Working Beyond Age 65
Pension Plan: Employee and Employer Contributions to the Pension Plan continue as normal if a Member continues to work beyond age 65.
Disability Income Plan (DIP): Contributions to DIP and eligibility for DIP benefits cease four months (18 weeks) prior to attainment of age 65. The Member 's last contribution is made in the pay period four months prior to reaching 65 years of age.
Example:
Pay rate: $1,000/ bi-weekly
65th Birthday: July 4, 2022
Pay period ending 4 months
prior to attainment of age 65: March 25, 2022
Employee DIP contribution: 50% of 1.70% = 0.85%
Final Employee Contribution = .0085 x 1,000 = $8.50 for the pay period ending March 25, 2021.
Group Insurance Plan(s)
Basic life Insurance: Basic Life Insurance Employee and Employer Contributions continue as normal if an Member continues to work beyond age 65.
Optional Life Insurance: Remains in effect until a Member turns age 65, or earlier if the Basic Life Coverage reduces to 1 x earnings, therefore Optional Life Insurance Contributions cease at age 65.
Family Life insurance: Remains in effect until a Member turns age 65, or earlier the Member cancels family coverage, therefore Family Life Insurance Contributions cease at age 65.
Voluntary Accidental Death & Dismemberment Insurance: Voluntary Accidental Death & Dismemberment insurance remains in place until a Member terminates or retires from the Pension Plan, whichever occurs first. Therefore, contributions continue as normal if a Member continues to work beyond age 65.