Post-Retirement Healthcare Account. Starting with the 2009-2010 school year, the School District will make a contribution to a Post-Retirement Healthcare Account under the supervision of the Minnesota State Retirement System. Contributions made by the district will reduce the retirement or severance owed to the employee upon retirement. Contributions will be made by the district on or about November 1st of each year. Employees scheduled to work more than twenty-four (24) hours per week, during the school year, will be eligible for amounts as indicated below: Years of Service in the District District Contribution (effective 2019-2020 school year) 6-10 $500 11-14 $600 15-20 $750 Beginning with 21st year $1000 An employee must have completed six years of service, at a minimum of twenty-four (24) hours per week, during the school year, in order to qualify for the amounts listed above. Beginning with the employees 11th year of full time service he/she will move to the next level of contribution. If an employee is eligible for retirement or severance under this contract, the retirement incentive or severance owed to said employee shall be reduced by the amount of dollars paid by the district to the employee over her or his career. Employees eligible for retirement incentive and severance shall have the incentive or severance amount reduced by the total dollars paid by the district over the employee’s career.
Post-Retirement Healthcare Account. Administrators who have completed at least 15 years of full time service with District 861 and who are at least age 55 before September 1 in the school year during which an application for a retirement incentive is made shall be eligible for the retirement incentive upon submission of a written request for retirement to the school board. Eligible administrators will receive $40,000 which will be placed into a Post-Retirement Healthcare Account under the supervision of the Minnesota State Retirement System. The $40,000 will be placed in the administrator’s account by September 1 of the year of retirement unless the request for retirement was not submitted by April 15th in which case one half of the retirement incentive will be placed in the administrator’s account on the following January 15th and one half of the retirement incentive will be placed in the administrator’s account on July 15th of the subsequent fiscal year. In the event of a medical emergency forcing retirement a request may be made to the superintendent for a waiver of the retirement deadline. Administrators eligible for the retirement program shall have the payment amount reduced by the total matching 403(b) dollars paid by the district over the administrator’s career.
Post-Retirement Healthcare Account. Administrators who have completed at least five (5) years of full-time service with District 861 and who are at least age 55 before September 1 in the school year during which an application for a retirement incentive is made shall be eligible for the retirement incentive upon submission of a written request for retirement to the school board. Eligible administrators will receive $20,000 which will be placed into a Post-Retirement Healthcare Account under the supervision of the Minnesota State Retirement System. Administrators shall be eligible for an additional $20,000 placed into a Post-Retirement Healthcare Account if they meet the requirements listed above and have at least ten (10) consecutive years of full-time services with District 861. The amount awarded will be placed in the administrator’s account by September 1 of the year of retirement unless the request for retirement was not submitted by April 15th in which case one half of the retirement incentive will be placed in the administrator’s account on the following January 15th and one half of the retirement incentive will be placed in the administrator’s account on July 15th of the subsequent fiscal year. In the event of a medical emergency forcing retirement a request may be made to the superintendent for a waiver of the retirement deadline. Administrators eligible for the retirement program shall have the payment amount reduced by the total matching 403(b) dollars paid by the district over the administrator’s career.
Post-Retirement Healthcare Account. Within six months of the ratification of this contract, the Village of East Dundee agrees to implement and administer an interest bearing retirement health savings account for the purpose of investing funds to cover health insurance costs that may occur upon an employee’s separation of employment from the Village. Contributions to the account will begin no earlier than the calendar month following the end of the initial implementation election window. Employees must enroll in the Retirement Health Savings Account (“RHSA”) within 30 days of their hire date or during an open enrollment period which shall occur once annually. Once enrolled, the election is irrevocable and cannot be changed at any time throughout the employee’s course of employment. All contributions will be made pre-tax and the value of hours converted or transferred shall be calculated at the employee’s current hourly rate unless otherwise noted. Employees are eligible to receive benefits upon separation of employment. Allowable contributions will consist of the following: Accrued sick time at separation: At separation of service, accrued sick time may be converted to the employee’s RHSA. Compensatory time at separation and a maximum of thirty hours per year: At separation of service, compensatory time may be converted to the employee’s RHSA and a maximum of thirty (30) hours per year. Vacation time at separation: At separation of service, accrued vacation time may be converted to the employee’s RHSA. Accrued vacation (other than at separation of service): Up to forty (40) hours of accrued vacation time may be converted each year to the employee’s RHSA at times other than at separation of service. Accrued personal days: Up to twenty-four (24) hours of accrued personal days may be converted to the employee’s RHSA. If modifications must be made to this Section in order to implement or administer the RHSA pursuant to the rules or regulations of the investment company or the IRS, the Village and the Union will meet to discuss and implement the required changes.
Post-Retirement Healthcare Account. Employees with fifteen (15) years of full-time service to the district and who are at least 55 years of age shall be eligible for retirement. Those who qualify for and apply for retirement and who are participating in the School District’s group health and hospitalization program at the time of retirement shall be eligible to have a retirement benefit which will be placed into a Post-Retirement Healthcare Account under the supervision of the Minnesota State Retirement System. The benefit shall be an amount equal to the single monthly premium at the time of retirement multiplied by 84 months, not to exceed $40,000. Employees eligible for this benefit shall have the payment amount reduced by the total matching 403b dollars paid by the district over the employee’s career unless such a reduction has been made to the severance benefit as per Article XIV, Section 1.
Post-Retirement Healthcare Account. Starting with the 2011-2012 school year, the School District will make a contribution to a Post-Retirement Healthcare Account under the supervision of the Minnesota State Retirement System. Contributions made by the district will reduce the retirement or severance owed to the employee upon retirement. Contributions will be made by the district on or about November 1st of each year. Employees scheduled to work more than twenty-four (24) hours per week, during the school year, will be eligible for amounts as indicated below: Years of Service In the District Match Amount 6-10 $432 11-14 $480 15-20 $720 Beginning with 21st year $1000 An employee must have completed six years of service in order to qualify for the amounts listed above. Beginning with the employees 11th year of service he/she will move to the next level of contribution.
