Retirement

Planning for retirement is an important step in securing your future. Lake County Schools is committed to providing our employees with the resources and support they need to make informed decisions about their retirement. On this page, you will find essential information about retirement plans, benefits, and the steps you need to take to prepare for a smooth transition. Whether you're nearing retirement age or just starting to think about your future, we are here to help you every step of the way. Explore the links below for detailed guidance on retirement options, eligibility criteria, and important contacts.

Retirement Benefits

RETIREES under age 65:

Retiring employees who are under the age of 65 may carry the SAME COVERAGE that he/she had while actively employed by paying the full premium. An optional $5,000 term-life policy is also available with the health insurance. Be advised that the $5,000 life insurance policy will decrease in value beginning at age 70. On the reverse side of this letter are the premium amounts for all plans. Please indicate your health insurance choice on the reverse side.

RETIREES age 65 and over:

Retirees that have reached age 65 and are eligible for Medicare may also choose from the following options:

Option #1: Continue with the same health insurance coverage as described in the Retiree under age 65 section above.

Option #2: Retirees may choose to purchase Medicare Supplements and Medicare Part D (Rx) plans They would be enrolled in Medicare Parts A & B and could choose from a wide variety of available Medicare Supplement options.

Once a retiree has cancelled their health insurance coverage with the district they NO longer can: ● attend the health and wellness centers ● return onto the retiree health insurance plan ● lose the $5,000 term life insurance policy (if elected).

Dental, Vision, and Life Insurance

COBRA continuation information will be mailed to your home and may be continued or up to 18 months. You will also receive a continuation packet from the life insurance carrier to continue coverage under portability or conversion policies.

Disability and FSA

Disability, and FSA will terminate on the last day of the month you retired in unless you retire at the end of the school year, then coverage terminates August 31. For an individual policy, please contact the various providers directly.

Aflac Plans

Contact Aflac Group Customer Center at 800-433-3036 and request a continuation packet within 30 days of your retirement date for: Aflac Accident, Critical Illness and/or Hospital Policies.

Aflac Cancer policy, please contact 800-992-3522 within 30 days of your retirement date.