Early Retirement Insurance. A retiree who has reached the age of fifty-seven (57) years with a minimum of twenty (20) consecutive years of experience with the District will receive $3,000 per year for single, employee + 1, or family insurance coverage until the employee reached the age of Medicare eligibility.
Early Retirement Insurance. Any principal who has at least ten (10) years experience in Independent School District No. 659 and retires upon attaining age fifty-five (55) or thereafter may elect to be covered under the group health and hospitalization and dental plans provided by the School District as provided by law. The principal may continue participation in the district’s group term life insurance plan according to provisions of Section 6 at the principal’s own expense until the principal is eligible for Medicare. The District shall contribute toward the premium for health and hospitalization and dental coverage under the same conditions as an employed principal but no more than 80% of the health and hospitalization insurance premium, for nine (9) years from the date of retirement. Principals who retired prior to July 1, 2002, will continue to be eligible for the School District’s contribution toward their insurance for the period of time established at the time of their retirement. Coverage will be available to a retired principal who has group medical insurance available to him/her from another employer; however, such other employer’s coverage shall be considered primary. Once a retired employee becomes eligible for Medicare the retired employee’s coverage will convert to a Medicare supplement policy. Such policy (when combined with Medicare) will at a minimum be equivalent coverage to the group health and hospitalization plan offered to active employees and retired employees who are not eligible for Medicare. In the event a retired employee and his or her dependent(s) become eligible for Medicare at different times, the individual insured will be converted to the Medicare supplement policy upon becoming eligible. At such time as there is only one other insured remaining on the family group health plan, he/she will be converted to a single policy under the group health plan until they become eligible for Medicare. If dependent children are covered under the group health plan they will be eligible to continue coverage until such time that the last parent covered on the group health plan becomes eligible for Medicare. Once the retired employee or their dependent(s) obtain Medicare eligibility, the District shall contribute up to $400.00 toward the monthly premium of the Medicare supplement plan for the remainder of the contribution period as defined above. When the retiree becomes eligible for Medicare, the retiree must be in compliance with M.S. 471.611
Early Retirement Insurance. A staff member may apply for early retirement providing he/she : (1) is eligible under the Illinois Teachers’Retirement Act: (2) is at least 55 years of age or will be 55 of age within six (6) months of the end of the academic year in which he/ she retires; and (3) has been credited with 10 or more years of service in the Rockford School District. The Board will pay for an extension of the present life insurance program through the year in which the individual becomes 65 years of age. Further, staff members retiring in the 2011-2012 and 2012-2013 school year, and their eligible dependents may enroll in a medical insurance plan provided by the Illinois Teachers Retirement System (TRIP HMO or TCHP) and the Board will pay the full premium to the TRS each year until the end of the school year in which the retiree turns 65. If the individual retiree enrolls in the TRIP HMO, there will be no contribution by the retiree. If the individual retiree enrolls in the TCHP the retiree will reimburse the District for one-half of the TCHP premium. Example: In plan year 2007-2008 an individual enrolled in TCHP would contribute$196.92 (.5 x 393.84). If the retiree enrolls dependents in either the TRIP HMO or the TCHP, the retiree will contribute the same amount paid by an active staff member (employee + children, employee+ spouse, or family) for the PPO coverage, and an additional amount equal to the single TRIP HMO premium for each dependent. Example: In plan year 2007-2008, a retiree with a spouse and two children would contribute an additional $567.03 per month ([$167.01 x 3] + $66) for the TRIP HMO or the TCHP. At the end of that school year in which the retiree turned 65, the Board’s obligation to the retiree for any insurance contribution ceases. If TCHP is selected and the coverage level of TCHP is less than the Board’s PPO, the retiree can submit the claim to the Board’s Third Party Administrator. The Board will then pay the difference between the level of coverage paid by TCHP and the level of coverage allowed under the Board’s PPO. If a retiree returns to work as a part-time employee the retiree may remain on the Board’s plan or enroll in the Board’s plan. The retiree will pay the applicable single or family contribution in effect for active employees plus a percentage of the Board’s premium rate based upon the amount of time worked minus the cost of the single TRS HMO premium. (Example: If a retiree works .5, he/she would pay the applicable contribution for emplo...
Early Retirement Insurance. The Employer shall continue to contribute the agreed upon monthly premium costs to retain purchased benefits of the health plan described in Article XVIII, Section B, for those employees who will be at least 60 years of age by the end of the 1991-92 academic year who have effected a voluntary resignation that terminates the employee's continuing contract at the conclusion of the final day of the 1991-92 academic year, and who was covered by the health plan at the time of retirement. The Employer’s contribution shall continue until the retiree attains the age of 65 or becomes eligible to receive benefits under any other plan.
Early Retirement Insurance. A staff member may apply for early retirement providing he/she :
