Exhibit_E_-_Retiree_Under_Age_65_Health_Insurance_Premium_Subsidy_Schedule.pdf

Retiree Under Age 65/Dependent Health Insurance Premium Rate Information Premium Rate Structure Based on Years of Service

The Brevard County Board of County Commissioners implemented a retiree premium rate structure for medical insurance coverage which affects employees hired into full-time service on or after July 1, 2011.

Table 1

Table 2

Years of

Service

Total

Retiree Premium

Vested Rate

Earned % of Board

Contribution Based on Years of Service

Board Contribution

Earned Based on Years of Service

Retiree’s Monthly Medical

Insurance Rate

25 years $491.40 $642.60 100% 100% $491.40

10 years $491.40 $642.60 40% $90.72 $491.40 + $90.72 = $582.12

NOTE: These rates and percentages are used for purposes of illustration only and are not to be construed as representative of actual premiums or contribution amounts. The percentage that you will pay for medical insurance coverage upon retirement is based on the difference between the total vested rate and the retiree rate. Vested rates and the retiree rates are subject to change.

There is no Board contribution for any individual who does not meet the vesting requirement based on the date of hire.

Signature: _______________________________ Date: ______________

Years of Service

Earned % of Board

Contribution

25 of more 100%

24 96%

23 92%

22 88%

21 84%

20 80%

19 76%

18 72%

17 68%

16 64%

15 60%

14 56%

13 52%

12 48%

11 44%

10 40%

9 36%

8 32%

<8 0

This policy provides that:

• Annually the Brevard County Board will establish retiree / retiree dependent’s medical insurance premium rates;

• Those rates will be made up of both retiree premium contributions and Board contributions;

• Retiring employees hired on or after July 1, 2011, will be entitled to 32 percent of the established Board contribution once he/she becomes vested (starting at 8 years of service);

• Thereafter, Board contributions will increase by four percent (4%) per year of service, up to the maximum Board contribution of 100 percent, dependent upon number of years of service. See Table 1

Example (see Table 2):

Assume a premium rate of $491.40 and a vested rate of $642.60

• Scenario 1: an employee hired after July 1, 2011 retiring with 25 years would receive 100% of the retiree insurance premium. Therefore, their monthly medical insurance premium would be $491.40.

• Scenario 2: an employee hired after July 1, 2011 retiring with ten (10) years of service, their premium would be based on the difference between the percentage of the total vested rate (40%) and the total retiree premium.

$642.60 - $491.40 = $151.20

$151.20*40% = $60.48 $151.20 - $60.48 = $90.72

$491.40 + $90.72 = $582.12