Medical Premium Payments for a 20 Year Employee After Service Retirement Sample Clauses

Medical Premium Payments for a 20 Year Employee After Service Retirement. The sick leave conversion plan for an employee who has worked with the City of Pleasant Hill for twenty (20) or more years, regardless of age, and who elects to take a service retirement is as follows: One hundred percent (100%) of the employee’s accrued sick leave at one hundred percent (100%) of the last day worked salary, calculated at net present value as of the date of retirement, shall be contributed to the employee’s ICMA VantageCare Retiree Health Savings Plan (“RHS Plan”) account pursuant to the Police Association’s RHS Plan adoption agreement. Upon exhaustion of the accrued sick leave funds in the employee’s RHS Plan account, the City shall contribute an additional two (2) years of medical premium payments. This section shall be used in addition to the use of sick leave credit for retirement purposes as provided by the City contract now in force with the Public Employees’ Retirement System.
Sample 1
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Medical Premium Payments for a 20 Year Employee After Service Retirement. The sick leave conversion plan for an employee who has worked with the City of Pleasant Hill for twenty (20) or more years, regardless of age, and who elects to take a service retirement is as follows: Employees are eligible to use up to one hundred percent (100%) of their accumulated sick leave, at one-hundred percent (100%) of their last day worked salary, to be applied towards medical and dental insurance premium payments. The premium payments shall be paid from a fund set aside for this purpose and shall continue to be paid until : (a) the depletion of applied monies, or (b) the death of both the employee and his/her legal spouse. There shall be no right to survivorship of these funds after the death of both the employee and his/her legal spouse. One hundred percent (100%) of the employee’s accrued sick leave at one hundred percent (100%) of the last day worked salary, calculated at net present value as of the date of retirement, shall be contributed to the employee’s ICMA V antageCare Retiree Health Savings Plan (“RHS Plan”) account pursuant to the Police Association’s RHS Plan adoption agreement. Upon exhaustion of the accrued sick leave funds in the employee’s RHS Plan account, the City shall contribute an additional two (2) years of medical premium payments. The annual premium rate in existence for family coverage (employee plus dependents) shall be the maximum amount available to the retired employee the year of retirement and each year thereafter until the fund has been used. Upon termination of this benefit, the City will contribute an additional two (2) years of medical premium payments under these provisions. Alternatively, eligible employees may convert twenty five percent (25%) of their accumulated sick leave to cash, up to a maximum of two hundred (200) hours, and apply the remainder to post-retirement medical premium payments, as described above. This section shall be used in addition to the use of sick leave credit for retirement purposes as provided by the City contract now in force with the Public Employees’ Retirement System.
Sample 1

Related to Medical Premium Payments for a 20 Year Employee After Service Retirement

  • 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.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • 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.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • 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.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Cyclic Year Employment The Employer may fill a position with a cyclic year appointment for positions scheduled to work less than twelve (12) full months each year, due to known, recurring periods in the annual cycle when the position is not needed. At least fifteen (15) days before the start of each annual cycle, incumbents of cyclic year positions will be informed, in writing, of their scheduled periods of leave without pay in the ensuing cycle. Such periods of leave without pay will not constitute a break in service. When additional work is required of a cyclic position during a period for which the position was scheduled for leave without pay, the temporary work will be offered to the incumbent. The incumbent will be allowed at least three (3) working days in which to accept or decline the offer. Should the incumbent decline the work, it will be offered to other cyclic employees, in the same classification, with the necessary skills and abilities, in order of seniority, before being filled by other means.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

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