You'll receive a HIS benefit in addition to your Pension Plan benefit, regardless of whether you take a normal or an early-retirement benefit, provided you have proper documentation certifying that you have health insurance coverage.
The HIS subsidy, which is paid monthly, is $5 for each year of creditable service, with a minimum HIS of $30 and a maximum HIS of $150 per month. The payment will be made as part of your monthly retirement benefit check.
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HIS is available only after you attain six years of FRS service credit and you reach normal retirement eligibility. The six years can be a combination of Pension Plan and Investment Plan service. To be eligible to receive the HIS under the Investment Plan, you must meet the normal retirement age or service requirements under the Pension Plan for your class of membership and provide proper documentation certifying that you have health insurance coverage.
For example, a Regular Class member must be either age 62 and be vested or have a total of 30 years of service, and a Special Risk member must be either age 55 and be vested or have a total of 25 years of service.
If you leave FRS-covered employment and take a benefit distribution prior to your normal retirement age or date, you must wait until you reach normal retirement age to begin receiving your HIS benefit.
If you elect the Hybrid Option, you will receive your HIS payment once you begin receiving your Pension Plan benefit. Unlike under the 100% Investment Plan option, the HIS payment is available immediately, even if you have not reached normal retirement.
The HIS subsidy, which is paid monthly, is $5 for each year of creditable service, with a minimum HIS of $30 and a maximum HIS of $150 per month.
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