• Treasurer announces new plan for retirees on Medicare
    August 06,2013
    • Email Article
    •  
    •  Print Article
     
    The Associated Press

    MONTPELIER - State Treasurer Beth Pearce announced Tuesday that the Vermont State Teachers’ Retirement System Board of Trustees has approved a recommendation to implement an Employer Group Waiver Plan for retirees on Medicare.

    The move is expected to save the state up to $2.3 million annually in Medicare retiree prescription drug costs.

    The state’s unfunded liability related to long-term health costs is also estimated to be reduced by approximately $150 million, which is 18 percent of the liabilities from the last actuarial valuation.

    This proposal was developed by the Treasurer’s office, in partnership with the Vermont National Education Association and the Vermont Health Educational Initiative.

    The plan will provide prescription drug benefits to Medicare-eligible retirees that match the current plan, but at a lower cost to the state. The cost savings come from leveraging pharmaceutical discounts and government subsidies.

    Additionally, participation in the waiver plan allows the state to receive subsidies for low-income retirees.
    • Email Article
    •  
    •  Print Article
    2 Comments
    MORE IN This Just In
    More than 26,000 people were without power when severe thunderstorms rolled through the state in... Full Story
    Storm causes outages, leaves damage
    A Rutland man was allegedly drunk and playing Pokémon Go when he crashed his... Full Story
    CASTLETON — Even without the traditional ice cream truck music, kids flock to Adam Babb’s... Full Story
    Entrepreneur brings ice cream to boaters
    More Articles