Common use of Post-Retirement Benefits for Full Time Continuing Employees Clause in Contracts

Post-Retirement Benefits for Full Time Continuing Employees. When an Employee retires from employment with the Employer, their benefit coverage ceases. When an Employee who has ten (10) years of service with the Employer, and who is at least sixty (60) years of age, retires directly from employment with the Employer, the University shall deposit $1,000 per annum into the individual’s HSA for their lifetime for the reimbursement of health care expenses as defined by the Income Tax Act. This allocation shall be made on a calendar year basis. Eligibility, entitlement and coverage for reimbursement shall be governed exclusively by the terms of the HSA. Any unused allocation in such an HSA as of December 31 of each calendar year may be carried forward for a maximum of one (1) calendar year after which time the unused balance shall be forfeited. Any unused balance in such an HSA will be forfeited on the death of the retiree.

Post-Retirement Benefits for Full Time Continuing Employees. When an Employee retires from employment with the Employer, their benefit coverage ceases. When an Employee who has ten (10) years of service with the Employer, and who is at least sixty (60) years of age, retires directly from employment with the Employer, the University shall deposit $1,000 per annum into the individual’s HSA for their lifetime for the reimbursement of health care expenses as defined by the Income Tax Act. This allocation shall be made on a calendar year basis. Eligibility, entitlement and coverage for reimbursement shall be governed exclusively by the terms of the HSA. Any unused allocation in such an HSA as of December 31 of each calendar year may be carried forward for a maximum of one (1) calendar year after which time the unused balance shall be forfeited. Any unused balance in such an HSA will shall be forfeited on the death of the retiree.