Other Retirement Benefits
Besides the 401(k) Savings Plan and Pension Plan (if applicable), Honda offers you other benefits after you retire, including a Retiree Medical Plan, Retiree Medical Credits, the Retiree Medical Account Lump Sum Contribution, Optional Life Insurance and the Honda Loyalty Card.
Highlights
Eligibility
If you qualify for retirement from Honda (age 55 or older with 10 or more years of service or age 65 or older with five or more years of service), you may be eligible for:
  • Retiree medical coverage through the Retirement Medical Program, which includes the Retiree Medical Plan, Retiree Medical Credits, and the Retiree Medical Account Lump Sum Contribution
  • Optional Life Insurance
  • The Honda Loyalty Card
Benefits and Cost
  • Retiree medical coverage helps pay for medical expenses — including prescription drugs — for you and your dependents
    • If you are not Medicare-eligible, there are two Retiree Medical Plan options available for you and your eligible dependents; Honda provides a fixed dollar amount every month (called the Retiree Medical Credit) to be used toward the cost of premiums
    • If you are Medicare-eligible, you (and your spouse, if applicable) are not eligible for the Retiree Medical Plan, and instead receive the Retiree Medical Credit as a deposit in a Retirement Reimbursement Account (RRA)
  • Associates who retire on or after January 1, 2014, will receive a one-time Retiree Medical Account Lump Sum Contribution to their RRA
  • Associates who retire on or after January 1, 2014, will have the option to receive a pre-loaded debit card called the Honda Loyalty Card based on their years of service that can be used to purchase Honda and Acura products
Special Features
Other benefits — such as the Honda Federal Credit Union and product purchase — also are available to Honda retirees
Administered by
  • Retirement Medical Program:
    • Retiree Medical Plan: Aetna; CVS/Caremark
    • Retiree Reimbursement Account (RRA): Aetna
  • Retiree Life Insurance: MetLife
  • Optional Life Insurance: MetLife