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.
- Maximum reimbursement benefit as of September 1, 2014: $440/month
- Current tiered benefit levels structure:
- 5 years of service – 50% of benefit level
- Additional 2.5% of benefit level for each additional full year of active service above 5 years
- Less than 5 years – reimbursement of medical expenses from contributions made
- Benefit level reduced by 25% upon Medicare eligibility, as of September 1, 2014
- Monthly reimbursements may be used to reimburse eligible retirees for medical expenses or premiums incurred and excludible from gross income under IRS regulations.
The Trustees reserve the right to increase, decrease or terminate benefits for current and/or future beneficiaries at any time in order to preserve the financial stability of the Plan.