Post-Retirement Insurance Benefit. The District shall pay each employee who enrolls in the Teacher Retirement System’s health insurance plan or in any other plan outside the plan provided by the Board, and who waives their rights under COBRA, either the retirement bonus amount of ten thousand dollars ($10,000) in one lump sum payment or two thousand four hundred dollars ($2,400) per year for a five (5) year period for the payment of single/dependent coverage, depending upon the employee’s choice. Either choice shall be payable after retirement so as not to be considered creditable earnings; and
Post-Retirement Insurance Benefit. Teachers who terminate their service with the Board and retire from teaching may, at their option, continue in the group health/major medical and/or dental insurance plans provided by the Board in accordance with COBRA. Any teacher who retires from School District No. 155 prior to reaching age 65, shall be allowed to continue to participate in the District's group hospitalization program until the teacher reaches age 65 or becomes Medicare eligible, whichever is earlier, provided that the teacher pays for the entirety of the monthly premium (calculated on the basis of the costs of COBRA) and, when applicable, provided that the insurance carrier agrees to such continuation.
