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What Happens When... You Retire
Last Modified: Jan. 4, 2010
You have reached an important milestone in your life - retirement. Thank you for your contributions and dedication to U.S. Bank. This guide provides useful information to help make the transition to retirement a smooth one.
Generally, you are considered a retiree when you leave employment after age 55 and have five years of service. Each benefit or plan may have a different or special category for retirement, but you may use this age and service requirement as a guide.
What You Need to Do
Things to Consider
Questions and Answers
What You Need to Do - Planning Ahead
Between 90 days and one year before you plan to retire, you may want to:
Request an estimate of your retirement benefits/initiate pension benefits. To assist with your retirement planning, be sure to visit the retirement programs Web site at www.yourbenefitsresources.com/usbank. In addition to accessing your personal 401(k) and pension plan account information and balances, you can begin to assess your total retirement benefits, including pension, savings and Social Security components, view early retirement eligibility and initiate pension payments at retirement. Initiating your pension benefit commencement online using this Web functionality allows you to begin the process up to 90 days before you actually leave the company. Alternatively, you may call the U.S. Bank Employee Service Center at 800-806-7009 and select the pension option. Then, follow the prompts to speak with a representative. (If you do not take advantage of this capability, information regarding your pension benefit will be sent to you approximately 60 days after your termination from employment.) Request an estimate of your retiree health care benefits and enroll in coverage. You can request an estimate (to see if you are eligible for coverage, what the premiums will be, and how your retiree health care credits will be applied) up to one year prior to your retirement. If you are age 65 or older, it is important that you enroll 60 to 90 days prior to retirement to be sure you do not experience a lapse in coverage (refer to the U.S. Bank Retiree Health Care Program Summary Plan Description for detailed information regarding enrollment in the Program when you are age 65 or older). Simply log on to www.yourbenefitsresources.com/usbank and select the Health Insurance link or call the U.S. Bank Employee Service Center at 800-806-7009 and select the option for retirement benefits. Follow the prompts to speak with a representative. Consult with a retirement specialist. You may want to consult with a retirement specialist by calling 800-258-7787. Retirement specialists can help you work through the details of the various benefit options available to you. Specialists are available from 8 a.m. to 5 p.m. CT, or you may leave a message if you are calling after business hours.
What You Need to Do - Before Your Last Day at Work
Here is a list of things you may need to do before you retire:
Update your address and/or phone number, if necessary. It is important that we are able to contact you after you retire, particularly regarding benefits. Through Employee Self Service, you can view and update your address and phone number currently on record.
Determine necessary action regarding stock options, if applicable. All stock option plans have specific guidelines and deadlines for action if you are leaving the organization. For information about stock options you have been granted, refer to your stock option agreement(s). It is your responsibility to keep track of your options and the specific dates they will expire or cancel. For more information, log on to www.BenefitAccess.com or call Morgan Stanley Smith Barney at 877-636-7495. For more general information, see the Stock Option Information page.
- Submit any outstanding travel & entertainment (T&E) expenses. Follow the normal T&E process for reimbursement. You will be reimbursed for any approved T&E expenses incurred before your last day of active employment.
What You Need to Do - After Your Last Day at Work
Here is a list of things you may need to do when you retire:
Request a distribution from the U.S. Bank 401(k) Savings Plan, if applicable. After your retirement is processed on payroll and the 401(k) system, you may call the U.S. Bank Employee Service Center or log on to www.yourbenefitsresources.com/usbank to request a distribution from your 401(k) Savings Plan. If you are eligible to receive the employer matching contribution, it will be posted to your account in January of the following year. See the U.S. Bank 401(k) Savings Plan information in the Things to Consider section below for more information.
- Complete distribution forms for the U.S. Bank Pension Plan and/or the U.S. Bank 2010 Cash Balance Plan, if applicable. If you have not initiated commencement of your pension benefit prior to your retirement (see above), information will be mailed to your home approximately 60 days after your employment ends. See the U.S. Bank Pension Plan/U.S. Bank 2010 Cash Balance Plan information in the Things to Consider section below for more information.
- Enroll in the U.S. Bank Retiree Health Care Program, if applicable. If you have not enrolled in the Program prior to your retirement information will be mailed to your home approximately 30 days after your employment termination. If you are age 65 or older and haven’t enrolled prior to your retirement date, you may experience a lapse in coverage. If this is the case, you must call the U.S. Bank Employee Service Center.
- Keep your beneficiary designations and address up to date. You may update your address and 401(k) and Pension Plan beneficiaries online at www.yourbenefitsresources.com/usbank or by phone via the U.S. Bank Employee Service Center at 800-806-7009 (select option 2 for retirees and terminated employees, and then *0 to speak with a service center representative).
Things to Consider
The U.S. Bank Employee Service Center
After you retire, you may continue to access the U.S. Bank Employee Service Center from anywhere in the United States. Just call 800-806-7009 for information on benefit plans in which you participate. Service center representatives are available Monday through Friday, except holidays, from 8 a.m. to 8 p.m. CT to answer your questions. You will generally need your U.S. Bank Retirement Program user ID and password.
Your Final Pay
Your final pay is processed in the same manner as regular pay - either via direct deposit or by check mailed to your home address on file.
Your Final W-2 Statement
Your final W-2 statement will be mailed to your last address on file. It will be mailed no later than Jan. 31 following the year of your retirement. If your address changes after you retire, be sure to call the U.S. Bank Employee Service Center to update our records.
Vacation Pay
Vacation is earned per month through the entire year. If your employment ends and you have not taken all of the vacation you have earned, you will be paid for this unused vacation (generally on your final pay) if you leave in good standing and have provided a two-week notice. Similarly, any vacation pay received, but not yet earned at the time of your retirement is a debt to the company, and the company may, at its discretion deduct the overpayment from any final pay due or may, as permissible by applicable law, demand payment directly from you. For more information about vacation schedules or policies, see the Employee Handbook.
If you have purchased additional vacation, see the Situations That Affect Your Coverage section of the Purchased Vacation Summary Plan Description for specifics about how your Purchased Vacation will be affected.
U.S. Bank Benefits
- See the Situations That Affect Your Coverage sections of applicable summary plan descriptions for specifics about how your benefits will be affected.
- For more information on these and other health and welfare benefits, such as voluntary life insurance, refer to the U.S. Bank Employee Benefits Termination Summary, which will be sent to your home after your retirement is processed on payroll.
You may be eligible to continue certain benefits coverage through COBRA. You will receive COBRA election materials within 44 days from the date your health care coverage terminates. However, if you elect health care coverage under COBRA, you may not be eligible for health care coverage under the U.S. Bank Retiree Health Care Program.
U.S. Bank 401(k) Savings Plan
Pre-tax contributions generally end with your last pay period as an active employee. If you are eligible to receive the employer matching contribution, it will be posted to your account in January of the following year. If your account balance at retirement does not exceed $5,000, then a lump-sum distribution will be made to you as soon as administratively practicable following your termination of employment unless you request earlier payment. If the amount of the distribution is more than $1,000 and you do not elect either to have the distribution paid directly to you or have the distribution rolled over to another retirement plan, your distribution must be rolled over to an IRA at U.S. Bancorp Investments, Inc. If your account balance is $5,000 or more, it can remain in the Plan until you reach age 70-1/2. At the time of your retirement, the Plan Administrator will provide you with further information regarding your distribution rights. Once your retirement status is processed on payroll and the 401(k) system, you can request a distribution of your 401(k) Savings Plan account online at www.yourbenefitsresources.com/usbank or via the U.S. Bank Employee Service Center at 800-806-7009. Generally, a loan must be repaid within 90 days from the date you retire. Please call the U.S. Bank Employee Service Center at 800-806-7009 and select the 401(k) Savings Plan option for more information. You may continue to access www.yourbenefitsresources.com/usbank or call the U.S. Bank Employee Service Center for information about your account. You will need to provide your U.S. Bank Retirement Program user ID and password.
U.S. Bank Pension Plan/U.S. Bank 2010 Cash Balance Plan
- You will be entitled to a pension benefit if you have attained at least five years of vesting service for benefits earned in the U.S. Bank Pension Plan or at least three years of vesting service for benefits earned in the U.S. Bank 2010 Cash Balance Plan.
- If you do not initiate commencement of your pension benefit online or by calling the U.S. Bank Employee Service Center prior to your retirement, information regarding your pension benefit will be mailed to your home address approximately 60 days after your employment ends.
For information about your pension benefit, log on to www.yourbenefitsresources.com/usbank or call the U.S. Bank Employee Service Center at 800-806-7009 and select the pension option.
U.S. Bank Retiree Health Care Program
To be eligible for coverage under the Retiree Health Care Program, you must have attained at least five years of vesting service (as defined in the U.S. Bank Pension Plan) and be age 55 or older and enrolled in a health care option under the U.S. Bank Benefits Program at the time of your termination. You may enroll in the Retiree Health Care Program up to 90 days prior to your retirement. If you do not enroll prior to your retirement, information regarding your retiree health care will be mailed to your home address approximately 30 days after your employment ends.
Beneficiaries
You may want to review and update your 401(k) and Pension Plan beneficiaries at www.yourbenefitsresources.com/usbank or by phone via the U.S. Bank Employee Service Center at 800-806-7009 (select option 2 for retirees and terminated employees, and then *0 to speak with a service center representative.)
Tuition Reimbursement
If you leave U.S. Bank within one year of receiving reimbursement of tuition, you will be required to repay U.S. Bank the amount of the reimbursement. In addition, you must repay 50% of any tuition received within two years of your termination date for courses applied to graduate degree programs. No reimbursement will be made to former employees or to employees who have given notice of resignation, even though approval of reimbursement may have previously been provided. See the Tuition Reimbursement policy for more information.
American Institute of Banking Courses (AIB)
If you are enrolled in an AIB course on the effective date of your retirement, you will be required to repay the cost of tuition. See the Employee Handbook for more information.
Employee Value Package
As a retiree, you may still enjoy various discounts on banking products and services. For more information, speak with your Personal Banker or visit your local U.S. Bank branch.
Deferred Compensation
If you participate in a deferred compensation plan, distribution payments typically begin within 60 days. Contact Benefit Administration at 812-637-0638 for more information.
Incentive Compensation
You may wish to ask your manager how your employment termination may affect your participation in any incentive plans or long-term compensation plans.
Alumni Engagement Program
After you retire, stay in-touch with the Alumni Engagement Program which offers retirees and former employees opportunities to network with each other, receive news and information about the Bank, and even participate in community volunteer efforts. The program is currently offered in several major markets and continues to grow. For more information or to get involved, email address alumni@usbank.com or call Karon Fitzhugh at 866-680-2586.
Questions and Answers
Q. If I have a concern or issue after I retire, whom should I contact at U.S. Bank?
A. If you have a question about your 401(k), pension or retiree health care benefits, call the U.S. Bank Employee Service Center at 800-806-7009. Follow the prompts for retirees. Some information and transactions are available via the interactive voice response (IVR) system. For all other inquiries, service center representatives are available Monday through Friday, 8 a.m. to 8 p.m. CT, excluding holidays.
If you have a question about a specific health care claim under the U.S. Bank Retiree Health Care Program, contact the administrator at the number on the back of your medical ID card.
Q. Will my PIN work when I call the U.S. Bank Employee Service Center after I retire?
A. Your U.S. Bank Employee Service Center PIN will generally be valid for 18 months after your retirement. After 18 months, you will still be able to call the U.S. Bank Employee Service Center to access 401(k), pension and retiree health care information by using your U.S. Bank Retirement Program user ID and password. Refer to the U.S. Bank Human Resources Web and Phone Services Guide for specific navigation information.
Q. When I retire, will I continue to receive information about U.S. Bank?
A. You may access the U.S. Bank Web site at usbank.com. It offers the latest news releases about U.S. Bank, financial performance data, community relations information and much more. In addition, you will receive information about benefits that may continue when you retire, so it is important that you advise U.S. Bank of any address changes after your retirement by calling the U.S. Bank Employee Service Center at 800-806-7009. Additionally, consider getting involved with the Alumni Engagement Program. See above for more details.
Q. If I receive an exit survey after I leave the company, why should I complete it?
A. Your perspective on your work experience at U.S. Bank is important to us. Exit survey feedback has proven very useful in helping U.S. Bank identify areas for improvement. The survey takes just a few minutes to complete, and you will have the option of submitting your responses anonymously. The majority of information U.S. Bank receives will be rolled into a summary format before it is shared with anyone outside of Human Resources.
If there are differences between the information contained on this site and the official plan/program documents, the official plan/program documents will govern.
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