Common use of Option Two Clause in Contracts

Option Two. An employee eligible for the lump sum payment in Article 20. 1.2.1 who retires on or before June 30, 2026 may, in lieu of the lump sum payment, elect a District paid monthly contribution shall be three hundred seventy-five dollars ($375.00). During the term of this contract, the District and Association agree to the use of the insurance reserve fund in section 17.5 in the amount of twenty-five ($25.00) per month as additional dollars for retiree insurance unless the JBC agrees to change the amount contributed from the insurance reserve fund. Under no circumstances will the District make premium payments for an employee’s spouse who reaches sixty-five (65) years of age or qualifies for Federal Social Security Medicare coverage, whichever occurs first. However, if the employee qualified for a District-paid insurance contribution under section 20.4.5.2 or under section 20.4.6.3, then the thirty-six (36) months of eligibility for the District insurance contribution shall be tolled until the month following termination of the re-employed retired employee. If an eligible employee waives the District retiree insurance program, then the District’s insurance contribution will not be made during the term of the waiver. The District and the classified insurance reserve fund will not make any contributions to an employee or spouse under the terms of this paragraph after June 30, 2029. Article 20.1.2.2 expires at midnight on June 30, 2029.

Option Two. An employee eligible for the lump sum payment in Article 20. 1.2.1 20.1.2 who retires on or before June 30, 2026 2023 may, in lieu of the lump sum payment, elect a District paid monthly contribution shall be of three hundred seventy-five dollars ($375.00). During the term of this contract, the District and Association agree to the use of the insurance reserve fund in section 17.5 17.6 in the amount of twenty-five ($25.00) per month as additional dollars for retiree insurance unless the JBC agrees to change the amount contributed from the insurance reserve fund. Under no circumstances will the District make premium payments for an employee’s spouse who reaches sixty-sixty- five (65) years of age or qualifies for Federal Social Security Medicare coverage, whichever occurs first. However, if the employee qualified for a District-paid insurance contribution under section 20.4.5.2 20.3.6.2 or under section 20.4.6.320.3.7.3, then the thirty-six (36) months of eligibility for the District insurance contribution shall be tolled until the month following termination of the re-employed retired employee. If an eligible employee waives the District retiree insurance program, then the District’s insurance contribution will not be made during the term of the waiver. The District and the classified insurance reserve fund will not make any contributions to an employee or spouse under the terms of this paragraph after June 30, 20292026. Article 20.1.2.2 20.1.2.1 expires at midnight on June 30, 20292026.

Option Two. An employee eligible for the lump sum payment in Article 20. 1.2.1 20.1.2 who retires on or before June 30, 2026 2023 may, in lieu of the lump sum payment, elect a District paid monthly contribution shall be three hundred seventy-five dollars ($375.00). During the term of this contract, the District and Association agree to the use of the insurance reserve fund in section 17.5 17.6 in the amount of twenty-five ($25.00) per month as additional dollars for retiree insurance unless the JBC agrees to change the amount contributed from the insurance reserve fund. Under no circumstances will the District make premium payments for an employee’s spouse who reaches sixty-five (65) years of age or qualifies for Federal Social Security Medicare coverage, whichever occurs first. However, if the employee qualified for a District-paid insurance contribution under section 20.4.5.2 20.3.6.2 or under section 20.4.6.320.3.7.3, then the thirty-six (36) months of eligibility for the District insurance contribution shall be tolled until the month following termination of the re-employed retired employee. If an eligible employee waives the District retiree insurance program, then the District’s insurance contribution will not be made during the term of the waiver. The District and the classified insurance reserve fund will not make any contributions to an employee or spouse under the terms of this paragraph after June 30, 20292026. Article 20.1.2.2 20.1.2.1 expires at midnight on June 30, 20292026.

Option Two. An employee eligible for the lump sum payment in Article 20. 1.2.1 20.1.2 who retires on or before June 30, 2026 2023 may, in lieu of the lump sum payment, elect a District paid monthly contribution shall be three hundred seventy-five dollars ($375.00). During the term of this contract, the District and Association agree to the use of the insurance reserve fund in section 17.5 17.6 in the amount of twenty-five ($25.00) per month as additional dollars for retiree insurance unless the JBC agrees to change the amount contributed from the insurance reserve fund. Under no circumstances will the District make premium payments for an employee’s spouse who reaches sixty-five (65) years of age or qualifies for Federal Social Security Medicare coverage, whichever occurs first. However, if the employee qualified for a District-paid insurance contribution under section 20.4.5.2 20.3.6.2 or under section 20.4.6.320.3.7.3, then the thirty-six (36) months of eligibility for the District insurance contribution shall be tolled until the month following termination of the re-employed retired employee. If an eligible employee waives the District retiree insurance program, then the District’s insurance contribution will not be made during the term of the waiver. The District and the classified insurance reserve fund will not make any contributions to an employee or spouse under the terms of this paragraph after June 30, 20292016. Article 20.1.2.2 20.1.2.1 expires at midnight on June 30, 20292026.