Trust Agreement Trustees Benefits Plan Investment Policy FAQs
The Post-Retirement Benefits Trust was established by Local 311 in late 1998. The intent of the Trust is to help pay for health insurance between the time the City insurance ends (at age 55), and the time that Medicare coverage begins (at age 65). The plan reimburses qualified retirees for out-of-pocket expenditures for health, dental and term life insurance premiums. The maximum amount of reimbursement is based on the cost of a single health insurance plan. The trustees determine the amount to be reimbursed to retired by the fund performance, health costs and number of eligible retirees.
If you have retired on or after January 1, 1998, you qualify for this benefit. The month you reach age 55 you become eligible for post-retirement benefits. The month you reach age 65, you are no longer eligible for this benefit.
This is a continuation of benefits, not a new benefit. IRS regulations does not permit reimbursement if you are not receiving health, dental or term life insurance coverage from the City at the time of your retirement.
The Local 311 Post-Retirement Benefits Trust is funded by an annual payment by the City of Madison. Local 311 agreed to this payment in lieu of a 1% pay increase that would have started in 1999.
A reimbursement form will be sent in December of the year that one turns 55, and each year thereafter until age 65. The reimbursement form should be returned with proof of premium payments for health, dental, or term life insurance for the previous calendar year, and returned by January 31. A WTF Form 1099-R is the preferred documentation for health reimbursement. Reimbursement checks are issued between February 1 and March 31.