I’m Planning for Retirement
Health Care Reimbursement Account (HCRA)
When you retire from the industry, you may be eligible for a Health Care Reimbursement Account (HCRA) through SASMI. A HCRA can give you an extra source of income to pay for health care expenses for yourself and your family.
With a HCRA, you apply for reimbursement of eligible health care expenses. Eligible reimbursable expenses are those that the IRS considers tax-deductible and are highlighted in this list.
You can get reimbursed for expenses that you, your spouse and your dependent children up to age 27 incur.
You can also get reimbursed for health insurance premiums you make as a retiree to a private insurance carrier or to a Sheet Metal Workers International Association (SMWIA) local union welfare fund.
Reimbursements are deposited to your bank account tax-free.
In order to qualify for the HCRA benefit, you must:
- Stop work with all SASMI employers on or after January 1, 2010, including total and permanent disability; and
- Be eligible and receiving a Sheet Metal Pension with 10 or more years of service of eligible for and receiving a normal retirement, with five (5) or more years of service; and
- Be eligible for and receiving a pension from the Sheet Metal Workers National Pension Fund or another SMART Local Union Pension Fund.
The amount of the SASMI HCRA benefit is a percentage of all contributions made on your behalf, minus the total of all benefit payments received from the SASMI Active Plan. You may receive up to 150% of the total contributions made on your behalf.
Refer to the “I’m Retired” section for more information on how the HCRA works and how benefit amounts are calculated. You can also see the Summary Plan Description for full details.