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<br />Retiree Summary Report <br /> <br />Name <br />DOB: <br /> <br />- <br /> <br /> <br />.. III . .':A <br /> <br />ge: 56 Years 6 Mos. <br /> <br />Date of Employment: 10-01-76 <br /> <br />Years of Service City of La Porte: 29 Y rs 11 Mos. <br /> <br />Years Service TMRS: 37 Years 10 Mos. <br /> <br />Question # 1 What is my cost if I retire after 12-31-06. <br /> <br />You must meet 2 tests. 1. Years service + age must =80 <br />2. Years service to City must 2: 20 Years <br /> <br />Your cost will be City Cost Monthly (less Discount) plus Dependent Premiums (if any) <br /> <br />If you qualify, then cost reductions are determined by premiums in Section 5. (see B) <br /> <br />Points Calculations: 1. Age <br />Service <br />Total Points <br /> <br />56 Years 6 Mos. <br />29 Years 11 Mos. <br />86 Years 5 Mos. <br /> <br />1. Years service + age = 86 Years 5 Mos. You do meet the requirement. <br />2. Service to La Porte 29 Years 11 Mos. You do meet the 20 years requirement <br /> <br />Per the table, you would fall into the 15% discount provision at City cost per each <br />year as calculated by budget dollars. <br />Question # 1 What is my Premium Cost if I retire now? <br />You are enrolled in the PPO $500 Deductible Shown on table C. <br /> <br />This is based on current Cost. (for 2006) <br />Total Cost for your plan = $589.41 <br /> <br />Retiree: $589.41 X 15% = $88.41 *Based on at least 29 years of service <br /> <br />Spouse Coverage $795.02 <br />-$589.41 <br /> <br />= $205.61 <br />Premium = $88.41 + $205.61 = $294.02 Per Month <br /> <br />This price is subject to annual budget approved cost but the calculation formula <br />should remain consistent unless changed by City Council. <br />9-18-06 <br />