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2007-232
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2007-232
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Last modified
5/31/2016 1:31:43 PM
Creation date
9/30/2015 10:58:50 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
07/24/2007
Control Number
2007-232
Agenda Item Number
7.M.
Entity Name
Gabriel Roeder Smith & Company
Subject
Post Employment Benefits
Supplemental fields
SmeadsoftID
6406
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• Retiree over 65 years of age, single , transferred to a BCBS supplement <br /> (Medicare is primary) is $525 (County reduces premium by 60% and <br /> retiree pays 40% or $210) . <br /> • Retirees over 65 years of age , married , transferred to BCBS supplement is <br /> $765 (County reduces premium by 60% , and retirees pays 40% or $306) . <br /> Subsidies for retirees : <br /> • Hired after 2/1 /06 , no County subsidy . <br /> • Retired prior to 10/1104, County reduces premium charged to retirees <br /> under 65 years of age 2% per year of service , after 15 years or more of <br /> service , with a maximum 40% subsidy . Upon the retiree or the retiree 's <br /> spouse becoming Medicare eligible , the retiree will also be entitled to <br /> receive an additional 20% reduction in the County' s health insurance rate , <br /> for an overall maximum subsidy of 60 % . <br /> • Retired on or after 10/1 /04 with less than 15 years of service, County <br /> reduces premium charged to retirees 20% when either the retiree or the <br /> retiree' s spouse becomes Medicare eligible . <br /> • Retired prior to 1011104 with less than 15 years of service when either <br /> the retiree or the retiree's spouse becomes eligible for Medicare <br /> supplement, the county reduces the premium charged to retirees 60% . <br /> • Retired prior to 1011 /04 , not eligible for Medicare , with less than 15 <br /> years of service when either the retiree or the retiree's spouse becomes <br /> eligible for Medicare , the County reduces the premium 20% <br /> • When a retiree is deceased and has a spouse covered by the group <br /> health insurance, the spouse shall be entitled to continue coverage at the <br /> current subsidized rate until such time the spouse remarries . The spouse <br /> will have 60 days upon the death of the retiree to apply for coverage . <br /> Cobra : <br /> • Participants pay the full premium of $982 . 50 for family and $525 for single <br /> coverage . <br /> Life Insurance: <br /> • Retirees with retirement dates prior to 10/1 /99 are eligible to carry $ 10 , 000 <br /> in life insurance up to age 70 . At 70 , the amount is reduced to $ 5 , 000 . <br /> • Retirees subsequent to 10/ 1 /99 are eligible to carry $20 , 000 of insurance <br /> up to age 70. At 70 , the amount is reduced to $ 10 , 000 . Premiums of <br /> $0 . 31 /$ 1000 are paid monthly by the retiree . <br /> Census of Plan Members as of 4/30/07 (total of 1 , 719 participants) : Active employees <br /> is 1 , 514; Retired employees is 185 ; Retired City of Vero Beach Firefighters is 10 ; and <br /> Cobra is 10 . Total single plans is 721 . Total family plans is 998 . The details for the 195 <br /> retirees regarding single and married coverage , county subsidies , and Medicare participants <br /> will be provided to the Actuary . The County shall provide updated Census of Plan Members <br /> information to Actuary. <br /> 2 <br />
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