Population: New or Prospective Non-Represented
Save now for expenses you'll have later
The Postretirement Supplemental Health Benefits Plan allows you to save money for medical expenses and health insurance premiums you'll incur during your retirement years. You can contribute between $50 and $5,000 to the account each year on an after-tax basis. Your balance earns tax-free interest.
If you have 25 or more years of service on the January 1 of each year, your employer makes an annual contribution of $75 to an account for you, even if you are not making voluntary contributions. This contribution is not made once you retire.
If you are a participant in Benefits 2000 and the Cash Balance Plan and are at least age 55 years of age or have worked for the Company for at least five years, PSEG deposits $300 into your account. These contributions are made to your account each January 1 that you continue to work for the Company. If you leave the Company prior to becoming eligible to retire, which means you are not at least age 55 and do not have at least five years of service, you forfeit the $300 per year the Company has contributed to your account and the interest earned on those amounts. Your own voluntary contributions to the account, and the interest earned on your contributions, will continue to be available for you to use.
If you are currently contributing to an account, Company contributions are added to your existing account. If you are not currently contributing to an account, PSEG will open an account in your name.
The account balance will earn interest. The total amount in your account at retirement is available to you and/or your spouse and dependents. The unused account balance upon your death is available for use by your surviving spouse and eligible dependents.
When you enroll, you must designate the payment method of any balance that remains in your account at your death. The balance is payable to your beneficiary(ies) and this election is irreversable.
To enroll in the Postretirement Supplemental Health Benefits Plan, complete the enrollment form and mail it to the address on the form. Your elections will take effect as soon as administratively possible.
For an estimate of your savings at retirement, use the Postretirement Supplemental Health Benefits Estimator.
For more information, see the Postretirement Supplemental Health Benefits Plan summary plan description.