Employer contribution to health insurance plan Sample Clauses

Employer contribution to health insurance plan. The City will make a contribution toward the percentage portion of the cost of the service and disability retiree health insurance, prior to becoming eligible for Medicare or similar national health care benefits, not covered by the retiree direct contribution (the “City Contribution”) based upon the number of completed months of credited service the retiree had with the City as of their date of retirement. The minimum eligibility for any City Contribution towards retiree health insurance costs is 96 months of credited service with the amount the City will contribute increasing by each additional complete month of credited service as shown below. Thirty (30) Year Accrual (at .29167% per month) Vesting at 96 Complete Months of Credited Service 96 Months 23.0% 108 Months 26.5% 120 Months 30.0% 132 Months 33.5% 144 Months 37.0% 156 Months 40.5% 168 Months 44.0% 180 Months 47.5% 192 Months 51.0% 204 Months 54.5% 216 Months 58.0% 228 Months 61.5% 240 Months 65.0% 252 Months 68.5% 264 Months 72.0% 276 Months 75.5% 288 Months 79.0% 300 Months 82.5% 312 Months 86.0% 324 Months 89.5% 336 Months 93.0% 348 Months 96.5% 360 Months 100% The amount of their actual months of credited service notwithstanding, the City Contribution for disability retirees and for retirees other than disability or deferred retirees, prior to becoming eligible for Medicare or similar national health care benefits, who retire at or after age 62 will be calculated as if the retiree had 360 months of credited service. In the event that the retiree does not have sufficient months of credited service to receive a City Contribution equal to 100% of the City’s percentage portion of the retiree health insurance cost, the retiree or the eligible surviving spouse of the deceased eligible retiree, prior to becoming eligible for Medicare or similar national health care benefits, will be required to pay the remainder of the City’s percentage portion of the retiree health insurance cost in addition to the retiree’s direct contribution amount. During the period from March 24, 2009, through June 30, 2010, the City will apply a transition accrual schedule that will provide employees who retire, prior to becoming eligible for Medicare or similar national health care benefits, within that period an accrual of 0.33333% per complete month of credited service, with a maximum accrual of 100% at twenty-five (25) years of credited service as shown below. Twenty-Five (25) Year Accrual (at .33333% per month) Vesting a...
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