Effective for participants eligible to elect COBRA on or after October 15, 2009, Section 6.0 of the Summary Plan Description “Value Plan Medical And Prescription Drug Benefits For Non-Medicare Eligible Retirees, Spouses And Children” is amended as follows:
The following benefits will apply to non-Medicare Retirees and spouses, surviving spouses and surviving dependents of retirees who meet the eligibility and timely election requirements of Section 1.1.10, and do not elect COBRA continuation of Open Access III coverage.
Effective for Participants eligible for COBRA on or after October 15, 2009, non-Medicare retirees who elect COBRA continuation of Open Access III coverage may elect Value Plan coverage after their COBRA coverage expires but only if the Participant meets the eligibility and timely election requirements of 1.1.10 at both the time he or she elects COBRA and the time when he or she elects Value Plan coverage. A person who loses COBRA coverage for failure to pay the premium in a timely manner is not then eligible to enter the Value Plan.
Example: A participant retires, as set out in Section 1.1.10 at age 56. The participant may elect COBRA for 18 months and at age 57 ˝ enroll in the Value Plan until Medicare eligibility.
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