Common use of Post-Retirement Healthcare Account Clause in Contracts

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. Starting with the 2009-2010 school year, the School District will make a contribution to a Post-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 they 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 their 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. 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 $500 432 11-14 $600 480 15-20 $750 600 Beginning with 21st year $1000 840 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.