The boeing retirement service center offers services to Boeing employees and retirees. It provides help regarding retirement plans, pension and benefits.
When you retire, your retirement package will depend on a number of factors. Years of service, interest rates and more play a role in your lump-sum pension payout.
Health & Insurance Plans
The Boeing Company offers a variety of health & insurance plans for employees, retirees, and their family members. These include medical, dental, and supplemental life insurance.
The Preferred Partnership, an innovative health care model Boeing launched last year in select locations, has helped improve quality and reduce cost. This program provides a narrower network of providers and perks like same- or next-day appointments, online access to scheduling and test results, and smaller contributions from your paycheck.
In addition to the Preferred Partnership, Boeing also offers standard and deluxe medical plan options through Embright. This company works with your plan administrators behind the scenes to make sure you have a great experience with your care.
Retiree Medical Insurance
If you’ve lost your employer-sponsored medical coverage, you have 60 days to enroll in the retiree medical insurance from Boeing. This can be done through the Boeing retirement service center, which will send you a packet of paperwork you need to complete.
The amount of the retiree medical benefit is deducted from your monthly pension check. You can delay enrolling in the retiree medical benefit if you are enrolled in another employer-sponsored plan, such as COBRA.
Many employees are eligible for retiree health insurance at Boeing, but only if they meet certain requirements. They must be 55 years old or older, have ten years of service, and be under age 65 (dependent on the plan rules).
One of the biggest expenses in retirement is health care, which can quickly add up to big out-of-pocket costs. Taking the time to understand your options can help you avoid large, unexpected costs that could sour your retirement plans.
If you have lost your job and want to continue your health insurance coverage, you can choose COBRA. This is a federal program that allows you to continue your coverage with the support of your former employer.
COBRA is a federal law that requires large employers to offer employees the opportunity to continue their health insurance coverage. This is especially helpful for those who lose their jobs due to layoffs or a reduction in hours of work.
However, if you elect to enroll in COBRA coverage, it can be a bit more expensive than other health insurance plans. It is also not a guaranteed benefit, as you must pay your own premiums.
You can find out more about your COBRA options by visiting the boeing retirement service center online. They will be able to help you determine whether you qualify for COBRA and how much it will cost.
You must make your COBRA election within 60 days of losing your employer-sponsored health care coverage. You must also pay your first COBRA premium by the 60th day after you lose your insurance.
The Boeing Company offers its retired employees a pension. This pension is based on years of service and pays out in two ways: as a lump sum or monthly checks over multiple years.
The monthly payments depend on a formula that combines years of service with pay scale. In general, the higher you’ve been at Boeing, the more you’ll receive in retirement.
This calculation is impacted by interest rates, which change from time to time. That’s why the amount of your lump-sum pension can go down as rates rise, and vice versa.
For example, according to an estimate by Kempf, a 1% increase in interest rates will cut off $78,000 of the lump sum for someone at age 60.
The decision to take a lump sum or a monthly pension is a big one, and it’s best to consult with a financial planner before you decide. It’s also important to consider your other benefits, such as Social Security, 401(k) and other savings plans.