Retiree benifit eligibiltiy- Age and years of service formula
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1 Post
Our current policy states:
At the completetion 30 years employment, 100% of the insurance
premium payment will be made by the employer on retirement.
At 25 years of service they are eligible for 75% paid premium,
and at 20 years of service 25% paid premium.
There is currently no age restriction in the policy. The Director
wants the employee to be age 55 to be eligible, even if the years of
service have been met.
Problem: Currently there are 3 staff who want to retire in the next
3 years who have not attained the age of 55. They have all been
employed 30 years or greater.
Can you assist with a formula or suggestion that will combine years
of service and age to make them eligible?
At the completetion 30 years employment, 100% of the insurance
premium payment will be made by the employer on retirement.
At 25 years of service they are eligible for 75% paid premium,
and at 20 years of service 25% paid premium.
There is currently no age restriction in the policy. The Director
wants the employee to be age 55 to be eligible, even if the years of
service have been met.
Problem: Currently there are 3 staff who want to retire in the next
3 years who have not attained the age of 55. They have all been
employed 30 years or greater.
Can you assist with a formula or suggestion that will combine years
of service and age to make them eligible?
