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2024-2025 Health and Benefits Handbook

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Retirement Benefits RETIREE HEALTH INSURANCE Cary provides retiree health insurance to an employee retiring from the Cary and retiring from NCLGERS. MEDICAL INSURANCE Retirees of Cary who are under 65 can elect retiree medical insurance for themselves and any spouse covered on the plan at the time of retirement. The retiree and/or spouse can remain on the plan until age 65. Retirees with a least 15 consecutive years of service with Cary and NCLGERS are eligible to receive a subsidy from Cary to offset the cost of the retiree's medical insurance. A retiree with 15 years of service receives a 50% subsidy and each additional year of service beyond 15 years increases the subsidy by 5%, with a maximum subsidy of 100% for 25 years of service. Pre-65 retirees who choose to cover a spouse pay for the full cost of spousal coverage. Once 65, the retiree can no longer be on the retiree medical insurance plan. However, the retiree can receive the subsidy as a supplement to pay for Medicare Part D and a Medicare supplement. Additional support will be provided at that time. The subsidy can also be used for the dental and/or vision coverage elected. When a spouse of a retiree turns 65, the spouse is no longer eligible to receive medical insurance. DENTAL INSURANCE Retirees of Cary can elect dental insurance for themselves and any spouse covered on the plan at the time of retirement. The retiree is responsible for paying the cost of coverage. The retiree can use the monthly subsidy amount to pay for this coverage once the retiree turns 65. Dental insurance coverage will continue as long as the cost of coverage is paid. VISION INSURANCE Vision insurance is included in the retiree medical insurance and is available to the retiree and spouse, based on the retiree's election at retirement. Once a retiree turns 65, the retiree can elect to continue vision insurance by paying the cost of coverage or using the subsidy to pay for this coverage. When a spouse of a retiree turns 65, the spouse is no longer eligible to receive vision insurance. LIFE INSURANCE Retirees are able to continue their life insurance according to the current group life insurance policy. Retirees with 25 or more years of service working for Cary are provided with $10,000 of life insurance at no cost to the qualified retiree. OTHER BENEFITS COBRA is offered to a retiring employee in accordance with the COBRA regulation. Dependent children covered at the time of retirement can elect to continue coverage under COBRA. There are also portability options for any voluntary benefits elected. Page 40 CARY Benefits Handbook NEWSFLASH After you reach 15 years of service with Cary, you may be eligible for a retiree subsidy, which can help cover the costs of your monthly retiree medical insurance premiums/rate. ? HELPFUL SITES Benefit Videos Employee Toolkit - Your Steps to Retirement NCLGERS NCLGERS Benefit Estimator Retiree Benefits Policy Retiree Handbook General Employees Retiree Handbook - LEO Law Enforcement Officers L

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