From Patrick Gilmartin’s analysis of retiree health benefits:
At July 1, 2012, the Irvington School District had 255 active employees. There were then 162 retirees receiving District-provided health benefits, plus 80 spouses, for a total of 242 persons entitled to such benefits for life. Just under half of the retired employees were under age 70. Of the spouses, 49 were under 70.
A District employee can retire at age 55. Of the 255 active employees, 39 were 55 or older with vested rights to receive lifetime health benefits. Another 32 were in the 50-54 age bracket, 10 of whom had 15 or more years of service.
For a person 70 years of age, the average life expectancy is 14.2 years for a male and 16.5 years for a female. For 55 year olds, the average life expectancies are 25.3 and 28.7 years.
The 2012 Actuarial Report calculated the annual net cost to the District of providing health care to a retired employee and spouse to be $15,534.40 for each year they are both under 65, and $12,120.95 for each year they are both 65 or over.
Irvington Parents Forum 