Retiree Health Care Reimbursement Plan

Chances are, health expenses will pop up after you retire. Waters employees age 50 and up are eligible to contribute to the Waters Health Care Reimbursement Plan for Retirees, which lets you start saving now to cover those health costs down the road – and earn interest while you do it.


Your account earns at least 5% interest every year. And Waters will match 100% of your contributions to this account, up to $1,200 per year. Though to keep the money matched by Waters, you must meet the requirements listed in the aptly named requirements section. Otherwise you forfeit the company match (but you never forfeit your contributions or the interest on those contributions).

When it comes time to access this money by claiming eligible health expenses, you won’t pay federal taxes on the money you or Waters put in, or on the interest you earned, as long as you spend it on qualified medical expenses (which include post-tax premiums).


To enroll, you just need to be a Waters employee age 50 or over. You can enroll within your 30-day new hire enrollment window, or any future annual open enrollment window. If you turn 50 during the year, you’ll have 30 days following your birthday to enroll in this plan.

The annual interest is calculated based on your account balance at the beginning of the year. And then the interest is ADDED to your account at the END of the year.

To keep the funds contributed by Waters, you must meet the following criteria when you leave Waters.

Specifically, that means you are either:

  • At least 60 years old and have 10 years of Waters service
  • 65 years old and have at least 5 years of service

Depositing Funds

You can elect to have post-tax deductions from your paychecks from $100 up to $2,400 per year, on a post-tax basis. And Waters will match dollar for dollar up to $1,200 per year. Money you contribute will be added to the account directly from payroll, after taxes have been taken out. (But don’t worry, you won’t be taxed again when the money you contributed is withdrawn. You’ll only have to pay taxes on your income once.)

Contribution Limits

You may contribute from $120 to $2,400 per year to the account. (Remember, it comes out of your check post-tax.)

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