International Seaways has announced amendments to its Retiree Health and Welfare Plan, effective January 1, 2017. The plan provides health and welfare benefits to eligible retirees of the company or its parent, International Seaways, Inc., and their eligible dependents. The plan covers only retired employees who meet specific eligibility and participation requirements and provides benefits to retirees who accrued under the OSG Ship Management, Inc. Retiree Health and Welfare Plan.
Under the eligibility criteria, retirees must have been hired by Overseas Shipholding Group, Inc. or its affiliates prior to January 1, 2005, and enrolled in the medical plan for active employees sponsored by the company or its affiliates or co-employers, or for active employees sponsored by OSG. They must also meet specific age and service requirements at the time of retirement. The plan also provides a $10,000 death benefit for eligible retirees.
The plan offers coverage through a Health Reimbursement Arrangement (HRA) account, which reimburses eligible retirees for certain medical and health expenses up to the amount available in the account. The HRA account is a bookkeeping account on the company's records, not funded, and does not bear interest or accrue earnings. It is credited with company contributions and debited for reimbursements to retirees for eligible medical expenses.
The amendments include details about eligible medical expenses, such as physician, hospital, dental, vision, and pharmacy expenses, among others. The plan also outlines the process for enrollment, coverage options, and the administration of benefits.
These amendments reflect the company's commitment to providing comprehensive health and welfare benefits to its eligible retirees and their dependents. Today the company's shares have moved 2.1% to a price of $36.7. For the full picture, make sure to review International Seaways's 8-K report.
