Benefits Upon Retirement. An employee with benefits who elects to retire and who meets the criteria set out in Clause 24.8 shall be entitled:
(a) to maintain coverage for herself and her family on the medical and extended health care plans for a period of six months following date of retirement; OR
(b) be deemed as a retiree under the benefits plan.
Benefits Upon Retirement. Employees retiring prior to age sixty-five (65), but having reached age fifty-five (55), may continue in the University’s benefit plan as outlined in article 24.07 until the end of the month following their sixty-fifth (65th) birthday providing they pay to the University the full monthly premium cost. Life Insurance under this provision will be $100,000 and the rate to be paid by the retiree will be the group rate charged by the carrier. Optional life insurance with the University and all LTD entitlement will cease at retirement.
Benefits Upon Retirement. Employer shall establish an executive retirement plan (“the Kforce Executive Retirement Plan”) in which Executive shall be entitled to participate according to its terms and conditions. Employer shall also establish a health, dental and vision plan for retired executives (“the Retirement Health Plan”) in which Executive shall be entitled to participate according to its terms and conditions. Should Executive retire while employed by Kforce, and qualify for retirement benefits under the Kforce Executive Retirement Plan, Executive will be eligible to elect at that time, on behalf of himself and his spouse, to participate in the Retirement Health Plan. If Executive elects to participate in the Retirement Health Plan at retirement, Employer shall maintain such plan in existence until the death (or election to cease participating) of Executive and Executive’s participating spouse.
Benefits Upon Retirement. The Bank shall pay to the Participant an annual retirement benefit of Forty-four Thousand Dollars ($44,000) per year for ten (10) consecutive years. Such payments shall be made in one hundred twenty (120) equal monthly installments commencing on the first business day of the month following the Participant’s retirement date (as set forth below) and continuing on the first business day of each month thereafter until the specified number of installments have been paid in full. The Bank shall have no obligation under this subsection 1(a), except as provided in subsection 1(c) through (f) herein, if the Participant was not continuously employed (as defined in Section 5 of the Plan) by the Bank during the period from the date of execution of this Agreement until the Participant’s retirement date set forth below. For purposes of this Agreement and the Plan, the Participant’s retirement date shall be the first day of the calendar month following the Participant’s sixty-fifth (65th) birthday.
Benefits Upon Retirement. In the event the Executive elects to retire and Retires from active employment with the Employer on a date after Executive attains age 65, then the Executive shall be entitled to be paid the Annual Benefit each year for the remainder of Executive’s life with the Applicable Percentage being based on Executive’s years of service as of the Executive’s Retirement. The Annual Benefit, shall be paid in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires and continuing until the Executive’s death. In the event that (i) the Participant is a “Key Employee,” as defined in Code section 416, and (ii) the Employer is publicly traded at the time of Executive’s Retirement, the benefit payable under this subsection shall commence on the first day of the seventh (7th) month following Participant’s termination of Employment. No payments shall be made to Executive, beneficiary or estate pursuant to this Section 3.1 after Executive’s death.
Benefits Upon Retirement. Group I faculty employees are eligible for continuing medical benefits (including prescription drug plan), dental, life insurance, vision, and Employee Assistance Program coverage after their retirement from the District. These faculty employees may continue to be employed by the District until they choose to retire. Upon retirement, the level of medical benefits during retirement shall be the same as stated in Appendix M, provided that such retirees have satisfied the appropriate qualification period of consecutive years of service and are enrolled (spouse included) in Medicare when eligible. The cost of premiums and Medicare shall be borne by the District.
Benefits Upon Retirement. 1. Any retiring bargaining unit member who has attained the age of fifty-five (55) on or before the date of retirement and who has completed a minimum of fifteen (15) years of classified service as an employee of the District in a position compensated on a district-adopted salary schedule shall be entitled upon written request to the following benefits at District expense:
a. The same health benefits provided to current bargaining unit members up to a maximum period of five (5) years from the date of retirement or until the retired employee reaches the age of sixty-five (65), whichever occurs first. The District shall pay the cost of such health coverage for the employee and his/her dependents in the same proportion as the employee’s active service with the District as described in Article XIII A and B.
b. Any employee retiring at age sixty-one (61) or older who has the fifteen (15) years of service with the District as set forth in paragraph 1 above shall be entitled, upon written request, to the following benefits for any year(s) that the employee is not eligible for the benefits set forth in subsection a, provided that the non-qualifying retiree shall not receive more than a total of five (5) years of benefits whether under subsection a, or subsection b, or a combination of both subsections a and b.
1) A maximum contribution from the District of $150.00 per month for the retiree and $150.00 per month for one (1) dependent toward the cost of a Medicare supplemental insurance policy provided through the District, effective December 1, 2007.
2) To be eligible for this District contribution toward the Medicare supplemental policy, the retiree must provide evidence to the District that both the retiree and the Dependent are enrolled in Medicare Parts A and B when first eligible and continue to be enrolled in Parts A and B.
3) The costs for Medicare Parts A and B are the exclusive responsibility of the retiree and dependent.
4) All references to “Medicare” refer to the Federal Medicare Law, Title 18 of the Social Security Act of 1964.
5) An eligible dependent is defined as meeting the eligibility requirements of the carrier as defined by the District.
c. If an employee fifty-five (55) years of age or older has less than fifteen
Benefits Upon Retirement. Upon retirement, an employee shall be allowed to continue her benefits for a maximum of five (5) years but not beyond age 65, with the cost of the premiums being paid by the employee at prevailing rates. Disputes over rejected claims as it applies to basic group life benefits, must be pursued against the insurer.
Benefits Upon Retirement. The following benefit is provided for full time administrators who have completed fifteen (15) years of service with the District, as an administrator, and who actually retire from District service pursuant to the provisions of the New York State Retirement System on June 30, of the retirement year, and receive a pension annuity from the New York State retirement system. The member must submit an irrevocable letter of intent to retire at least six months in advance of the retirement date. If the employee is unable, due to sickness or other disability of the employee, to submit a letter of intent to retire at least six months in advance, a written request shall be submitted, as soon as reasonably possible, to the Superintendent for approval.
Benefits Upon Retirement. For the term of this Agreement, the District shall pay 856 the cost of health, dental, and vision insurance from the age of fifty-five (55) until 857 eligibility for Medicare for employees who retire from the District and become 858 retired annuitant of all CalPERS employment and who have been employed in the 859 District full-time ten (10) consecutive years or longer preceding the date of 860 retirement. 861
862 8.4.1 The District shall provide retired employees who qualify for continuation 863 of benefits under Article 8.4 with the option to purchase at employee 864 expense supplemental medical coverage, provided the employee has 865 obtained Medicare A and B coverage. Qualifying members must submit 866 proof that they have obtained Medicare A and B. This benefit is subject to 867 approval of the District’s insurance carrier. That shall not be considered a 868 vested right of retirees. The retiree may select from Options A or B subject 869 to the conditions set forth herein. 870
