Common use of Deferred Vested Clause in Contracts

Deferred Vested. Employees who do not retire, but take a deferred vested retirement allowance are not eligible to receive health care coverage. Medicare: Retirees are required to have both Medicare Part A and Part B at the time they reach Medicare eligibility. Failure to elect such coverage will result in no coverage by the City plan. The Medicare Part B premium remains the responsibility of the retiree. If the retiree has not earned enough credit to qualify for unpaid Medicare Part A, or does not otherwise qualify for such coverage through their spouse, the retiree will continue with regular PPO Plan coverage.

Deferred Vested. Employees who do not retire, but take a deferred vested retirement allowance are not eligible to receive health care coverage. Medicare: Retirees are required to have both Medicare Part A and Part B at the time they he/she reach Medicare eligibility. Failure to elect such coverage will result in no coverage by the City plan. The Medicare Part B premium remains the responsibility of the retiree. If the retiree has not earned enough credit to qualify for unpaid Medicare Part A, or does not otherwise qualify for such coverage through their his/her spouse, the retiree will continue with regular PPO Plan coverage.