Retirement Health Care Savings Plan
Full-time faculty and staff hired on or after January 1, 2010 are automatically enrolled in the Penn State Retirement Health Care Savings Plan (RHSP). The University makes monthly contributions of $144 to your Plan account while you are employed at Penn State. After meeting retirement eligibility criteria, you will use the accumulated savings in your Plan account to pay for the purchase of health insurance and other qualified medical expenses. The savings may be used for you or your eligible dependents.
It is important to note that most employers, including many institutions of higher education, do not offer continuation of healthcare benefits at retirement. The Penn State Retirement Health Care Savings Plan is a benefit that allows the University to continue its commitment to providing a health care benefit at retirement for incoming faculty and staff.
For more information about the Retirement Health Care Savings Plan, please refer to the attached fact sheet.