MySLC

The College currently offers two post-retirement health insurance benefits through Emeriti, a consortium of higher education institutions:

• One benefit provides a defined subsidy for a specific group of eligible retirees who enroll in an Emeriti Medicare Advantage program upon retirement from the College.  The group of employees eligible to receive this benefit must have been hired before July 1, 2005 and aged 40 or above as of that date.  

• The second post-retirement benefit is provided to the rest of the College’s benefits-eligible regular employees, as defined by the College’s policy, for whom the College deposits $1,000 per year into a VEBA (healthcare reimbursement account). This account is currently invested with TIAA prior to retirement, and may be used during retirement for eligible medical expenses.

• For many years, Emeriti has contracted with TIAA for recordkeeping and investment services for both the subsidized medical and the VEBA benefits, and with CBIZ for third party administrator and claims processing for the retirees enrolled in an Emeriti plan. 

• Over the last year, Emeriti undertook an RFP process and, effective January 1, 2025, will contract with OneBridge for the recordkeeping, investment management and third party administrator function previously held by TIAA and CBIZ. 

• There is no change to the structure or level benefits provided under the College’s post-retirement health insurance policy as a result of this change in Emeriti’s vendors.

As a matter of its appropriate due diligence, Emeriti undertook the RFP process for recordkeeping, investment management and third party administrator functions.

• Services offered through OneBridge will be a significant improvement in the end-user experience for current and future retirees. 

• There will be a single portal to use for claims management, enrollment, drawing down on investment funds, rather than retirees who participate in an Emeriti Medicare Advantage plan having to work between TIAA and CBIZ as they currently do. 

• There will be a reduction in cost to administer the Emeriti plan compared to current rates (some of which is paid by employees/retirees currently through deductions from their accounts). This is a benefit to the College’s retirees and current employees who hold VEBA accounts. 

• If you currently hold a VEBA account, that account will be migrated from the TIAA platform to OneBridge in January 2025. 

  • The investment portfolio available for VEBA accounts housed with OneBridge has been created by mapping the current investment portfolio available through TIAA to comparable funds.

  • Employee accounts will be migrated and invested in the same investments to which they are currently allocated. 

  • In the coming months you will receive several mailings directly from OneBridge with the details of this transition and information about how to set up your account login.

  • Beginning in January 2025, changes to employees’ VEBA account investments will be handled through the OneBridge platform, rather than with TIAA. 

• If you do not hold a VEBA account, but are eligible for the defined post-retirement subsidy, there is no impact to you at this time. 

  • At the time of your retirement from the College, Human Resources will assist you with coordinating your enrollment in post-retirement health coverage and creating your account through OneBridge.

Please contact Associate Director for Human Resources, Jimar Estevez, with questions regarding these benefits.