Board of Governors (BOG) Medical Retirement
The Board of Governors (BOG) has established a health care insurance coverage plan for employees participating in the BOG Alternate Retirement Plan upon their retirement. This includes employees who are eligible to participate in a Board of Governors (BOG) Alternate Retirement Plan (ARP) retirement plan sponsored through TIAA-CREF, VALIC Retirement or MetLife.
Effective June 21, 2009, all participating employees will be subject to a mandatory payroll deduction of .9% of their salary, as ratified by your union. Employee contributes 0.9% of his/her salary each biweekly paycheck.
Ex: An employee earning $50,000 per year would have $17.31 per pay
period withheld (or $450 annually).
This health benefit applies to all employees (ESPA members are not eligible to participate) who either currently participate in or will be eligible to participate in the BOG’s Alternate Retirement Plan as defined in RIGL 16-17.1-1 and 2.
This includes employees with a primary retirement plan funded through TIAA-CREF, VALIC Retirement or MetLife.
Eligible employees retiring after June 30, 2008, who are not yet 65 will no longer be entitled to the Pre 65 Medical Coverage, but may purchase health insurance coverage at the actual retiree premium rate for themselves and their spouses.
Employees retiring after June 30, 2008, who are at least 65 years of age, shall receive the Post 65 Medicare supplemental coverage in accordance with the table below for Post 65 Medicare Supplemental Coverage.
|Years of Service||Employer's Share||Employee's Share|
|10 - 15||50%||50%|
|16 - 19||70%||30%|
|20 - 27||90%||10%|
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