Retirement

Retirement

PG&E offers four benefit plans that help provide for your financial security after your retirement:

  • The Pacific Gas and Electric Company Retirement Plan (the "Retirement Plan," or "pension")
  • The PG&E Corporation Retirement Savings Plan (the "Retirement Savings Plan", or "401(k)")
  • The Pacific Gas and Electric Company Health Care Plan for Retirees and Surviving Dependents (or "retiree medical")
  • The Pacific Gas and Electric Company Postretirement Life Insurance Plan (or “retiree life insurance”)

You should carefully plan for your financial security after you retire. In addition to Social Security and your PG&E-sponsored retirement benefits, your own savings are a vital component in ensuring a comfortable lifestyle after you retire. It’s a good idea to consult with a financial planner to develop your personal retirement plan.

Retirement Savings Plan

The Retirement Savings Plan provides you a way to save for retirement through your own contributions plus company matching contributions. Your company match amount depends on the pension formula that applies to you, and whether you’re in a union-represented position.

The retirement income you can receive from the 401(k) varies with the amount of personal and company contributions made to the plan, as well as investment returns on these contributions.

The 401(k) offers two company matching benefits, depending on which pension formula applies to you.

If you’re participating in the final pay formula:

  • A company match of $0.75 per dollar on your contributions of up to 6% of pay (for Management/A&T employees); or
  • A company match of $0.60 per dollar on your contributions of up to 3% or 6% of pay, depending on years of service (for union-represented employees).

If you’re participating in the cash balance formula, a company match of $0.75 per dollar on your contributions of up to 8% of pay.

To find out more about your Retirement Savings Plan benefits, please see your Summary of Benefits Handbook, or log on to your NetBenefits account.

Retirement Pension Plan

Once your benefit is vested, the Retirement Plan will pay you a fixed pension benefit after you stop working for PG&E. The Retirement Plan has two benefit formulas:

  • A final pay formula; and
  • A cash balance formula.

To find out more about the pension benefit formulas, vesting requirements and other important information, log on to the PG&E Pension Center or see the Retirement Plan section of your Summary of Benefits Handbook.

Retiree medical

The Health Care Plan for Retirees and Surviving Dependents provides medical, mental health/substance abuse treatment and prescription drug coverage for eligible retirees and their families.

At retirement, PG&E will provide you with a Retiree Medical Savings Account (RMSA) to help you pay retiree medical premiums. If you have remaining credits in your Health Account when you retire, you can continue to use your Health Account to pay for eligible retiree medical expenses.

You can find more specifics about RMSA in your Summary of Benefits Handbook and a detailed description of the Retiree Medical Plan in the Summary of Benefits Handbook for Retirees and Surviving Dependents or log on to the Mercer BenefitsCentral.

Deadline for filing claims for Anthem members

For 2016 expenses

File claims with WageWorks through March 31, 2017, for 2016 health care expenses incurred through December 31, 2016.

2017 expenses

File claims with WageWorks through March 31, 2018, for 2017 health care expenses incurred through December 31, 2017.

Don’t use your card for prior year expenses

Don’t use your health payment card in 2017 to pay for 2016 expenses. Instead, you’ll need to file a claim to reimburse yourself or to pay your provider.

Example

You get a prescription December 15, 2016, and incur an expense. You have until March 31, 2017, to file a claim for that expense prescription December 15, 2016, and incur an expense. If you pay for your prescription in 2017, you’ll need to file a claim for.

There are three ways to get reimbursed:

Pay My Provider Pay Me Back Manually file claims

Log in to your WageWorks account and use Pay My Provider if you get a bill and you don’t want to use your card.

Pay My Provider sends money to your provider for amounts not paid by insurance.

Log in to your WageWorks account and use Pay Me Back if you already paid an eligible expense out of your own pocket.

Download the free WageWorks app—EZ Receipts®—for an easy way to use Pay Me Back.

Use the Health Account and Healthcare Flexible Spending Account Claim Form or the Dependent Care Claim Form to file claims with WageWorks.

WageWorks automatically debits your Health Care FSA, if you elected it, and then your Health Account.

Don’t have enough in your Health Account or Health Care FSA to cover the charge? You’ll need to pay with your own money.

Tip: Don’t wait!

Send your explanation of benefits (EOB) to WageWorks when you get it—even if you paid with your WageWorks card. Sending the EOB right away will help avoid having your payment delayed.

If you need help filing a claim or reimbursement, call the PG&E Benefits Service Center at 1-866-271-8144, and select option 6 for WageWorks.

Set up your WageWorks account
To set up your account, log on to your Mercer BenefitsCentral account and click on WageWorks link. You’ll be able to go straight to your WageWorks account without creating a username and password.

Deadline for filing claims for Kaiser Health Account members

All Expenses: Kaiser

You can file Health Account claims with Kaiser Permanente.

Go to kp.org/healthpayment to file a claim

OR

Call Kaiser at 1-877-750-3399 for help filing claims

Call the PG&E Benefits Service Center at 1-866-271-8144 if you have any questions.

Retiree life insurance

The Postretirement Life Insurance Plan provides retirees with a specific amount of life insurance coverage. This coverage is provided by PG&E at no cost to you.

Additional information is available in the "Benefits at a Glance" section of your Summary of Benefits Handbook.

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