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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <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 <br />years of service and employment date (as mentioned above); a 2% discount is given for each <br />year of service based upon the following table: <br />Hired Before 2/1/2006 <br />Hired On <br />or After <br />2/1/2006 <br />Retirement <br />Date <br />Service <br />Under Age 65 <br />Retiree or Spouse <br />Medicare Eligible <br />Before 10/1/2004 <br />No Subsidy <br />60%* <br />No Subsidy <br />** <br />After 10/1/2004 but <br />on or before <br />1/31/2009*** <br />Less than 15 <br />years <br />No Subsidy <br />20% Subsidy** <br />At least 15 <br />years <br />2% per Year of Service <br />(maximum of 40%) <br />Additional 20% Subsidy <br />(maximum of 60%)** <br />After 1/31/2009*** <br />Less than 15 <br />Years <br />No Subsidy <br />No Subsidy <br />At least 15 <br />years <br />2% per Year of Service <br />(maximum of 40%) <br />Subsidy Ceases**** <br />*60% Subsidy if Medicare Eligible prior to October 1, 2004 or 20% if becoming Medicare Eligible after <br />October 1, 2004 <br />**Additional Subsidy will be paid to Medicare Eligible retirees regardless of which plan they are <br />enrolled in (County's medical plan or Medicare Advantage Plan) and regardless of whether they <br />become Medicare Eligible before or after October 1, 2004. <br />***Employees who commit by June 1, 2008 to retire before January 31, 2009 will receive subsidy as <br />if retired before June 1, 2008. <br />****Effective May 1, 2016 and prospectively, subsidy does not cease until both Retiree and Spouse <br />are Medicare eligible. <br />97 <br />