD employee is considered creditable coverage, so no penalties will apply when you enroll for Medicare as long as you don’t have a break in coverage between leaving the active plan or COBRA coverage and starting Medicare coverage.
If you are under age 65 (and not otherwise Medicare-eligible) when you retire, you may want to explore coverage available through the individual market or the public health insurance exchange (healthcare.gov).
Dental and Vision
Coverage for you and your eligible covered family members ends on the last day of the month in which you retire. However, you may choose to continue coverage under COBRA, generally for 18 months after you separate from the company.
Health Savings Account (HSA)
Money in your HSA is always yours — even when you retire. You can’t contribute to your HSA after you reach age 65 if you are enrolled in Medicare, but you can continue to use the money in your account to pay for eligible health care expenses tax-free — including Medicare premiums, deductibles, copays and coinsurance under any part of Medicare; as well as eligible prescription drug, dental and vision expenses.
IMPORTANT: You cannot use HSA dollars to purchase a Medicare supplemental insurance (“Medigap”) policy.
After you reach age 65, you can use your HSA to pay for things other than health care expenses. In this case, the amount you withdraw will be treated as taxable income, but it will not be subject to other penalties. (If you are under age 65 and you use your HSA for non-health care expenses, the dollars you withdraw will be subject to regular income tax plus a 20% additional tax on the amount withdrawn.)
Flexible Spending Accounts (FSAs)
Health Care FSA
If you are enrolled in a Health Care FSA, you can request reimbursement for eligible expenses incurred up to your separation date if submitted by the deadline (March 31 of the year after the calendar year in which you participated). If you elect COBRA, you may continue contributions after-tax if you want to be reimbursed for expenses incurred after your separation date.
Dependent Day Care FSA
If you are enrolled in the Dependent Day Care FSA, you can request reimbursement for eligible expenses incurred up to your separation date if submitted by the deadline (March 31 of the year after the calendar year in which you participated).
401(k) Savings Plan
If you are participating in the RR Donnelley 401(k) Savings Plan when you retire, you will receive a kit at your home address. The kit will include information about your distribution options and consent requirements, plus a notice of important tax withholding information.
If you choose a distribution, your account will be distributed in a single-sum payment or as a direct rollover distribution to another qualified retirement plan, a 403(a), 403(b) or 457 plan, or to a traditional Individual Retirement Account (IRA).
To confirm your eligibility for pension benefits, contact the Pension Service Center.
Life and AD&D Insurance
The Life and Accident Insurance Program provides important financial protection if something happens to you or your spouse, domestic partner or children.
Your employee and dependent (spouse and child) life coverage ends on your separation date. You may be eligible to elect portability coverage of your current coverage if you are actively at work on the day prior to your separation. If portability is not available, you may convert your coverage to an individual policy. You must complete your request to port or convert your coverage within 30 days of your separation at retirement.
Your AD&D coverage also ends on your separation date. You may be eligible to convert your coverage to an individual policy if you contact the vendor within 30 days of your separation at retirement.
Social Security Benefits
Visit the Social Security Administration to learn more about your Social Security benefits and find helpful online retirement planning tools and step-by-step instructions for applying for your benefits.
The following voluntary benefits are provided through and administered by the program vendors. They are not sponsored, endorsed nor maintained by RRD. Contact each vendor for information about what happens to your coverage when you leave the company.