To help offset the cost of retiree health benefits, the College has been making an annual contribution into an Emeriti Health Account (“VEBA”), currently housed at TIAA. Vested funds in the Emeriti Health Account may be accessed, on a tax-free basis, at age 55 or older, following retirement. Vested funds in an individual’s Emeriti Health Account may be used during retirement to help pay health, prescription, and dental insurance premiums. Vested funds may also be used to receive reimbursement for the cost of other eligible medical expenses, such as Medicare premiums, deductibles, and co-payments.
Note - If a member of the faculty or professional staff terminates employment, for any reason, before College contributions to his/her Emeriti Health Account have vested, all such contributions and any associated investment earnings will be permanently forfeited by the employee.
Emeriti plans are available to eligible faculty and professional staff age 60 through 64 who are not yet eligible for coverage through Medicare (“pre-65” plans), and for those age 65 and older who are enrolled in Medicare Parts A and B (“post-65” plans). Plans for those age 65 and older coordinate coverage with Medicare.
The Emeriti plans are administered by Emeriti Retirement Health Solutions and are currently insured through Aetna. Coverage is offered nationwide. Several different medical and prescription drug plans are offered allowing retired employees to choose the plan options that best meet their needs. An optional dental plan is also available.
The College does offer this Emeriti program; however, you do not have to enroll in this program to access your Emeriti Health Account. You can use that account towards your own individual policy outside of this program.
If you are interested in the Emeriti program, please take some time to review the plans available to you, as well as some of the tools Emeriti has to offer.
How do I enroll?
If you decide that you’d like to enroll in the Emeriti program, this election must be made within a 90 calendar day period beginning the later of:
The retirement date;
The date temporary continued coverage through Cobra ends;
The date the retiree becomes age 65; or
The date the retiree enrolls in Medicare Part A and Part B
You will not be eligible again unless a qualifying event occurs. To enroll, please call Emeriti at 1-866-363-7484 and choose Option #2.
Dependent’s Coverage Upon the Retiree’s Death
Upon the death of a retiree, any covered dependent may retain coverage through an Emeriti plan for life, even if the retiree passes away before the dependent.