Common use of Early Retirement Insurance Clause in Contracts

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. 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.