Final Details About Agency’s Post-Employment Benefit

At the Agency’s Board of Directors meetings on May 12, 2015 and June 9, 2015, board members affirmed their earlier decision to sunset the post-employment benefit on June 30, 2016. 

Eligibility Requirements 
Eligibility for the post-employment benefit is limited to employees who have a minimum of 15 consecutive years of full-time employment with the Agency and who reach their 58th birthday by June 30, 2016. 

Eligibility will also be extended to employees who have 20 years of regular half- or full- time employment, have been employed full-time for the last five consecutive years and have reached the age of 58 by June 30, 2016. An approved extended leave of absence or one-year half-time position is not considered a break in consecutive service as long as the last five years have been in full-time status. 

Benefits at Retirement 
For qualified participants, the Agency agrees to pay the monthly rate for single insurance coverage as was in effect during the 2015-16 fiscal year. If the employee has family coverage at the time he or she applies for the post-employment benefit, the family members may continue on the policy at the employee’s expense. 

The Agency contribution is frozen at the single monthly rate for the lowest deductible plan in effect during the 2015-16 plan year, and the retiree must absorb any increase in the premium during the retirement years. The retiree may choose to apply this frozen amount toward the retiree’s portion of health or dental premiums as elected through the Agency’s offered policies. 

The Agency will continue to pay the full premium for a group term life insurance policy in the amount in effect immediately prior to retirement. 

Application Process 
Those eligible for the post-employment benefit at the end of the 2015-16 plan year will receive a letter and application for post-employment benefits in mid-October. To apply for the benefit, all forms will need to be signed and submitted to the Benefits Specialist by Nov. 30, 2015. 

For further information and other eligibility options and requirements, find the full version of the post-employment benefit policy in section 6:13 of the Staff Handbook. 

Employees not eligible for the post-employment benefit, but who retire and start drawing IPERS, may still stay on the Agency’s health insurance plan per Iowa Code 509A. The cost of premiums will be the responsibility of the employee. Dental and life insurance are not available under Iowa Code 509A. 

If you have any questions about the post-employment benefit, contact Juliette Houseman, Benefits Specialist, at jhouseman@heartlandaea.org or ext. 14315.