Common use of Early Retirement Fund Clause in Contracts

Early Retirement Fund. Effective July 1, 2000, the University established and funded a fund from which monthly premium costs of group health coverage shall be paid for a retired Sergeant and his/her spouse who meets these criteria, as long as there are monies in the fund: (1) satisfies the definition of an official retiree as set forth in Paragraph 129, (2) retires from a Sergeant position, (3) retires after July 1, 2000, (4) has attained at least age 55 and if ages 55 through 59 officially retires due to a bona-fide serious disease or disability that permanently prevents their return to work as an Oakland University Police Sergeant, or, has attained at least age 60 and officially retires at ages 60 through 64 (5) will require at least ten (10) uninterrupted years as a Sergeant at Oakland University. The benefit amount for the foregoing age 55 through 59 Sergeants who officially retire due to a bona-fide serious disease or disability shall be the retiree’s full share of the monthly medical premium cost for the lowest cost HMO; provided however, that under no circumstance shall the benefit amount exceed $700.00 per month for any such retiree and his/her spouse. The benefit amount for the foregoing age 60 through 64 Sergeants who officially retire shall be the full monthly medical premium cost for the lowest cost HMO, for any retiree and his/her spouse, i.e., the same cost the University contributes for the applicable one or two person coverage. The University’s annual contribution to the Early Retirement Fund will be $10,788.00. The University will pay the average 91-day United States Treasury Bill rate semi-annually on the average balance in the fund. The University may pay additional distributions, at its discretion, if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used during one fiscal year will be carried over to the next fiscal year. If requests are in excess of available funding, remaining funds will be prorated among those retirees only who qualify. In no event will premium payments from this fund exceed University contributions for active employees for like coverage. The retiree must make advance arrangements with the Benefit and Compensation Services Office to pay whatever premium costs for this coverage are not paid from the fund or the coverage will not be provided. Should the fund be dissolved for any reason, any remaining monies in the fund will be distributed to the payment of Sergeants’ retiree medical cost until the monies run out.

Early Retirement Fund. Effective July 1, 2000, the University established and funded a fund from which monthly premium costs of group health coverage shall be paid for a retired Sergeant and his/her spouse who meets these criteria, as long as there are monies in the fund: (1) satisfies the definition of an official retiree as set forth in Paragraph 129, (2) retires from a Sergeant position, (3) retires after July 1, 2000, (4) has attained at least age 55 and if ages 55 through 59 officially retires due to a bona-fide serious disease or disability that permanently prevents their return to work as an Oakland University Police Sergeant, or, has attained at least age 60 and officially retires at ages 60 through 64 (5) will require at least ten (10) uninterrupted years as a Sergeant at Oakland University. The benefit amount for the foregoing age 55 through 59 Sergeants who officially retire due to a bona-fide serious disease or disability shall be the retiree’s full share of the monthly medical premium cost for the lowest cost HMO; provided however, that under no circumstance shall the benefit amount exceed $700.00 per month for any such retiree and his/her spouse. The benefit amount for the foregoing age 60 through 64 Sergeants who officially retire shall be the full monthly medical premium cost for the lowest cost HMO, for any retiree and his/her spouse, i.e., the same cost the University contributes for the applicable one or two person coverage. The Effective July 1, 2008, the University will make a retroactive contribution to the interest bearing fund of an additional $1,000.00 for the University fiscal year ending June 30, 2009. Effective July 1, 2009, the University’s annual contribution to the fund will be $12,788.00. When all sergeants in place as of July 1, 2005 have retired or left the University, the University’s annual contribution to the Early Retirement Fund will be reduced by $2,000.00, back to $10,788.00. The University will pay the average 91-day United States Treasury Bill rate semi-annually on the average balance in the fund. The University may pay additional distributions, at its discretion, if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used during one fiscal year will be carried over to the next fiscal year. If requests are in excess of available funding, remaining funds will be prorated among those retirees only who qualify. In no event will premium payments from this fund exceed University contributions for active employees for like coverage. The retiree must make advance arrangements with the Benefit and Compensation Services Office to pay whatever premium costs for this coverage are not paid from the fund or the coverage will not be provided. Should the fund be dissolved for any reason, any remaining monies in the fund will be distributed to the payment of Sergeants’ retiree medical cost until the monies run out.

Early Retirement Fund. Effective July 1, 2000, the University established and funded a fund from which monthly premium costs of group health coverage shall be paid for a retired Sergeant and his/her spouse who meets these criteria, as long as there are monies in the fund: (1) satisfies the definition of an official retiree as set forth in Paragraph 129, (2) retires from a Sergeant position, (3) retires after July 1, 2000, (4) has attained at least age 55 and if ages 55 through 59 officially retires due to a bona-fide serious disease or disability that permanently prevents their return to work as an Oakland University Police Sergeant, or, has attained at least age 60 and officially retires at ages 60 through 64 (5) will require at least ten (10) uninterrupted years as a Sergeant at Oakland University. The benefit amount for the foregoing age 55 through 59 Sergeants who officially retire due to a bona-fide serious disease or disability shall be the retiree’s full share of the monthly medical premium cost for the lowest cost HMO; provided however, that under no circumstance shall the benefit amount exceed $700.00 per month for any such retiree and his/her spouse. The benefit amount for the foregoing age 60 through 64 Sergeants who officially retire shall be the full monthly medical premium cost for the lowest cost HMO, for any retiree and his/her spouse, i.e., the same cost the University contributes for the applicable one or two person coverage. The University’s annual contribution to the Early Retirement Fund will be $10,788.00. The University will pay the average 91-day United States Treasury Bill Xxxx rate semi-annually on the average balance in the fund. The University may pay additional distributions, at its discretion, if the actual earnings of the fund exceed the average 91-day United States Treasury Bill Xxxx rate. Amounts not used during one fiscal year will be carried over to the next fiscal year. If requests are in excess of available funding, remaining funds will be prorated among those retirees only who qualify. In no event will premium payments from this fund exceed University contributions for active employees for like coverage. The retiree must make advance arrangements with the Benefit and Compensation Services Office to pay whatever premium costs for this coverage are not paid from the fund or the coverage will not be provided. Should the fund be dissolved for any reason, any remaining monies in the fund will be distributed to the payment of Sergeants’ retiree medical cost until the monies run out.