Grandfathering. Employees who are age 60 or greater with at least 10 years of service as of July 1, 1998, will not be required to pay 20% (or 15% if over age 65) of the applicable premium at the time they retire, but will be required to pay 4% for each year less than 20 full years of Credited Service. For example, an employee who turns 60 on May 1, 1998, but chooses to retire May 1, 2001, when he has 20 years of service, will not be required to pay 20% of his applicable Medical Plan premium.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Agreement
Grandfathering. Employees who are age 60 or greater with at least 10 years of service as of July 1, 1998, will not be required to pay 20% (or 15% if over age 65) of the applicable premium at the time they retire, but will be required to pay 4% for each year less than 20 full years of Credited Service. For example, an employee who turns 60 on May 1, 1998, but chooses to retire May 1, 2001, when he has they have 20 years of service, will not be required to pay 20% of his their applicable Medical Plan premium.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Grandfathering. Employees who are age 60 or greater with at least 10 years -------------- of service as of July 1, 1998, will not be required to pay 20% (or 15% if over age 65) of the applicable premium at the time they retire, but will be required to pay 4% for each year less than 20 full years of Credited Service. For example, an employee who turns 60 on May 1, 1998, but chooses to retire May 1, 2001, when he has 20 years of service, will not NOT be --- required to pay 20% of his applicable Medical Plan premium.
Appears in 1 contract
Samples: Severance Plan Shift Employees (Sierra Pacific Power Co)
