When an employee retires, he/she is entitled to keep the present health care, dental, and vision coverage under COBRA (Consolidated Omnibus Budget Resolution Act) for 18 months. This act allows the retiree and spouse, if necessary, to pay the State's active group rate, plus a 2% administration fee, in order to maintain continuance of coverage.
Pre-65 retiree health insurance benefits have been eliminated as of July 1, 2008. However, retirees are entitled to purchase health insurance coverage at the actual retiree premium rate for themselves and their spouses.
Post-65 retiree Medicare supplemental health plans are listed below:
|Years of Service||Employer's Share||Employee's Share|
Medicare Part 'D' became available on January 1, 2006. Information is available at www.medicare.gov
The value of life insurance is based upon the value at age 65. This is called the Frozen Valuation. If an employee retires before age 65, the current salary (rounded up to the next $1,000.00) is the Frozen Valuation.
At retirement, the employee is eligible to keep up with the premiums on Basic coverage only, billed on an annual basis.
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