Fifteen-Year Retiree-Medical Benefit Sample Clauses

Fifteen-Year Retiree-Medical Benefit. For unit members who retire under a normal service retirement with a minimum of 15 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $200 per month toward retiree- only medical insurance, or the dollar amount representing the maximum City contribution for employee-only coverage under City group medical plans and group medical rates, whichever is less. Effective July 1, 2013, for unit members who retire on or after that date under a normal service retirement with a minimum of 15 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $230 per month toward retiree-only medical insurance, or the dollar amount representing the maximum City contribution for employee-only coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is less. The retiree is responsible for paying any co-payments required by the health care provider and/or any additional premium payments above the City's maximum monthly contribution. The retiree portion of the monthly contribution shall be paid to the City during the first week of each month, with a grace period not to exceed 30 days. Late payments for health care coverage that exceed the 30-day grace period shall be cause for automatic disenrollment in the City's group health plans. Conditions for health care coverage, enrollment, and processing procedures are established in accordance with legal requirements and conditions set by applicable health insurance carriers. The 15-year retiree-medical benefit ends for all represented classifications effective June 30, 2020. To receive this benefit, a member must retire by June 30, 2020. Discontinuation of this benefit for all active employees does not affect its continuance for members who retire by June 30, 2020. For employees hired on and after July 1, 2004, the City no longer offers, and such employees will no longer be eligible to receive, the 15-year medical retirement benefit upon retirement. Discontinuation of this benefit for new hires does not affect its continuance for employees hired before July 1, 2004, or current retirees. At age 65, the retiree is responsible for coordinating his/her City-offered health care plan with Medicare.
Sample 1
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Fifteen-Year Retiree-Medical Benefit. For unit members who retire under a normal service retirement with a minimum of 15 years of continuous, full-time service to the City and having attained the retirement age of 50, the City will contribute up to $551 per month toward retiree- only medical insurance, or the dollar amount representing the maximum City contribution for employee-only coverage under City group medical plans and group medical rates in effect at the time of retirement, whichever is less. The retiree is responsible for paying any co-payments required by the health care provider and/or any additional premium payments above the City's maximum monthly contribution. The retiree portion of the monthly contribution shall be paid to the City during the first week of each month, with a grace period not to exceed 30 days. Late payments for health care coverage that exceed the 30-day grace period shall be cause for automatic disenrollment in the City's group health plans. Conditions for health care coverage, enrollment, and processing procedures are established in accordance with legal requirements and conditions set by applicable health insurance carriers. The 15-year retiree-medical benefit ends for all management employees effective June 30, 2020. To receive this benefit, an employee must retire by June 30, 2020. Discontinuation of this benefit for all active employees does not affect its continuance for members who retire by June 30, 2020. For management employees hired on and after July 1, 2004, the City no longer offers, and such employees will no longer be eligible to receive, the 15-year medical retirement benefit upon retirement. Discontinuation of this benefit for new hires does not affect its continuance for employees hired before July 1, 2004, or current retirees. At age 65, the retiree is responsible for coordinating his/her City-offered health care plan with Medicare.
Sample 1

Related to Fifteen-Year Retiree-Medical Benefit

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Dental Benefit (1) A confirmed staff shall be eligible for reimbursement of expenses incurred for restorative and preventive dental treatment up to $150 per calendar year.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

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