Common use of Early Retirement Insurance Program Clause in Contracts

Early Retirement Insurance Program. Retirees meeting the eligibility criteria may provide additional service to the District, compensation for which shall be used for the purchase of the retiree’s continued medical benefits. The number of days of service required for payment of the retiree’s medical insurance premium shall be calculated using the following formula: 1. The cost of retiree medical insurance shall be established no later than August 31 of each year. 2. Beginning with the 2008-2009 school year, for unit members who retired on or before June 30, 2008, the District agrees to pay the full amount of the medical benefits plan selected by each retiree at the beginning of 2008-2009 school year for retirees who meet the eligibility criteria set forth in Part A, above. The District will continue to pay the full amount of the medical benefits for unit member who retired prior to June 30, 2008, and are still eligible, for the 2009-2010 and 2010-2011 school year. 3. During the 2011-12 and 2012-13 school year, for retirees who retired on or before June 30, 2008, and are still eligible, the District shall pay an amount not to exceed $7464.00 per year for medical benefits. 4. The cost of the plan to be paid by District under this provision shall include only the single coverage cost of the plan and the amount to be paid by District for any retirees coverage under this section shall not exceed the cost of the plan selected by the employee for the 2008-2009 school year, plus any cost increase for that plan in subsequent years. For the 2008-2009 school year, the plans available to retirees included only CVT Plans 7C, 8C, and 9C. 5. A retiree may select a more expensive plan or spouse or dependent coverage for their plan, but the District shall only be obligated to pay an amount equal to single retiree coverage under the plan the retiree had selected for the 2008-09 school year. The retiree shall be responsible for any cost above the amount of single coverage and the retiree may only work the number of days required to cover the cost of the plan, which was selected for the 2008-09 school year. 6. The retiree’s final daily rate prior to retirement shall be divided into the cost of the retiree’s medical insurance for the year to establish the number of days which must be worked to pay for the medical insurance benefit. 7. The number of days required to be worked to pay for the retiree’s medical insurance benefits shall be rounded to the nearest half day. 8. For the 2008-2009 year, if any retiree has made premium payments for the cost of the plan they selected, and the retiree elects to work additional days to pay for their insurance coverage, the retiree will be entitled to a refund of the payment they made for the coverage to which they are entitled under this section. However, for the 2008-09 year, any retiree who has worked additional days in excess of the original number of service days required (which was based on the amount of $5328 per year), and has been paid at the District substitute rate ($100 per day) shall have the amount already paid to the retiree deducted from any refund. 9. The retiree shall enter into an agreement with the District to provide the number of days of service, calculated in the manner above, to pay for the retiree’s medical insurance benefits. At least half the number of days required to be worked for the year shall be performed during the first semester of the school year, with all days required to be completed prior to the end of the school year.

Early Retirement Insurance Program. Retirees meeting the eligibility criteria may provide additional service to the District, compensation for which shall be used for the purchase of the retiree’s continued medical benefits. The number of days of service required for payment of the retiree’s medical insurance premium shall be calculated using the following formula: 1. The cost of retiree medical insurance shall be established no later than August 31 of each year. 2. Beginning with the 2008-2009 school year, for unit members who retired on or before June 30, 2008, the District agrees to pay the full amount of the medical benefits plan selected by each retiree at the beginning of 2008-2009 school year for retirees who meet the eligibility criteria set forth in Part A, above. The District will continue to pay the full amount of the medical benefits for unit member who retired prior to June 30, 2008, and are still eligible, for the 2009-2010 and 2010-2011 school year. 3. During the 2011-12 and 2012-13 school year, for retirees who retired on or before June 30, 2008, and are still eligible, the District shall pay an amount not to exceed $7464.00 7,464.00 per year for medical benefits. 4. The cost of the plan to be paid by District under this provision shall include only the single coverage cost of the plan and the amount to be paid by District for any retirees coverage under this section shall not exceed the cost of the plan selected by the employee for the 2008-2009 school year, plus any cost increase for that plan in subsequent years. For the 2008-2009 school year, the plans available to retirees included only CVT Plans 7C, 8C, and 9C. 5. A retiree may select a more expensive plan or spouse or dependent coverage for their plan, but the District shall only be obligated to pay an amount equal to single retiree coverage under the plan the retiree had selected for the 2008-09 school year. The retiree shall be responsible for any cost above the amount of single coverage and the retiree may only work the number of days required to cover the cost of the plan, which was selected for the 2008-09 school year. 6. The retiree’s final daily rate prior to retirement shall be divided into the cost of the retiree’s medical insurance for the year to establish the number of days which must be worked to pay for the medical insurance benefit. 7. The number of days required to be worked to pay for the retiree’s medical insurance benefits shall be rounded to the nearest half day. 8. For the 2008-2009 year, if any retiree has made premium payments for the cost of the plan they selected, and the retiree elects to work additional days to pay for their insurance coverage, the retiree will be entitled to a refund of the payment they made for the coverage to which they are entitled under this section. However, for the 2008-09 year, any retiree who has worked additional days in excess of the original number of service days required (which was based on the amount of $5328 per year), and has been paid at the District substitute rate ($100 per day) shall have the amount already paid to the retiree deducted from any refund. 9. The retiree shall enter into an agreement with the District to provide the number of days of service, calculated in the manner above, to pay for the retiree’s medical insurance benefits. At least half the number of days required to be worked for the year shall be performed during the first semester of the school year, with all days required to be completed prior to the end of the school year.