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Medical Trust NewsIn May the Medical Trust Board of Trustees held its annual benefit level setting meeting. This is when the Board meets with its actuaries (outside financial consultants) to determine how much the Trust can pay to its beneficiaries per month for the following year. A computer spread sheet program is used to determine the benefit based upon different variables like interest on investments, number of current retirees, number of future retirees, and most significantly, future contributions to the fund. After careful consideration and weighing of all these different factors, the benefit level was increased to $275 per month or $3,300 per year. The actuarial report was positive, but the Trustees voted to take a conservative approach and agreed to increase the monthly benefit by $25 in that they cannot accurately project future City contributions beyond the term of the City's Umbrella Agreement with the Coalition. It is a priority among the trustees that the City's contribution to the trust be tied to a COLA of some sort in order to provide the trustees with the assurance that they can set future benefit levels that will be meaningful and still insure the integrity of the Medical Trust. If you are planning on retiring or need any information regarding this benefit please get in touch with the Trust's administrator Cindi Forbes (cindi.forbes@delapro.com) or one of the Trustees. If you change your address, marry, divorce or add family members be sure to let Cindi know. It's important that you update your personal information in the Trust's records. You do not want to miss out on this important benefit which the Coalition has worked so hard to provide for you. |
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Employee Retirement Benefit TrustThe Santa Monica City Employees Coalition Benefit Trust was established by the coalition of bargaining units representing all permanent employees of the City, except Fire and Police sworn personnel. The Trust was established to provide reimbursement to retired employees for part of their medical insurance premiums. The Trust will not provide insurance for retired employees, but will provide partial reimbursement to eligible retired employees for some of the premiums they pay for health insurance. The Trust, established on July 1, 2001, by its terms, started to provide reimbursement to eligible employees on July 1, 2006. To be eligible, an employee must be age 58 or more, an employee must be eligible to receive retirement benefits from the City when they separate employment from the City (Currently age 50), and must have had five years of payments made to the Trust if hired prior to January 1, 2009 or 10 years of payments made to the Trust if hired on or after January 1, 2009. Since July 1, 2001, the City has been making monthly contributions of $142 per employee to the Trust. During the last several years the Trust has employed actuaries to advise the Board of Trustees how much would be available for the reimbursement benefit. Although many of us had hoped the trust benefits would cover the entire cost of retiree health insurance that is not the case. Based on the actuarial figures, the current benefit is now $275.00 per month. These benefits are lifetime benefits with a continuation for spouses, domestic partners and/or minor children. There are currently 144 participants receiving monthly reimbursement from the Trust. The Trust is governed by a Board of Trustees comprised of representatives from each of the bargaining units. The Board of Trustees meets four times a year. The meetings are generally held on the first Wednesday in February, May, August and November. Finally, the Trust Administrator is Delta Health Systems. Questions about the Trust should be addressed to either Benefits Coordinator Jennifer Smith Jennifer.Allen@delapro.com or Alva Aguirre alva.aguirre@delapro.com of Delta Health Systems at (800) 700-6762 (Fax 209-955-4190), or to one of the Trustees below. It's important that all employees provide the Trust with up-to-date information, including home address and beneficiary information, as the Trust provides for benefits to surviving minor children, spouses and/or domestic partners. The Trust Board of Directors:Tina Rodriguez -
tina.rodriguez@smgov.net - (MTA) |
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