CCEBT at a glance...
The basic CCEBT benefit structure works as follows:
- Eligibility is attained when the employee ceases employment with Sierra College, attains age 55, and has contributed to the Trust for a minimum of five years if hired before July 1, 2014 or a minimum of ten years if hired on or after July 1, 2014.
- Maximum reimbursement benefit as of September 1, 2014: $440/month
- Current tiered benefit levels structure: Monthly reimbursements may be used to reimburse eligible retirees for medical expenses or premiums incurred and excludible from gross income under IRS regulations.
- 5 years of service if hired before July 1,2014 – 50% of benefit level
- 10 years of service if hired on or after July 1, 2014 – 62.5% of benefit level
- Additional 2.5% of benefit level for each additional full year of active service above the minimum
- Less than 5 years if hired before July 1, 2014 – reimbursement of medical expenses from contributions made
- Less than 10 years if hired on or after July 1, 2014 – reimbursements of medical expenses from contributions made
- Benefit level reduced by 25% upon Medicare eligibility, as of September 1, 2014