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COLUMBUS, Ohio – The Ohio Police & Fire Pension Fund (OP&F) will receive $4.2 million from a program aimed at reimbursing health care plan sponsors who cover what the federal government considers early retirees. The federal Early Retiree Reinsurance Program (ERRP) was established under the Affordable Care Act to reimburse health care plan sponsors for some of the costs of early retiree health care benefits paid by the plan sponsor.
The ERRP will reimburse employment-related plans for 80 percent of medical claims between $15,000 and $90,000 for retirees age 55 and older who are not eligible for Medicare, and their spouses, surviving spouses, and dependents. OP&F will be able to submit claims for medical care incurred after June 1, 2010. All reimbursements received from the program will be deposited in the OP&F Healthcare Stabilization Fund in order to sustain coverage and offset increases for current and future OP&F retirees and their families.
“The money from this program is appreciated and well deserved,” said OP&F Executive Director William J. Estabrook. “The health and well being of our retired public safety officers is important, which is why OP&F continues to offer subsidized, quality health care benefit options to current and future retirees. This program helps us to work toward this goal.”
OP&F submitted a reimbursement request for eligible claims through Sept. 30, and received notice on Nov. 22 that $4.2 million will be reimbursed before the end of November. If funds are still available, OP&F will be requesting additional reimbursement for claims quarterly beginning in 2011. The program expires on Jan. 1, 2014 or when the $5 billion appropriated to the program is exhausted.
Created in 1965 as a result of an act passed by the Ohio General Assembly, OP&F is a multi-employer pension fund serving more than 53,000 members. OP&F provides pension, disability, and survivor benefits to Ohio’s full-time police officers and firefighters and their eligible beneficiaries and sponsors a health care program for eligible benefit recipients.