Early Retiree Insurance Benefits Sample Clauses

Early Retiree Insurance Benefits. Vesting Requirement: The teacher must be at least fifty-five (55) years of age by June 30 in the academic year in which they retire; have a minimum of seventeen (17) years of creditable service; and a minimum of ten (10) current consecutive years of service with the EVSC. The teacher must notify the Superintendent of his/her intent to retire by February 1 of the academic year in which he/she wishes to retire. Beginning with the 2022-2023 academic year, for end of first semester retirements, the teacher must notify the Superintendent of his/her retirement by September 1 of the academic year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee. Vested employees will be eligible to participate in the EVSC medical, dental, and vision insurance until he/she is age sixty-five (65) or qualifies for Medicare whichever occurs first. Eligible employees will be required to pay the full insurance premium. Once the retiree is no longer eligible, the spouse/dependents still covered will be offered COBRA coverage. Spouses/dependents covered by the plan will no longer be covered by the plan at: Medicare eligibility; once they age out of coverage; or at the end of the COBRA eligibility period, whichever comes first. Eligible spouses and/or dependents may remain on the insurance with the retiree until the spouse or dependent qualifies for Medicare. A retiree who is eligible for the early retiree insurance that loses health insurance coverage during retirement due to a qualifying event may rejoin the EVSC health insurance plan within thirty (30) days of the qualifying event or during an open enrollment period.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Early Retiree Insurance Benefits

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Retiree Insurance 12.1 Employees who retire must meet the following conditions at the time of retirement in order to be eligible for the Employer contributions, listed in Sections 12.2 through 12.5 below, toward a health insurance plan offered by the Employer:

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Supplementary Employment Insurance Benefits (1) Birth mothers who are entitled to maternity leave and who have applied for and are in receipt of Employment Insurance benefits are eligible to receive XXXX Plan payments.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Insured Benefits A transferring employee will be covered by the benefit plans at the designated Employer. There will be no break in coverage and/or no waiting period prior to being able to receive benefits so long as the waiting period has already been served, subject to the requirements of the carrier.

Time is Money Join Law Insider Premium to draft better contracts faster.