Effective July 1, 2013: the contribution percentage that a retiree pays toward the cost of premiums is determined by service credits paid into the UNM Voluntary Employee Beneficiary Association (VEBA). The percentage of contribution toward the cost of premiums for 65+ post-retirement benefits will increase 5% each year until Fiscal Year 2015/2016, when it reaches a split of 70% retiree contribution and 30% UNM contribution. See VEBA and UNM Policy and Procedure 3600, section 3.1 for more information.
|Year||Allocation for 65+ retirees|
|1 (FY 2014)||60% Retiree contribution|
|2 (FY 2015)||65% Retiree contribution|
|3 (FY 2016)||70% Retiree contribution|