A retirement plan exclusively for Housing Authorities

Group Term Life Insurance Coverage Provided By Minnesota Life

The Minnesota Life insurance Company has been offering valuable life insurance benefits to employers at economical group rates for more than 90 years and ranks amongst the most highly rated financial institutions in America.

The Housing Agency may elect anywhere from 9 to 24 times the monthly salary for this coverage. The maximum amount of coverage is capped at $200,000. The number of months of elected coverage are selected by your employer and are specified in the agency’s Joinder Agreement. The current monthly premium rate is 31.3 cents for each $1,000 of coverage.

Group Term Life Insurance is also available to “retirees” who at the time of their severance of employment, attained the age of 55 or older with a minimum of 10 years of uninterrupted service. This is not limited to those who have officially “retired.” Retirees may continue their coverage up to a maximum of $25,000 (not to exceed their current coverage) without Evidence of Insurability or to a total maximum of $50,000 with Evidence of Insurability.

Your beneficiary for this term insurance will be the one specified on the Enrollment Form for the retirement plan, unless a Change of Beneficiary Form has been submitted. If you are in doubt as to whom your designated beneficiary is, or if you would like to make a change, please see your personnel representative for the Change of Beneficiary Form #140, or go to www.hart-retire.com, Click on the link to “Download HART Forms” and you can print the form. Whenever you have a life change occurrence, such as a marriage or divorce, it is always a good idea to up-date your beneficiary designations. If none of your designated beneficiaries are living at the time of your death, or you have not designated a beneficiary, then any distribution of your retirement plan account shall be paid in a single sum to your estate.

Important Contract Provisions

Retiree Life Insurance Coverage – Any employee who has attained age 55 or older with at least 10 years of continuous service will have the opportunity to continue basic life insurance coverage. Plan members may elect to continue their current coverage, or the amount equivalent to one times their annual salary, whichever is less, however, the coverage amount cannot exceed $50,000. Any amount over $25,000 will require medical underwriting approval. Coverage continued according to this provision is not eligible for the Waiver of Premium benefit. Contact ADP Retirement Services, your Record Keeper for the retirement plan, at 1- 800-798-2044 for the appropriate forms.

Conversion Privilege Benefit – Whenever an employee has terminated employment either by regular severance of employment or by retirement, that individual has the option to convert their group coverage over to an individual policy. This is allowed with no proof of insurability. The coverage amount can be for as much as the amount of coverage the participant last had while at work, or the insured may elect to purchase a lesser amount. The rates for this coverage will be quoted directly from Minnesota Life. If purchased, the contract will then be between the individual purchaser who is responsible for the premiums and Minnesota Life. For anyone interested in the Conversion Privilege, please contact Minnesota Life at 1- 866-293-6047.

Accelerated Benefit for Terminal Illness – Additionally, there is an Accelerated Benefit if you become terminally ill with a life expectancy of 12 months or less. Based upon that medical information you may be eligible to receive an early payout of all or a portion of your insurance benefit while you are living.

Beneficiary Financial Counseling – For anyone who is interested, there is Beneficiary Financial Counseling provided by PricewaterCoopers LLP. They offer independent, comprehensive and objective financial counseling to a beneficiary receiving a benefit of $25,000 or more, at a time when it is needed most at no cost to you or your named beneficiary.

Legal Services – This service gives employees peace of mind knowing their estate will pass to the right people. The program, provided by Ceridian LifeWorks, offers active employees, retirees and their families a free 30-minute initial consultation with an attorney, drafting of online wills and other legal documents and a vast online library of legal information and resources.

Legacy Planning – This service is a web site to help individuals, families and beneficiaries work through end-of-life issues. All insured, their families and beneficiaries have access to the web site which offers information on how to plan and pay for a funeral as well as resources for preparing an estate plan and final wishes.

If you have any questions, please contact the Plan’s Recordkeeper, ADP Retirement Services at 1-800-798-2044.

As always, it is our pleasure to serve the needs of the participants of the Housing Agency Retirement Trust.
HART Board of Trustees and Your Dedicated HART Team at ADP Retirement Services

Important notice about the opportunity to continue Life Insurance (If offered by your agency)


As an employee of age 55 or older with at least 10 years of service, you have the opportunity to continue your basic life insurance coverage through The Housing Agency Retirement Trust.

You may elect to continue your current amount of coverage, or the amount equivalent to one times your annual salary, whichever is less. However, the coverage amount cannot exceed $50,000, and any amount over $25,000 will require medical underwriting approval.

Enclosed is an Enrollment Form. To elect coverage, submit a completed Enrollment Form and your check made payable to HART to the Plan’s Record Keeper, ADP Retirement Services, within 31 days of leaving the authority.

Please mail both to:
HART c/o ADP Retirement Services P.O. Box 22669 Louisville KY 40252-0669

If you elect an amount of more than $25,000, you will also need to complete an Evidence of Insurability Form which we will be glad to provide to you. Just give us a call at the phone number listed below.

Use the chart below to calculate your monthly premium
Age Monthly rate per $1,000 coverage
55-59 0.37
60-64 0.63
65-69 0.97
70-74 1.98
75-79 3.82
80-84 6.98
85-89 10.75
90-94 16.55
95-100 28.09

Example – How to calculate a monthly premium for a 55-year-old continuing $50,000 of current Basic Life insurance coverage:

1. Calculate life cost for 55-year-old                                           $0.37 per thousand
2. Determine number of units (divide amount by 1000) 50,000 / 1000 = 50 units
3. Multiply age rate by number of units                      50 x $0.37 = $18.50 monthly

QUESTIONS? If you have questions about this opportunity being offered, please contact the Plan’s record keeper, ADP Retirement Services, at (800) 798-2044.

What’s New With HART?

HART News Flash
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Management Fee Reductions for Vanguard Target Retirement Funds
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Webinar from Financial Engines an Investment Advisory Service

Investing in a Volatile Market

Getting the Most from Your Retirement Plan

Important Plan Changes are coming to both the HART Retirement Plan and the 457(b) Deferred Compensation Plan. Fees and expenses will be revised effective January 1, 2020. Please read the Important Plan Change Notice for all the details.

Information about compliance with IRS Limits for 2022-2024 is now available. These amounts usually change each year, and you can refer to this document to find the correct limits for the years 2022 through 2024.

New Enrollment Kit – documents and forms can now be found in one place. Access them here.

Are you wondering how or where to invest your funds? HART is joining forces with Financial Engines to help you find answers and solutions. Read the official announcement.

Reinventing Retirement