Common use of Medicare Complementary Premium Fund Clause in Contracts

Medicare Complementary Premium Fund. Effective July 1, 2006, the University established and funded a fund from which age 65 or older individual official retirees (i.e., individuals who have satisfied the age and service requirements of paragraph 129), and their Medicare eligible spouses shall receive a monetary benefit to be applied to the retiree’s share of the monthly premium cost for Medicare Complementary Coverage as long as there are monies in the fund. Access to this fund is restricted to those retirees who were actively employed Sergeants as of July 1, 2005. The University’s annual lump sum contributions to the Medicare Complementary Premium Fund will cease with the July 2008 lump sum contribution of $2,000. No future lump sum contributions will be made by the University. The University will continue to pay the average 91-day United States Treasury Bill rate semi-annually on the average balance in the fund. The University may pay additional distribution, at its discretion if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used in one calendar year shall be carried forward to the next calendar year. The benefit amount shall be the retiree’s full share of the monthly premium cost for the least cost HMO. However, under no circumstance shall the benefit amount exceed $200.00 per month for any retiree and his/her Medicare eligible spouse. Benefits will not be paid when the fund drops below an amount required to provide the full monthly benefit amount for each eligible retiree who has made a timely request. Any employee hired or promoted to the rank of Sergeant on or after July 1, 2005 and his/her Medicare eligible spouse will be eligible for Medicare complementary coverage through a University group health plan at the retiree’s cost.

Medicare Complementary Premium Fund. Effective July 1, 2006, the University established and funded a fund from which age 65 or older individual official retirees (i.e., individuals who have satisfied the age and service requirements of paragraph 129), and their Medicare eligible spouses shall receive a monetary benefit to be applied to the retiree’s share of the monthly premium cost for Medicare Complementary Coverage as long as there are monies in the fund. Access to this fund is restricted to those retirees who were actively employed Sergeants as of July 1, 2005. The University’s annual lump sum contributions to the Medicare Complementary Premium Fund will cease with the July 2008 lump sum contribution of $2,000. No future lump sum contributions will be made by the University. The University will continue to pay the average 91-day United States Treasury Bill Xxxx rate semi-annually on the average balance in the fund. The University may pay additional distribution, at its discretion if the actual earnings of the fund exceed the average 91-day United States Treasury Bill Xxxx rate. Amounts not used in one calendar year shall be carried forward to the next calendar year. The benefit amount shall be the retiree’s full share of the monthly premium cost for the least cost HMO. However, under no circumstance shall the benefit amount exceed $200.00 per month for any retiree and his/her Medicare eligible spouse. Benefits will not be paid when the fund drops below an amount required to provide the full monthly benefit amount for each eligible retiree who has made a timely request. Any employee hired or promoted to the rank of Sergeant on or after July 1, 2005 and his/her Medicare eligible spouse will be eligible for Medicare complementary coverage through a University group health plan at the retiree’s cost.

Medicare Complementary Premium Fund. Effective July 1, 2006, the University established and funded a fund from which age 65 or older individual official retirees (i.e., individuals who have satisfied the age and service requirements of paragraph 129), and their Medicare eligible spouses shall receive a monetary benefit to be applied to the retiree’s share of the monthly premium cost for Medicare Complementary Coverage as long as there are monies in the fund. Access to this fund is restricted to those retirees who were actively employed Sergeants as of July 1, 2005. The University’s annual lump sum contributions to the Medicare Complementary Premium Fund will cease with the July 2008 lump sum contribution of $2,000. No future lump sum contributions will be made by the University. The University will continue to pay the average 91-day United States Treasury Bill rate semi-semi- annually on the average balance in the fund. The University may pay additional distribution, at its discretion if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used in one calendar year shall be carried forward to the next calendar year. The benefit amount shall be the retiree’s full share of the monthly premium cost for the least cost HMO. However, under no circumstance shall the benefit amount exceed $200.00 per month for any retiree and his/her Medicare eligible spouse. Benefits will not be paid when the fund drops below an amount required to provide the full monthly benefit amount for each eligible retiree who has made a timely request. Any employee hired or promoted to the rank of Sergeant on or after July 1, 2005 and his/her Medicare eligible spouse will be eligible for Medicare complementary coverage through a University group health plan at the retiree’s cost.