Retiree
Medical Supplement (RMS) |
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| Effective
1/1/06, an additional benefit has been added in the Concordia
Retirement Plan for workers who participate in The Church’s
Plan. The Retiree Medical Supplement (RMS) is designed to
provide additional income during retirement to help with healthcare
expenses.
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Active
workers whose employers participate in The Church’s
Plan and who are enrolled in the Concordia Health Plan (or
are eligible opt-outs) will receive Retiree Medical Supplement
(RMS) service credits. The RMS “service credits”
are earned:
- For
each year of participation in The Church’s Plan AND
the worker is enrolled in the Concordia Health Plan (or
an eligible opt-out); and
- For
each year of past creditable service the worker has earned
in the Concordia Retirement Plan prior to the date the employer
begins participating in The Church’s Plan, as long
as the employer joins The Church’s Plan by January
1, 2007.
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| The worker
will earn ongoing RMS service credits for each future year of
participation in The Church's Plan. |
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A worker
becomes eligible to receive the RMS benefit once he/she retires
from an employer participating in The Church’s Plan
and:
- Worker
is age 60 or older with 15 years or more of RMS service
credits, OR
- Worker
meets the Rule of 85 in the Concordia Retirement Plan at
retirement, and has 15 years or more of RMS service credits.
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| The actual Retiree Medical Supplement benefit
amount will be equivalent to a sum of $500 for each year of
RMS service credit. The benefit is paid as an annuity amount
(monthly payment) at the time of retirement. |
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Benefit
distribution options for the Retiree Medical Supplement are:
- Single
life annuity
- Joint
and 70% survivor annuity
- Joint
and 100% survivor annuity
- Decreasing
annuity (Monthly benefit is a greater amount prior to age
65 to cover higher medical costs. Upon age 65, monthly amount
is reduced for the remainder of the worker’s lifetime
since Medicare is now available.)
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