Post Health and Welfare Benefits for Eligible Retired Employees Sample Clauses

Post Health and Welfare Benefits for Eligible Retired Employees. Unit members, retiring under one of the District’s formal retirement plan(s) (PERS or STRS), at least age 55 or older, and having five consecutive years of benefited service with the District will be eligible for a District contribution towards their retiree health coverage through age 65 or Medicare eligibility. The District contributions will be based on a percentage of the cost of the lowest price plan for employee only coverage and will vary by years of District service at retirement as follows: Years of Service at Retirement District Contribution Percentage Employees will receive 100% of the District contribution if working between 7.76 and 8 hours, 92% of the District contribution if working between 6 and 7.75 hours, and 73% of the District contribution if working between 4 and 5.99 hours. All monies paid by the District must be used for medical coverage; no other benefits are covered for employees under this agreement. Eligible unit members may purchase additional benefits for themselves or eligible dependents. Employees selecting a more expensive medical plan or dependent coverage will pay the difference in premium costs. Employees moving out of the area will be reimbursed to the same dollar amount for use toward medical premiums only. Premiums will be reimbursed annually with submission of required documentation. Eligible unit members must meet all criteria: retire into district plan, age, years of service, years of service in a benefited position, and must be in a benefited position and covered by a district plan at time of retirement. 15-16.99 Years (80%) 17-19.99 Years (90%) 20+ Years (100%) 4-5.99 -73% 58% 65% 73% 6-7.75 -92% 73% 82% 92% 7.76-8 -100% 80% 90% 100% For the purpose of this agreement as it relates to eligibility for post retirement benefits, any employee who resigns or retires from the Poway Unified School District and is then subsequently re-employed by the District on or after June 30, 2006 will carry no service credit forward to qualify for this Post Retirement Health and Welfare benefit and will need to reestablish eligibility. The funding of this post-retirement medical benefit, as reported for the required GASB 45 actuarial, is partially funded from several existing sources, including an accumulated balance of not less than $682,000, .23% of salary from a previously negotiated settlement, dedication of the funds referenced under article 8.9 of this agreement, and dedication of ‘opt-out’ funds not provided to the employee. It...
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Post Health and Welfare Benefits for Eligible Retired Employees. Unit members, retiring under one of the District’s formal retirement plan(s) (PERS or STRS), at least age fifty-five (55) or older, and having five (5) consecutive years of benefited service with the District will be eligible for a District contribution towards their retiree health coverage through age sixty-five
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Post Health and Welfare Benefits for Eligible Retired Employees. Unit members, retiring under one of the District’s formal retirement plan(s) (PERS or STRS), at least age 55 or older, and having five consecutive years of benefited service with the District, will be eligible for a District contribution towards their retiree health coverage through age 65 or Medicare eligibility. The District contributions will be based on a percentage of the cost of the lowest price plan for employee only coverage and will vary by years of District service at retirement as follows: Years of Service at Retirement District Contribution Percentage At least 15 years of service but less than 17 80% At least 17 years of service but less than 20 90% 20 or more years of service 100% Employees will receive 100% of the District contribution if working between 7.76 and 8 hours, 92% of the District contribution if working between 6 and 7.75 hours, and 73% of the District contribution if working between 4 and
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Post Health and Welfare Benefits for Eligible Retired Employees. 4 Unit members, retiring under one of the District’s formal retirement plan(s) 5 (PERS or STRS), at least age 55 or older, and having five consecutive years of 6 benefited service with the District will be eligible for a District contribution 7 towards their retiree health coverage through age 65 or Medicare eligibility. 9 The District contributions will be based on a percentage of the cost of the lowest 10 price plan for employee only coverage and will vary by years of District service 11 at retirement as follows: Years of Service at Retirement District Contribution Percentage At least 15 years of service but less than 17 80% At least 17 years of service but less than 20 90% 20 or more years of service 100% 14 15 Employees will receive 100% of the District contribution if working between 7.76 16 and 8 hours, 92% of the District contribution if working between 6 and 7.75 17 hours, and 73% of the District contribution if working between 4 and 5.99 hours. 19 All monies paid by the District must be used for medical coverage; no other 20 benefits are covered for employees under this agreement. Eligible unit 21 members may purchase additional benefits for themselves or eligible 22 dependents. Employees selecting a more expensive medical plan or 24 moving out of the area will be reimbursed to the same dollar amount for use 25 toward medical premiums only. Premiums will be reimbursed annually with 26 submission of required documentation. 28 Eligible unit members must meet all criteria: retire into district plan, age, years 29 of service, years of service in a benefited position, and must be in a benefited 30 position and covered by a district plan at time of retirement. 4-5.99 -73% 58% 65% 73% 6-7.75 -92% 73% 82% 92%
Sample 1

Related to Post Health and Welfare Benefits for Eligible Retired Employees

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Retired Employees An employee who retires from University service, at age 55 with five (5) years of service, age 50 with fifteen (15) years of service or at any age with thirty (30) years of service, who is eligible to maintain participation in the UPlan, may indefinitely maintain medical and dental coverage with the University at his/her own expense. Medicare coverage is primary for retirees over 65, and for totally disabled employees who qualify for Medicare, and must coordinate with the UPlan Retiree Medical plan options. If retired or totally disabled employees elect not to continue coverage in the UPlan at the time they leave employment, they may not elect to do so at a later date. (see also Section 5E.)

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • Rehired Employees Amounts forfeited upon termination of employment because of the failure to meet the applicable vesting requirements shall not be reinstated or re-credited if an individual is subsequently rehired or re-employed by the School Corporation. However, if the board shall have approved a leave of absence of not more than one (1) fiscal year for an employee, such period of leave shall not result in forfeiture provided the employee shall promptly return to employment following the expiration of the period of leave.

  • Health and Welfare Benefit Plans During the Employment Period, Executive and Executive’s immediate family shall be entitled to participate in such health and welfare benefit plans as the Employer shall maintain from time to time for the benefit of senior executive officers of the Employer and their families, on the terms and subject to the conditions set forth in such plan. Nothing in this Section shall limit the Employer’s right to change or modify or terminate any benefit plan or program as it sees fit from time to time in the normal course of business so long as it does so for all senior executives of the Employer.

  • Retirement, Welfare and Fringe Benefits During the Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.

  • Benefits Plans During the Employment Period, You will be eligible to participate in all benefit plans in effect for executives and employees of the Company, subject to the terms and conditions of such plans.

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