Spring 2021 Spotlight on Benefits Newsletter Available Now

The Spring 2021 issue of the Spotlight on Benefits newsletter is now available. This issue announces several important benefits updates, including the Board of Trustees’ approval of a 13th benefit check to retirees and beneficiaries in pay status as of December 2020, the 100% COBRA coverage premium subsidy available to eligible participants and dependents beginning April 1, 2021, the July 1 transition to CVS Caremark as the Health Plan’s pharmacy benefit manager and the July 1 employer pension contributions rate increase and allocation of the increase amount to the Basic Plan.

Also included in this newsletter is the 2020 Annual Funding Notice on the financial status of the Basic Pension Plan and a special article detailing the performance of the Plans’ investments over the course of the volatile 2020 market year.

IN THIS ISSUE:

• Board of Trustees Approves 13^th Check for Retirees and Beneficiaries in Pay Status as of December 2020. Due to the strong Basic Plan investment performance in 2020, retirees and beneficiaries will receive a 13^th benefit check in early April.
• Pension Plans’ Investments Perform Well in 2020 Despite Market Turmoil
• CVS Caremark to replace Express Scripts as Pharmacy Benefit Manager, Effective July 1, 2021. The new partnership provides a network of over 68,000 retail pharmacies to ensure continued access to affordable medication.
• New Federal Law Provides 100% COBRA Premium Subsidy to Eligible Individuals Between April 1, 2021 and September 30, 2021
• UPDATE: COVID-19 Vaccine Rollout and Distribution.
• Employer Pension Contributions Increase from 8% to 8.5% of Compensation, with the Additional 0.5% Allocated to the Basic Plan Effective July 1, 2021
• How to Read Your Explanation of Benefits
• Women’s Health and Cancer Rights Notice

INSERTS:

• The 2020 Annual Funding Notice provides important information on the financial status of the Basic Pension Plan.