Coverage Upon Retirement Sample Clauses
The "Coverage Upon Retirement" clause defines the terms under which an individual continues to receive insurance or benefit coverage after retiring from employment. Typically, this clause outlines eligibility requirements, the types of benefits that remain in effect, and any conditions or limitations, such as reduced coverage levels or the need for continued premium payments. Its core practical function is to ensure that retirees understand what benefits they can expect post-retirement, thereby providing clarity and security regarding ongoing coverage.
Coverage Upon Retirement. None of the members of the bargaining unit as of December 31, 1996 is eligible for an Employer contribution toward health plan premiums after retirement. The policy of the Metropolitan Council, however, provides that an employee who was eligible for such a contribution under the terms of another contract or plan prior to transfer to another unit shall maintain eligibility. Accordingly, such employees who retire after January 01, 2019, shall retain eligibility, but the terms and conditions are outside the scope of this Agreement.
Coverage Upon Retirement. Regular full-time employees who retire from employment and who are then eligible to draw retirement benefits from the Minnesota State Retirement System or the Public Employees Retirement Association may elect hospital-medical insurance or health plan coverage as described below:
a. Group A Retirees: Employees who retire between the ages of 60 and 65 years with thirty (30) or more years of service and those who retire under the disability retirement benefits provisions of the Minnesota State Retirement System or Public Employees Retirement Association may continue single or family hospital- medical insurance or health plan coverage on the same basis and at the same premium/contribution ratio as active employees as described in Subdivisions 1 through 3 until the first of the month immediately following their 65th birthday. After age 65, the Employer shall pay on behalf of Group A retirees who elect continuous coverage, two-thirds (2/3) of the Employer contributions described above in Subdivisions 1 through 3.
Coverage Upon Retirement. The Employer will pay $250.00 per month towards health and prescription drug insurance premiums for retired Fire Department personnel between the ages of 50 and 65 who have acquired 25 years of service in the Department. The Employer will pay $250.00 per month towards the health and prescription drug insurance premiums for duty disabled firefighters up to age 50 provided the duty disabled retiree does not qualify for Social Security Disability benefits, Medicare, or Medicaid. Payments can be used for premiums to any health insurance carrier of the retired employee's choice until the retiree reaches the age of 65, provided the retired employee supplies proof of the insurance premium payments to the Employer. Any insurance premium amounts over $250.00 per month will be paid by the retiree. All health and prescription drug insurance premium payments by the Employer will cease at age 65 for all Department retirees.
Coverage Upon Retirement. The Employer shall pay a maximum of $250.00 per month towards the cost of health insurance for an employee who goes on regular retirement and shall continue such payment until the retired employee reaches his 65th birthday. (This benefit applies to Unit 1). The Employer shall pay a maximum of $310.00 per month towards the cost of health insurance for an employee who goes on regular retirement and shall continue such payment until the retired employee reaches his 65th birthday. (This benefit applies to Unit 2). Payments can be used for payment of premiums (Yearly Maximum of $3,000 for Unit 1/$3,720 for Unit 2) to other health insurance carriers if the City is supplied proof of the insurance premium payments by the retired employee until the retiree reaches his 65th birthday. Employees who are hired after the signing of this Agreement are not eligible for City retiree health coverage or any Employer contribution upon retirement. Under the provisions of this article, any employee who is married to another City employee must hold his or her own policy upon retirement in order to qualify for the monthly Employer contribution.