Normal Age and Service Retirement Sample Clauses

Normal Age and Service Retirement. The Employer will make available the following retiree health insurance benefit at no cost to the retiree for all employees and their spouses: The City shall make available to the employee and spouse the Blue Cross/Blue Shield Community Blue PPO-10 with $5/$30/$60 drug co-pay, $10 office visit co-pay and $50 emergency room co-pay, if not admitted. Employees who retired and terminated employment prior to the effective date of the award (February 19, 2013) are not affected. For participants in an HMO, members will pay the Brand Drug Co-payment when a physician requests a Brand Drug as “Dispensed as Written” and a Generic equivalent is available. Members who request a Brand Drug when a Generic Drug is available will be responsible to pay the Generic Co-payment plus the difference between the cost of the Generic equivalent and the Brand Drug where this is required by HMO rules. After the ratification of the agreement by both parties, there will be a 30-day open enrollment for health insurance. Employees who retire after the ratification of the contract by both parties shall be able to participate in the annual open enrollment selection of health care providers for retirees. The selection currently comprises Traditional BC/BC, HAP, M-CARE and Blue Cross PPO. The selection is subject to change at the sole discretion of the City. For employees who retired or retire after 7/1/93 the health insurance coverage shall include dependents of retired members through age 19 and, if full-time students through age 25. Coverage for these dependents shall be based on the same criteria and conditions as dependents of active employees. Coverage shall begin upon completion of the enrollment procedures and shall apply to claims occurring after enrollment. In the event of eligibility for Medicare Insurance, the retiree shall make application for said insurance. The Employer shall then provide a hospitalization and medical insurance program to supplement Medicare to equal the hospitalization and medical insurance coverage as provided above. For those eligible for retiree health insurance who retire on or after September 17, 2018, retirees shall contribute the following toward the cost of health insurance: 20 to 24 Years of Service: Retiree: $75/month retiree contribution Retiree + Spouse: $225/month retiree contribution Dependents ½ the single rate (Currently $299/month) Retiree contribution 25+ Years of Service: Retiree: $ 30/month retiree contribution Retiree + Spouse: $150/month...
Sample 1
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Normal Age and Service Retirement. The Employer will make available the following retiree health insurance benefit at no cost to the retiree for all employees and their spouses: Blue Cross/Blue Shield, or equal to Blue Cross/Blue Shield, for employee and spouse - Comprehensive Hospital Certificate XXX-x, X00XX, ML, $2.00 Rx, MM#2. Effective as soon as practical after ratification of the successor agreement to the 93-96 agreement, the prescription rider shall be Preferred Rx with PD MAC. Effective as soon as practical after ratification of the successor agreement to the 96-99 agreement for employees who retire after this date, the Blue Cross/Blue Shield Traditional master medical co-payment shall be changed from 10% to 20% and the drug prescription deductible will be changed from $2.00 to $5.00 for generic drugs and $10.00 for non-generic drugs. Riders RM, Routine Mammograms, and RPS, Routine Pap Smear shall be added. The Mandatory Second Surgical Opinion will be changed to the Voluntary Second Surgical Opinion Rider known as PCS1 for retirees carrying Blue Cross/Blue Shield Traditional health insurance so long as the carrier offers it. Effective upon ratification of the agreement by both parties dated 11/7/08: The Prescription Drug Co-Pay for all plans for active employees and individuals who retire after the ratification of the agreement by both parties shall be $5 generic and $10 brand (whether or not there is a generic equivalent). For participants in an HMO, members will pay the Brand Drug Co-payment when a physician requests a Brand Drug as “Dispensed as Written” and a Generic equivalent is available. Members who request a Brand Drug when a Generic Drug is available will be responsible to pay the Generic Co-payment plus the difference between the cost of the Generic equivalent and the Brand Drug where this is required by HMO rules. After the ratification of the agreement by both parties, there will be a 30- day open enrollment for health insurance. Employees who retire after the ratification of the contract by both parties shall be able to participate in the annual open enrollment selection of health care providers for retirees. The selection currently comprises Traditional BC/BC, HAP, M-CARE and Blue Cross PPO. The selection is subject to change at the sole discretion of the City. For employees who retired or retire after 7/1/93 the health insurance coverage shall include dependents of retired members through age 19 and, if full-time students through age 25. Coverage for these depende...
Sample 1

Related to Normal Age and Service Retirement

  • Public Employees Retirement System “PERS”) Members.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • 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).

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

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