BENEFIT PLAN CONTINUATION UPON RETIREMENT Sample Clauses

BENEFIT PLAN CONTINUATION UPON RETIREMENT. The District agrees to provide retired employees the opportunity to participate in the health insurance plan provided for retired employees with District contribution of costs based upon the following formula: Years of District Service Percent Paid by District 15 20 16 30 18 50 19 60 20 65 21 70 22 75 23 75 24 75 25 80 26 85 27 90 28 95 29 and more 100 The District contribution will not be available for employees retiring before the age of fifty- five and will cease when the retired employee reaches age sixty-five. In order to receive benefits, the retired employee must be also receiving benefits under the Public Employees Retirement System. Retired employees with less than fifteen years of service in the district will be able to participate in the retired employees' health insurance program at their own expense. Retired employees can opt for the minimum available benefit package and will be paid, in cash, 50% of the premium savings between the minimum available plan being opted into and the plan the employee would have otherwise received at the conclusion of the annual retiree health savings option year (fiscal year). The retired employee must provide notification to the District by July 1 for the ensuing year of their intent to participate in this option. The decision to elect for the annual option must be made each year and does not trigger future year buyouts automatically. Retirees will have the opportunity to opt out of the annual retiree health savings option year in the event of a bonafide qualifying event.
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Related to BENEFIT PLAN CONTINUATION UPON RETIREMENT

  • Group Benefit Plan Continuation While a Nurse is on pregnancy/birth or parental, or adoption leave, the Employer shall permit the Nurse to continue participation in eligible benefit plans. The Nurse shall be responsible to pay both the Employer and the Nurse’s shares of the premium costs for maintaining such coverage for which the Nurse is eligible during the period of leave.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • Vacation Pay on Retirement Termination is as follows:

  • Long Term Disability Benefit In the event an employee, while covered under this plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Section 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows:

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. Statement of Intent In order to go on LTD, the person must:

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