Common use of Early Retiree Benefits Clause in Contracts

Early Retiree Benefits. i) For employees retiring on a reduced or unreduced pension with a minimum of 5 years of service at a minimum age 55, employees may elect the following up to age 65: (a) Life Insurance 1 x annual salary 50% employer paid reduced to $2,500 (Region paid) at age 65; (b) Extended Health - 50% employer paid - 80% reimbursement - vision care 80% of $200 every 24 months (c) Dental - 50% employer paid, annual maximum of $2000 per person, per calendar year. - Basic - 80% reimbursement - Major restorative - 50% reimbursement - Orthodontics - 50% reimbursement up to plan maximums (eligible dependent children only) (d) Health Spending HSA to pay for medical/dental benefits not Account (HSA) covered by the plan and deemed eligible by the Canada Customs and Revenue Agency. $750 if both Extended Health and Dental coverage elected. $375 if either medical or dental elected A carry over to the maximum of a two year accrual of the HSA can occur subject to the regulations as established by the Canada Customs and Revenue Agency and the contract between the Region and the Benefit Provider.

Early Retiree Benefits. i) For employees retiring on a reduced or unreduced pension with a minimum of 5 years of service at a minimum age 55, employees may elect the following up to age 65: (a) Life Insurance 1 x annual salary 50% employer Employer paid reduced to $2,500 (Region paid) at age 65; (b) Extended Health - 50% employer Employer paid - 80% reimbursement - vision care 80% of $200 every 24 months (c) Dental - 50% employer Employer paid, annual maximum of $2000 per person, per calendar year. - Basic - 80% reimbursement - Major restorative - 50% reimbursement - Orthodontics - 50% reimbursement up to plan maximums (eligible dependent children only) (d) Health Spending Account (HSA) HSA to pay for medical/dental benefits not Account (HSA) covered by the plan and deemed eligible by the Canada Customs and Revenue Agency. $750 if both Extended Health and Dental coverage elected. $375 if either medical or dental elected A carry over to the maximum of a two year accrual of the HSA can occur subject to the regulations as established by the Canada Customs and Revenue Agency and the contract between the Region and the Benefit Provider.