Miscellaneous Retiree Benefits Sample Clauses

Miscellaneous Retiree Benefits. ‌ A. MEDICAL, DENTAL, AND VISION INSURANCE Early retirees (age 55-65) and retirees under the age of 55 (who retire with full service retirement benefits [100% vested] through the Teacher’s Retirement System of Oklahoma) with 10 years of continuous regular full time District employment may continue medical, dental, and vision insurance coverage for themselves and their eligible dependents under the District's Plan at regular group rates provided the carrier agrees. The total premium costs for the employee and dependents must be paid by the employee except under the following conditions. The District shall pay the cost, up to $300.00 per month, for medical, dental, and vision insurance coverage for retirees who retire at an age between 60 and 65 years old under the Teacher’s Retirement System of Oklahoma. However, eligible retirees who were employees of record on June 30, 2007 upon retiring with full TRS benefits (if under the age of 55), or at age 55 to age 60, shall receive this benefit at the rate of $150 per month, for all months prior to reaching the age 60 and then at the rate of $300 per month until reaching the age 65. The $150.00 and the $300.00 payments will be averaged and paid out in equal monthly payments. The retiree may choose to continue in the District group plan, if the carrier agrees, participate in the State and Education Employees Group Health Insurance Plan or enroll in another medical insurance plan. Payments will be scheduled to commence on a District payday in the month following the latter of either the date of retirement, or the date of the eligible birthday. The final payment will be made on the payday of the month prior to the 65th birthday. In any case, these payments will cease in the event the retiree enters new employment and is eligible to be covered under a paid insurance plan. In no event will the payments be made after the retiree reaches age 65.