What is a Postretirement Supplemental Health Benefits Plan account?
If you participated at any time in the Postretirement Supplemental Health Benefits Plan while an active employee, the money you set aside from your pay on an after-tax basis can be used for unreimbursed health care expenses in retirement and/or for medical costs incurred by a surviving spouse, including premium payments in the event of your death. Money placed in the trust, including interest, is available to use after retirement. Effective January 1, 1999, the Company started contributing $75 a year to the account of each employee with 25 or more years of service, until they retire. Active employees did not have to make contributions to the retiree Health Expense Reimbursement Account in order to receive the Company contribution. At the time you retire, and every annual enrollment thereafter, you make an election to determine how to use money from the account for the coming year. The money in the trust can be used to offset medical/dental premiums in retirement, and/or a specific amou
Related Questions
- How does the continuation of health plan benefits apply to a multiemployer plan that provides health plan coverage through a health benefits account system?
- How will my personal account with our current savings plan vendor, which I have set up outside of the savings plan, work after the conversion?
- What is a Postretirement Supplemental Health Benefits Plan account?
