Option 1 - Regular Retiree Program

Benefits-eligible employees who are retiring can elect to remain in the College group medical and dental programs, paying 100% of the full premium expense, if you meet the following requirements:

—If you retire between the ages of 55 and 65, you must have ten years of continuous benefits-eligible service with the College to continue participating in the College’s medical and dental programs.

—If you retire at age 65 or older, you must have five years of continuous benefits-eligible service with the College to continue participating in the College’s medical and dental programs.

You will be required to pay the full medical and/or dental premium expenses for you and any eligible family members you elect to cover. The College will bill you quarterly for this coverage. Since you will be participating in a group plan, the extent of your coverage should be far greater than with most individual medical and dental plans. If you choose to terminate your coverage through the retiree program, coverage for any eligible dependents you cover will terminate at the same time. Dependents may not retain coverage without the retiree being covered, with the exception of a surviving spouse of a deceased retiree.

At age 65, you will be eligible for a medical policy that will coordinate benefit coverage with Medicare. Since Medicare will become your primary insurance and the College-sponsored plan your secondary insurance, your premium costs may be lower. Your dental plan benefits will remain the same for as long as you continue participation since there is no coordination with Medicare.

Option 2 - The 75-Plan

Benefits-eligible employees, continously employed in a benefits-eligible position on or prior to December 31, 2008, can elect to remain in the College group medical and dental programs and pay the same portion of the full premium expense that active employees pay, provided you meet the following requirements:

—You must retire between the ages of 55 and 65, and your combined age and years of continuous benefits-eligible service must equal at least 75.

You will be required to pay a portion (currently approximately 20%) of the medical and/or dental premium expense for you and any eligible family members you elect to cover. The College will bill you quarterly at the group premium rate for this coverage. Since you will be participating in a group plan, the extent of your coverage should be far greater than with most individual medical and dental programs. If you choose to terminate your coverage through the retiree program, coverage for any eligible dependents you cover will terminate at the same time. Dependents may not retain coverage without the retiree being covered, with the exception of a surviving spouse of a deceased retiree.

At age 65, you will qualify for a medical policy that will coordinate benefit coverage with Medicare. The premium expense for this coverage will be payable in full by you. Since Medicare will become your primary coverage and the College-sponsored plan your secondary insurance, the total premium expense may be lower than the full premium for active employees. Your dental plan option will follow the same billing procedures as your medical plan. In other words, at age 65 the premium expense will be payable in full by you.