Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 14 — OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued <br />A. Plan Description - Continued <br />The County subsidizes the cost of the health premiums for each retiree based upon their years of service <br />and employment date (as mentioned above); a 2% discount is given for each year of service based upon <br />the following table: <br />Hired Before 2/1/2006 <br />Retirement <br />Retiree or Spouse <br />Hired On or <br />Date <br />Service <br />Under Age 65 <br />Medicare Eligible <br />After 2/1/2006 <br />Before 10/1/2004 <br />No Subsidy <br />60%* <br />Less than 15 <br />After 10/1/2004 but on <br />No Subsidy <br />20% Subsidy** <br />or before <br />years <br />At least 15 <br />2% per Year of Service <br />Additional 20% Subsidy <br />1/31/2009*** <br />No Subsidy <br />years <br />(maximum of 40%) <br />(maximum of 60%)** <br />Less than 15 <br />No Subsidy <br />No Subsidy <br />After 1/31/2009*** <br />years <br />At least 15 <br />2% per Year of Service <br />Subsidy Ceases**** <br />years <br />(maximum of 40%) <br />*60% Subsidy if Medicare Eligible prior to October 1, 2004 or 20% if becoming Medicare Eligible after October <br />1, 2004 <br />**Additional Subsidy will be paid to Medicare Eligible retirees regardless of which plan they are enrolled in <br />(County's medical plan or Medicare Advantage Plan) and regardless of whether they become Medicare Eligible <br />before or after October 1, 2004. <br />***Employees who commit by June 1, 2008 to retire before January 31, 2009 will receive subsidy as if retired <br />before June 1, 2008. <br />****Effective May 1, 2016 and prospectively, subsidy does not cease until both Retiree and Spouse are Medicare <br />eligible. <br />M <br />