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Health Insurance in Retirement
Employees Hired on or After July 1, 2003
The College provides eligible employees with a defined contribution retiree health program. An eligible employee is defined as a person who is age 40 or older and who holds a regular benefited position with the College. At the end of the fiscal year, for each month of credited service at or after age 40, a participant will be credited with 66.7% of the monthly premium for the College sponsored Medicare supplement policy. Contributions are made for a maximum of 25 years. At the beginning of each fiscal year, an interest rate based on the yield of a 5-year certificate of deposit with a designated bank will be documented and used to determine the amount of interest credited for next fiscal year.
Upon retirement from the College at age 62 or older with 10 years of regular service, a retired employee will have the accumulated account value deposited into a Health Reimbursement Account (HRA) in his or her name. Funds in an HRA may be used on a tax-favored basis to be reimbursed for eligible medical expenses, including health plan premiums.
Retired employees and spouses may purchase coverage at full cost under the College sponsored plans.
Employees Hired Before July 1, 2003
Each employee covered by the retiree health program in effect prior to July 1, 2003 has received a personalized letter detailing his or her benefits. Since there are varying levels of benefits please contact the Office of Human Resources if there are questions.