Health insurance lump sum contribution

[clutternutter]

Both Fred's Myth (just got that btw!) and Oldfart mentioned a retirement lump sum insurance "bridge" contribution. I have been a courier for 20 years and this is the first I have seen or heard of this. A fellow courier at my station confirmed it. Is this in writing somewhere and is there a formula to figure out how much it would be? Thanks in advance!

 

[Fred's Myth]

Both Fred's Myth (just got that btw!) and Oldfart mentioned a retirement lump sum insurance "bridge" contribution. I have been a courier for 20 years and this is the first I have seen or heard of this. A fellow courier at my station confirmed it. Is this in writing somewhere and is there a formula to figure out how much it would be? Thanks in advance!

Based on age and years of service (there's a required minimum) as well as your age at retirement. It replaces the monthly subsidy, and can only be used for premiums. Contact Personnel for $ amount, it's a sliding scale.

 

[Oldfart]

The chart and all the info is on the Retirement.fedex.com website. Look at the Retiree Insurance page. I am thinking you must have 10 years but I could be wrong. This money is for you and your spouse so the amounts on the chart can be doubled if you are married. I am looking at the chart now.

55 or less is 39,000
56 37,000
57 35,000
60 27,000
65 11,000

You lose between 2k and 3k for each year that I didn't list.
Sounds like a good amount of money but with retiree insurance costing between 2k and 2300 a month, it will only last 24 to 28 months.

It can only be used for premiums but it can't be used to pay premiums if a person gets insurance at another job or jumps on their spouses insurance IF those premiums are PRETAX, which most are these days.

 

[clutternutter]

Thanks guys! Just to be clear, does eligible spouse include non FedEx employees as well? If appears to say that, but while eligible retiree is strictly defined, eligible spouse not so much. Seems pretty generous from a tightfisted company.

 

[Oldfart]

Thanks guys! Just to be clear, does eligible spouse include non FedEx employees as well? If appears to say that, but while eligible retiree is strictly defined, eligible spouse not so much. Seems pretty generous from a tightfisted company.

You need to read the guidelines. I know it is non Fedex spouses. There are some different insurance rules when both people work at Fedex.