Post-Retirement Health Insurance Program. a. Subject to the lifetime cap outline below set forth herein, the District will pay up to $10,000 annually toward a District provided health and welfare benefit plan. No more than $10,000 will be paid in any fiscal year. The retiree chooses which plan(s) he/she will be covered under. b. If the full $10,000 is not paid out during any fiscal year, the unpaid balance shall be carried forward to be paid toward the District provided health and welfare benefit plan in the following fiscal year(s). The District will not pay more than $10,000 plus any carryover each fiscal year. c. The total amount paid pursuant to this program, regardless of any amount paid in any given fiscal year, shall not exceed a cumulative total of the amounts listed below. Payment toward the District provided health and welfare benefit package selected by the employee shall continue until the employee’s death or until the District has paid the total capped amount listed below, whichever occurs first. d. Payment shall cease upon the employee’s death, regardless of whether the District has paid out the full cap. In the event of the retiree’s death, if the District’s health and benefit plan carrier permits continued coverage for the employee’s surviving spouse, the District will continue to pay any unused portion of the cap amount toward the District provided health and welfare benefit plan, subject to the $10,000 annual payment restriction. Payments will terminate upon the death of the surviving spouse or upon exhaustion of the original cap, whichever occurs first. This benefit, based on the fiscal year, will be offered to employees who are at least 55, but not older than 63 as of June 30th of the year of retirement. The benefit will be a total of $50,000.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
