Benefits on Early Retirement (Full time Only) Sample Clauses

Benefits on Early Retirement (Full time Only). A full time employee who retires prior to age 65 and is in receipt of pension benefits, is entitled to remain on the Hospital benefit plans (dental, extended health and semi-private coverage) provided that the employee is currently enrolled in the benefit plan at the time of retirement, until age 65. The retired employee is responsible for fifty percent (50%) and the Hospital for fifty percent (50%) of the monthly premiums. The retired employee will agree to make arrangements for automatic withdrawal of monthly premiums with the Payroll department. Failure of the employee to execute the aforementioned will result in coverage being cancelled. Should the employee elect not to continue their participation or later opt out of this coverage, the employee cannot rejoin the plan at any future date.

Benefits on Early Retirement (Full time Only). 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. The early retired employee will pay their share of the billed premium of the insured benefit plans to the Hospital.