Pension Info
Here is information from RG&E regarding the $1200 annual credit in the last newsletter. I am sorry for the confusion! It was related to Life Insurance and appears to be related to folks that retired on or after July 1, 1999. Here is the excerpt from the Benefits Handbook per HR:
Basic Life Insurance
If you retired on or before June 30, 1999, you will receive life insurance equal to 50% of the basic life insurance in place at the time of your retirement at no cost to you.
If you retired on or after July 1, 1999, a $100 monthly credit is provided to you to purchase life insurance in the amount of $5,000 to $300,000 in increments of $5,000. The maximum life insurance benefit amount available to you is equal to your annual base pay at retirement, rounded up to the next $5,000 increment and multiplied by 50%. If the cost of the life insurance you elect is in excess of the $100 credit, the excess amount will be deducted from your pension check. If the cost of the life insurance you elect is less than $100 and you have elected health insurance, the remainder of the $100 life insurance credit will be applied to the cost of health insurance. If you do not elect health insurance or a portion of the $100 credit still remains, that amount will be added to your pension check. If the cost of the benefits you elect exceeds this credit, you will be direct billed by the Company for the cost of these benefits.
PER RG&E HR on 8/30/16: "Aon Hewitt YBR and RG&E have been working on a reporting system to capture the retirees who are aging off or opting out of medical benefits."
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