Board of Education (BOE) Medical Retirement
The Board of Education (BOE) has established a health care insurance coverage plan for employees participating in the BOE Alternate Retirement Plan upon their retirement. This includes employees who are eligible to participate in a BOE Alternate Retirement Plan (ARP) retirement plan sponsored through TIAA.
All participating employees are 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 BOE’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.
Eligible employees retiring who are not yet 65 may purchase health insurance coverage at the actual retiree premium rate for themselves and their spouses.
Employees retiring 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%|