1992-1998-FISCAL AUDITS - Laserfiche WebLink

Home Browse Search

I 15. Post-Retirement Health Care and Life Insurance Benefits The Town's employee contracts provide for health care and life insurance benefits to retirees, their dependent, or their survivors. These benefits are provided through the Town's group plans. The cost of these benefits are included in the total cost of benefits for both active and retired employees. The number of participants currently eligible to receive benefits, and cost of benefits for retirees, their dependents, or their survivors for the year ended June 30, 1996 was not available. 16. Participation in County Retirement System A. Plan Description Substantially all full-time employees of the Town (except teachers and administrators under contract employed by the School Department) are covered by the Barnstable County Public Employee Retirement System, which is a cost-sharing multiple-employer PERS. i All full-time employees are eligible and must participate in the Barnstable County PERS. The pension plan provides pension benefits, deferred allowances, and death and disability benefits. A member may retire after reaching the age of 55 and accumulating 10 years of service with the Town or for another entity covered by the County PERS. Benefits vest after 10 years of service. Employees who retire at or after age 55 with 10 or more ears of service or at an age with 20 ears of service are Y � Y g Y entitled to pension payments for the remainder of their lives equal to a percentage of their final three-year average salary determined by an age factor. The final three-year average salary is the average salary of the employee during the final three years of full-term employment exclusive of overtime. Pension provisions include deferred allowance whereby an employee may terminate his or her employment with the Town after accumulating 10 years of service but before reaching the age of 55. If the employee does not withdraw his or her accumulated contributions, the employee is entitled to all pension benefits upon reaching the age of 55. Pension provisions include death and disability benefits, whereby the dis- abled employee is entitled to receive 72% of their annual salary (in the case of an accidental disability) and 50% of their annual salary after 10 years of employment (in the case of an ordinary disability). A surviving spouse is entitled to receive annually an amount equal to 66.6% of the employee's final three-year average salary exclusive of overtime pay- 22