Emeriti Retirement Health
The Emeriti Retirement Health (ERH) program helps employees with healthcare expenses in retirement. Benefits eligible employees who have attained age 35+ may participate in the program. You must work for Whitworth for at least five years before being vested in the ERH. Note: Lecturers are inelgible to participate.
The ERH has three separate components.
- A tax advantaged retiree healthcare savings account. Money is set aside now, in a VEBA account, to help pay for healthcare costs in retirement, funded by after-tax employee contributions.
- A tax-free reimbursement benefit. When you retire, money in your VEBA account may be used for qualified health care expenses, such as health incursnae premiums, co-payments, deductibles, prescription drugs and many other IRS approved items.
- Access to group health retiree health plan. You will also be eligible to enroll in a group health insurance plan administered by Aetna if you meet these criteria (a) be enrolled in Medicare (b) had attained age 59 1/2 while employed at Whitworth and (c) had five years of continous service.
Whitworth's retirement plan, a 403(b) administered by Principal Financial Group, gives you a convenient and generously subsidized way to save for a more comfortable retirement through payroll deductions.
- Participation in the retirement plan is mandatory for all eligible employees. Your participation in the retirement plan starts on the first day of the month following your first day on the job.
- Whitworth contributes 4 percent of your wages each month to the retirement plan.
- You are always 100 percent vested in the current of your contributions, Whitworth's contributions and all investment earnings. You may choose how to invest your funds within an approved list of investments.
Principal offers a host of educational resources such as articles, retirement calculators and webinars on its website. Additionally, each quarter a Retirement Education Specialist visits the Whitworth campus for face-to-face meetings with plan participants.