Health Insurance Retirement Benefit Sample Clauses

Health Insurance Retirement Benefit. Para council members retiring from X'Xxxxxx Township High School following twenty (20) years of service to District 203 may remain in the group insurance plan. All premium costs for said insurance benefits shall be provided by the retired employee. No retired employee shall be allowed to participate in the group insurance plan past age 65 or at the earliest time at which a retired employee can buy into or otherwise be covered by Medicare. No retired para council members shall be extended the benefit of the group insurance provision of this contract should they be employed following retirement from District 203 in an organization which has health care insurance available for their employees. Para council members and their families shall have the opportunity for a temporary extension of health coverage as required by Public Law 99-272, Title X. (COBRA).
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Health Insurance Retirement Benefit. In order to be eligible for the health care insurance benefit in retirement, the unit member must have worked a minimum of ten (10) years in the District and retire from the District by drawing his/her pension immediately upon retirement from the District. Those individuals who have resigned from Maine-Endwell Central School District in order to receive retirement benefits from the New York State Teachers’ Retirement System or New York State Employees’ Retirement System on account of age and service and are receiving such benefits, shall be entitled to receive health cost reimbursement benefits. The parties acknowledge the Collective Bargaining Agreement does not establish a specific health care plan for retirees. However, the District is required to provide eligible retirees teaching employees actively employed by the District. The cost-sharing rate for individual retirees will be established based on the contribution rate the employee paid during their last year of employment. Current retirees ages 55-64 and unit members retiring between June 30, 2021 and June 30, 2022 have the option to remain in the Blue Cross Blue Shield Classic Blue Plan or to move to the Blue Cross Blue Shield : Signature Deductible 3 PPO Plan at their respective contribution rates. Retirees participating in District health insurance shall be enrolled in the Humana Plan at age 65. Effective July 1, 2022, retiring unit members shall be enrolled in the Blue Cross Blue Shield: Signature Deductible 3 PPO Plan until age 65 at which point they shall be enrolled in the Humana Plan. 2021-2022 Unit members’ health care insurance contribution will be: For those members remaining in the Indemnity Plan at retirement: • Individual Plan – Twelve and one half percent (12.5%) of the cost of an individual plan. • Family Plan – Twelve and one half percent (12.5%) of the cost of a family plan. For those members who switch to the PPO Plan the year of retirement: • Individual Plan—Eighteen percent (18%) of the cost of an individual plan. • Family Plan—Eighteen percent (18%) of the cost of a family plan. • Individual Plan—Eighteen percent (18%) of the cost of an individual plan. • Family Plan—Eighteen percent (18%) of the cost of a family plan. • Individual Plan—Eighteen percent (18%) of the cost of an individual plan. • Family Plan—Eighteen percent (18%) of the cost of a family plan. • Individual Plan—Eighteen percent (18%) of the cost of an individual plan. • Family Plan—Eighteen percent (18%) of the c...
Sample 1
Health Insurance Retirement Benefit. Service Workers retiring from X'Xxxxxx Township High School following twenty (20) years of service to District 203 may remain in the group insurance plan. All premium costs for said insurance benefits shall be provided by the retired employee. No retired employee shall be allowed to participate in the group insurance plan past age 65 or at the earliest time at which a retired employee can buy into or otherwise be covered by Medicare. No retired Service Worker shall be extended the benefit of the group insurance provision of this contract should they be employed following retirement from District 203 in an organization which has health care insurance available for their employees. Service Workers and their families shall have the opportunity for a temporary extension of health coverage as required by Public Law 99-272, Title X. (COBRA).
Sample 1
Health Insurance Retirement Benefit. In order to be eligible for the health care insurance benefit in retirement, the unit member must have worked a minimum of ten (10) years in the District and retire from the District by drawing his/her pension immediately upon retirement from the District. Those individuals who have resigned from Maine-Endwell Central School District in order to receive retirement benefits from the New York State Teachers’ Retirement System or New York State Employees’ Retirement System on account of age and service and are receiving such benefits, shall be entitled to receive health cost reimbursement benefits. The parties acknowledge the Collective Bargaining Agreement does not establish a specific health care plan for retirees. However, the District is required to provide eligible retirees with the “same health cost reimbursement benefits and same health care benefits” as teaching employees actively employed by the District. The cost-sharing rate for individual retirees will be established based on the contribution rate the employee paid during their last year of employment. The contribution rates for individuals who retire during the 2019- 2020, 2020-2021, and 2021-2022 school years will be as follows: ● Individual Plan – Eleven and one half percent ( 11.5%) of the cost of an individual plan. ● Family Plan – Eleven and one half percent (11.5%) of the cost of a family plan. ● Individual Plan – Twelve percent (12%) of the cost of an individual plan. ● Family Plan – Twelve percent (12%) of the cost of a family plan. ∗ Individual Plan – Twelve and one half percent (12.5%) of the cost of an individual plan. ∗ Family Plan – Twelve and one half percent (12.5%) of the cost of a family plan. The contribution sharing rates will not change for the duration of the former employees’ retirement. The School District will be responsible for the balance of the premiums. The retired employee will pay one hundred percent (100%) of their portion of the contribution rate during retirement. Upon the death of a retiree, a spouse may continue the reimbursement plan, paying the full charge for an individual benefit plan. The District is not required or responsible to make contribution to any governmental agency, such as the Social Security Administration on account of benefits that may be given or provided to a retiree. An example of such a contribution is payment toward or on account of Medicare Part B charges.
Sample 1

Related to Health Insurance Retirement Benefit

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Health Insurance Benefits To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, Executive will be eligible to continue Executive’s group health insurance benefits at Executive’s own expense. If Executive timely elects continued coverage under COBRA, the Company shall pay Executive’s COBRA premiums, and any applicable Company COBRA premiums, necessary to continue Executive’s then-current coverage for a period of 12 months after the date of Executive’s termination of employment; provided, however, that any such payments will cease if Executive voluntarily enrolls in a health insurance plan offered by another employer or entity during the period in which the Company is paying such premiums. Executive agrees to immediately notify the Company in writing of any such enrollment. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot provide the foregoing benefit without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to Executive a taxable monthly amount to continue his group health insurance coverage in effect on the date of separation from service (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made regardless of whether Executive elects COBRA continuation coverage and shall commence in the month following the month in which Executive incurs a separation from service and shall end on the earlier of (x) the date on which Executive voluntarily enrolls in a health insurance plan offered by another employer or entity during the period in which the Company is paying such amounts and (y) 12 months after the date of Executive’s separation from service.

  • 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.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Public Benefit It is Reaction Retail’s understanding that the commitments it has agreed to herein, and actions to be taken by Reaction Retail under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Reaction Retail that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Reaction Retail’s failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Reaction Retail is in material compliance with this Settlement Agreement.

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