SECTION TEN: Retiree Benefits
As a retiree, you and your eligible dependents may elect to have Medical, Prescription Drug, Vision, Hearing, MAP and Legal Coverage. Retiree coverage may also include a life insurance benefit of $5,000 (member only) if you have 4,500 hours, 15 years of service, and a pension award.
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What You Need To Do
- There can be no lapse of time from active benefits to Retiree benefits.
- When you're planning to retire, contact the Fund Office to apply for Retiree Benefits.
- When the member turns age 65, the spouse will continue on the coverage for the remainder of the time or until the spouse turns age 65 or becomes eligible for medicare, whichever comes first.
- Select the appropriate option based on the number of years needed, maximum 10 years.
There is a sliding monthly premium rate scale in effect. There
are different rates for each year based on the age of the retiree or
spouse (or, for your dependent children, until the date they are no
longer eligible dependents under the Plan) from the effective date
of pension.
For Example: A member is 64 years old his spouse is 62 years old, you
may choose the 3 year plan; to cover the spouse until she turns age
65. The monthly premium would be at the 3 year family rate. When
the member turns age 65 the spouse will continue on the coverage for
the remainder of the time or until age 65 whichever comes first, paying
the 3 year individual rate.
| You May Not Change Your Selection Once you choose an option under the Retiree plan, you may not change it. |
The retiree co-payment is subject to increase each January 1st. Please
contact the Fund Office for the current premium. The premium is based
on individual and family coverage depending on your family status.
Your retiree co-payment may be deducted from your pension check.
Eligibility Requirements
In order to qualify for these options and the $5,000 Life Insurance
benefit, you must meet the following requirements:
- You must have retired on a regular, reduced, early retirement,
service, statutory or disability pension earned while working
under a Teamster-negotiated contract, or on a regular, reduced, early retirement, service, statutory or disability pension under the New England Teamsters and Trucking Industry Pension Fund. - You must have had at least 4,500 hours of contributions paid to the Fund on your behalf in the five years immediately preceding the effective date of your pension
- You must have been eligible for Plan benefits as an active employee for at least 15 years at the time you retired; and
- You must be at least 55 years of age.
Dependent Eligibility
Your spouse and dependent unmarried children under age 19 are covered
for Medical, Prescription Drug, Vision, Hearing, MAP and Legal coverage
on the same date you are covered as a retiree. If your child is a
full-time, unmarried dependent student, he or she maybe covered to
age 25 (see Section
2, Coverage For Your Dependents).
Choosing the Right Option
Consider the following when you apply for your retiree coverage:
- You and your spouse must elect the same benefit option. (1 thru 10 years)
- Once you make your election, you cannot change it.
- You do not need to decide the benefit option you want (if any) at the time your pension benefits begin, however, you must apply for and select an option before your retiree plan benefits begin. There can be no lapse between your active and retiree coverage.
- The rates that apply to the retirement benefit options are constant. That means, if you elect the 10-year Option, you will pay the applicable 10-year rate for each of the years you have coverage.
- You may elect the 10-year even if you are fewer than 10 years away from age 65 so that your dependents have a longer period of coverage from the Plan. Your coverage under any of the options ends when you reach age 65, but your dependents can choose to continue their coverage at the applicable rate until the earliest of:
- the duration of the option period you elected; or
- the date that your spouse turns age 65 (or, for your dependent children, until the date they are no longer eligible dependents under the Plan), whichever comes first.
- In the event that you die during the time you are covered by one of the Retirement Benefit Options, your dependents(s) can choose to continue their coverage at the applicable rate until the earliest of:
- for the duration of the Option period you elected; or
- until the date your spouse turns age 65 (or for your dependent children, until the date they are no longer eligible dependents under the Plan) whichever comes first.
- The rates that apply to each of these Retirement Benefit Options, as well as the existence of the Options themselves are subject to change by the Board of Trustees at any time and at the Board of Trustees' sole discretion. While it is the intent of the Board to continue these benefits, there is no such guarantee.
When Retiree Benefits End
All benefits under the Retiree Plan will end on the earliest of the
following dates:
| You | Your Spouse |
Your Dependent Children |
1 to 10 years after your coverage starts, depending on the option you choose |
1 to 10 years after your coverage starts, depending on the option you choose |
1 to 10 years after your coverage starts, depending on the option you choose |
The beginning of the month you turn 65 |
The beginning of the month your spouse turns 65 |
The date your child is no longer considered an eligible dependent under the Plan |
The date you become eligible for Medicare |
The date your spouse becomes eligible for Medicare |
The date your child becomes eligible for Medicare |
The date you return to covered employment |
The date you return to covered employment |
The date you return to covered employment |
