Benefits of the Retirement Health Savings Plan

You can enjoy substantial benefits from the NFOP RHS Plan.

• Pre-tax contributions — All of your contributions will be triple tax-free — no federal, state, or FICA tax will be withheld.
• Tax-free medical expense reimbursement — Medical expense reimbursements are tax-free when used for qualified medical expenses (as allowed under Section 213 of the Internal Revenue Code. See IRS publication 502 Medical and Dental Expenses for details on the many allowable reimbursements.).
• Tax-deferred accumulation of savings — Assets grow in a tax-deferred account.
• Use your accrued leave to fund your account before retirement — You may use all or part of your accrued leave to fund your RHS account. (In most cases you may need to declare your intent to use your accrued leave for this purpose up to a year before your intended date of separation from service.)
• Convenience — You only need to enroll and make decisions regarding investment of NFOP RHS funds. Contributions that you choose to make from compensation or from leave at termination are made directly by your employer.
• Additional contributions — Depending on your Lodge’s agreement, you may have direct employer contributions or contributions that your Lodge requires its members to make on a regular basis.
• Flexibility — You may use NFOP RHS dollars to pay medical expenses for you, your spouse, and your dependents.
• Full array of investment options — The NFOP RHS program allows you to take advantage of the Vantagepoint family of mutual funds, including model portfolio funds and low-cost index funds.
• No account balance forfeiture on death — Upon your death, your account balance is either transferred to an account to pay medical expenses for your spouse and/or dependents, or for your named beneficiary(ies).

To learn how to start using your NFOP Retirement Health Savings Plan, read our guide on How To Enroll and start saving today.