Emeriti Retiree Health Program
- Emeriti Retiree Health Plan Highlights
- Employer's Contribution
- Your Ability to Make Employee Contributions
- Your Eligibility for Emeriti Benefits
- Forfeiture of Residual Balance
The Emeriti Program offers a practical and comprehensive solution to providing retiree health benefits for Ithaca College employees. The core design features of the Emeriti Program include:
- A tax-advantaged way to invest and accumulate assets exclusively to help meet future retiree medical expenses — the Emeriti Health Account.
- A specially designed health insurance program for retirees and their dependents that complements Medicare — the Emeriti Health Insurance Options.
- A tax-free way to pay for other qualified out-of-pocket medical expenses — the Emeriti Reimbursement Benefit.
The College makes contributions for eligible participants after one year of service in an eligible class, or at age 35, if later. The College will cease making its contributions on the earliest of the following: the date the College has made 25 years of contributions to your account, the date you cease employment at the College, or at your death. The amount of the contribution will be determined by the College.
Eligible participants can begin to make voluntary contributions to the Plan on a flat dollar basis each payroll period if you are age 21 or older and have one year of eligible service. The amount will be determined by you, and currently there are no limits on the amount you can contribute. Your contributions will be made on an after-tax basis, but all contributions and earnings will accumulate and be paid out tax free for your retiree health insurance and other qualified medical expenses.
You will be eligible for the Emeriti Health Insurance Plan Options and the Emeriti Reimbursement Benefit if you satisfy the criteria for Retirement Eligibility under the Plan. You have met these criteria if you have attained age 55 or over while employed by the College with at least 20 years of service in an eligible class or age 60 with at least 10 years of service in an eligible class or if you meet the definition of an Ithaca College retiree. You also satisfy Retirement Eligibility if you become permanently disabled during active service and receive a disability determination letter from Social Security.
Having met the criteria for Retirement Eligibility, you will be able to enroll in the Emeriti Health Insurance following termination of service with the College, attaining age 65, and enrolling in Medicare Part A and B. If your spouse is also age 65 or older and enrolled in Medicare Part A and B, he/she may also enroll when you do in the same Emeriti Health Insurance Plan Option you have elected. If your spouse or eligible children are not Medicare-eligible, they can enroll in Emeriti's pre-65 Health Insurance Plan Options when you enroll. You will also be able to utilize the Emeriti Reimbursement Benefit to pay for any qualified out-of-pocket medical expenses, including other health insurance, after termination with the College. All of the Emeriti Health Account assets from both your Employer's contributions and your own contributions can be used to pay for these benefits.
If you cease employment with the College without having met the College's criteria for Retirement Eligibility, you will not be able to enroll in the Emeriti Health Insurance Plan Options. With respect to tax-free use of the Health Account assets for retirement health expenses, different rules will apply for Employer contributions and your own contributions. If you had not satisfied the College's criteria for Retirement Eligibility, the Health Account assets from Employer Contributions will be forfeited. You will always have the right to use all of your own contributions and earnings, starting at age 55, to pay for qualified out-of-pocket medical expenses, including other health insurance, through the Emeriti Reimbursement Benefit. You may also continue to make personal, after-tax contributions into your Emeriti Health Account after you leave the College or even after you retire.
Subject to the rules described above, your Emeriti Health Account assets are available to pay health insurance premiums and other qualified medical expenses for your life and the lifetime of your eligible dependents. Once you have died and once all your eligible dependents have died (or reached majority, in the case of children), any remaining balance in your Health Account is forfeited back to the Plan for use under the terms of the Plan.
These Plan Highlights are intended to provide you with a brief overview of certain key features of the Plan. Please consult your summary plan description (SPD) for a more complete explanation of the terms of the Plan and your rights and responsibilities under the Plan.