RETIREE MEDICAL BENEFITS
In addition to your benefit from the Retirement Plan, the Institution helps
provide for your financial security during retirement by sharing in your
medical costs. The medical benefit you receive as a retiree depends upon
your age, length of service and the year in which retire. To be eligible
you must be a "Regular" employee at the time of your retirement.
If you retire at age 65 or over with 10 or more years of service,
the Institution contributes* towards the cost of Medicare Part B and the
supplementary medical coverage provided by the Institution (currently
Medex II or Tuft's Medicare Complement) for you and (for those retiring before
2000) for your "qualified" spouse. If your qualified spouse is not yet
65, his or her coverage will continue under the Institution's regular
medical plan until age 65. You and your spouse will also be eligible for
these benefits at age 65 if you retire early and begin receiving your
Plan benefit right away assuming you retire with at least 10 years
of service. During the interim, you may continue in the medical plan,
if you wish, by paying the full cost of the premium.
If you retire at age 62 or older with at least 20 years of service,
the Institution will pay the same dollar amount toward your coverage as
it pays for retirees over age 65. If you retire under the Supplemental
Retirement Plan or under an unreduced Early Retirement provision benefit
(i.e. at least age 60 with at least 30 years of credited service),
the Institution will pay the same percentage as it pays for active employees
(currently 55% of the HMO premium) toward the cost of the regular medical
plan coverage until you reach age 62, when the amount paid toward your
coverage will be the same dollar amount as provided for retirees
over age 65.
If you are eligible for retiree medical benefits but would prefer
different coverage, the Institution will pay up to the amount paid for
other age 65 retirees for comparable benefits with another insurance carrier
upon proof of enrollment.
The medical benefits provided for retirees are based on premiums
currently in effect. The Institution reserves the right to change the
amount it contributes toward medical coverage for both employees and retirees,
and the type of coverage provided.
| *If You Retire In: |
The Institution Contributes: |
| 1996 or earlier |
100% for you and your eligible spouse |
| 1997 |
85% for you; 75% for your spouse |
| 1998 |
75% for you; 50% for your spouse |
| 1999 |
60% for you, 25% for your spouse |
| 2000 and later |
55% for you, 0% for your spouse |
RETIREE LIFE, DENTAL and AD&D INSURANCE PROVISIONS
You may continue your Dental coverage to age 65 by paying the full premium
cost. Group Life and AD&D may not be continued. If you apply
within 30 days after Group insurance coverage termination, you may convert
to a non-group policy directly with the insurance carrier for Life and
AD&D coverage. There is no conversion for Dental.
The $2,500 burial insurance will remain in effect for those who retire
on or after age 65 with at least ten years of service, or those who retire
before age 65 with at least twenty years of service.
March 2, 2006
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