The Washington State Council of Fire Fighters (WSCFF) has established the Employee Benefit Trust to provide one more piece of financial support during your retirement. By participating in this plan, you are proactively planning for your retirement by funding for the continually increasing expense of retiree medical insurance.
The Trust’s assets are professionally managed to provide the best possible earnings in line with the Trust’s mission. By Federal Law, all monies that flow into the Trust account must be paid out for benefits and administrative expenses only.
“It is the mission of the WSCFF Employee Benefit Trust to provide the best possible plan benefits to its participating members and to enhance the plan as greater benefit options become available in the dynamic health care industry.”
By contributing pre-tax dollars and earning interest on those dollars (money that also won’t be taxable income), you substantially increase your investment through this program. Further, when you begin receiving benefits in the future, they will not be taxed – unlike pension payments, which are taxed. In contrast to similar programs sponsored by insurance companies, any profits realized by the Trust will be returned to the program to enhance benefits or lower premiums.
Sample Collective Bargaining Agreement language for MERP deductions. CLICK HERE!
Medical Expense Reimbursement Plan
Helping you save for medical costs after retirement.
How will you cover these costs once you retire? The Medical Expense Reimbursement Plan (MERP) of the WSCFF Employee Benefit Trust can provide crucial benefits for you and your family in retirement – and your investment in the Plan is 100% tax-free!
The MERP of the WSCFF Employee Benefit Trust is a tax advantaged plan designed by firefighters to help WSCFF members pay for health insurance premiums and other medical expenses in retirement. The MERP is controlled and managed by firefighters for the sole benefit of firefighters and their families.
Triple Tax Savings
· Contributions to the plan are payroll deducted pre-tax
· Investment earnings accrue tax-free
· Benefits are not taxed when received
Affordable
· Currently $75 per month, contributions can be negotiated so that they are employer-paid
· Sick Leave Cash Out Option allows you to “buy up” participation time and increase your benefits - sick leave cash out contributions are credited individually
· Example: A firefighter with 10 years of participation who retires at 53 and lives to 79 will have paid $9,000 into the plan and, based on current assumptions of plan performance, will receive $53,664 in benefits
Proactive & Safe
· The MERP is an automatic savings mechanism to help pay for costly post-retirement health coverage
· The benefits last until death
· There are survivor benefits for your spouse and family
· All contributions are held in one trust for investment and benefit payments
· Contributions are pooled and invested by a professional investment manager to maximize returns with minimal risk
IRS rules require Locals to vote to participate in the Plan – you cannot join individually and everyone in the Local must participate (you may class out groups for participation, i.e. LEOFF I).
NEED INFORMATION - Contact the MERP Broker
The Washington State Council of Fire Fighters Employee Benefit Trust has contracted with DiMartino Associates, Inc. in Seattle as the broker for the Medical Expense Reimbursement Plan. Through our consulting broker, they manage the day-to-day operation of the Trust and handle all questions arising from billing and benefits.
Please contact DiMartino Associates, Inc. the following ways:
DiMartino Associates, Inc.
1301 5th Ave Suite 3701
Seattle, WA 98101-2636
(206) 623-2430 or (800) 347-0057
You may also email the following DiMartino staff for additional information:
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