Benefits for Retirees after Age 65 Sample Clauses

Benefits for Retirees after Age 65. For members retiring after January 1, 2011, the employer shall provide a non- cumulative Health Care Spending Account (“HCSA”) of $2,000 annually. The HCSA will be provided to each member for a period not to exceed ten (10) years commencing on the first of the month following the member’s 65th birthday. The purpose of the account is to provide for retirees’ health care and/or dental benefits as allowed by the Canada Revenue Agency. The HCSA will be adjusted, annually as at January 1 in each year, by the lesser of 2% or the reported consumer price index. For clarity the 2% or CPI adjustments to the HCSA will commence with the benefit’s anticipated application of the entitlement in 2016 when entitled members reach age 65. In the event the entitled members do not reach age 65, i.e. because of the unexpected death of an eligible member, it is understood that the 2% or CPI adjustment will commence application in that year (as at January 1, 2016) and will adjust the HCSA in each year thereafter The HCSA shall be applicable to each retired member, retiring after January 1, 2011, including his/her spouse and dependent(s). It is understood that should the retired member die prior to the conclusion of the ten (10) year period following his/her reaching age 65, that the HCSA will continue to apply for the surviving spouse and/or dependent(s) until such time as the HCSA would have otherwise concluded, or until the surviving spouse becomes eligible for coverage under another plan. Original receipts must be submitted by June 30th of the following year in order to receive reimbursement from the HCSA. Claims submitted after June 30th will be applied against the current year’s entitlement. Any unused HCSA dollars remaining in a retiree’s account as at December 31 of each year will not be carried over into the following year. However, in the event that the maximum HCSA dollars has been reached, claims can be carried over into the next plan year.
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Related to Benefits for Retirees after Age 65

  • Benefits for Retirees The Employer will continue payment of Extended Health, Semi-Private Health Care Coverage or equivalent for any employee from the date of early retirement to the age of sixty-five (65). However, the Employer will not continue payment of the Dental Plan or any other benefit plan, and employees will not be entitled to subscribe to same under any conditions.

  • Benefits for Early Retirees The Hospital will provide to all employees who retire and have not yet reached age sixty-five (65) and who are in receipt of the Hospital’s pension plan benefits, semi-private, extended health care and dental benefits on the same basis as is provided to active employees, as long as the retiree pays the Employer the full amount of the monthly premiums in advance.

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • EMPLOYMENT OF RETIRED TEACHERS A. For purposes of salary schedule placement, a retired Teacher will be granted a maximum of ten (10) years’ service credit and their educational attainment. A retired Teacher may not advance beyond Level 10 on the salary schedule.

  • Group Benefits Eligibility 7.2.1 Participation in the Plan shall be a condition of employment for all teachers commencing employment for a full school year.

  • Employees - Special Eligibility The following employees are also eligible to participate in the Group Insurance Program:

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

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