Defined Contribution Plan Reform > General Information
Changes do not affect current retirees or members who switched to the Defined Contribution (DC) plan during the open enrollment window in 1998.
Option 1: Graded Premium Subsidy. You'll retain the current retiree health insurance graded premium subsidy offered by the state upon your retirement.
Option 2: Personal Healthcare Fund. We'll establish a personal, portable fund for you which can be used for paying healthcare expenses in retirement. You'll receive up to a 2 percent matching employer contribution into your 401(k) account if you contribute 2 percent of your pay, and a lump-sum credit to a tax-deferred account when you terminate employment.
We've answered most of your questions in our Frequently Asked Questions; click here to read the FAQs.