Common use of Benefits Upon Retirement Clause in Contracts

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. 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 24.05 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 two (2) times salary prior to retirement 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. 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 24.03 until the end of the month following their sixty-fifth (65th) 65th birthday providing they pay to the University the full monthly premium cost. Life Insurance under this provision will be $100,000 two (2) times salary prior to retirement 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.