Pre-65 Retirement Medical Insurance i. A faculty member whose qualifying years for retirement have been in Benefit Groups A, B, C or D may retire from the University prior to age 65 (Medicare eligibility), and elect to receive medical insurance coverage through the same plan offered to active bargaining unit members, provided that by June 30, 2014, such faculty member has met the retirement eligibility criteria that were in place when he or she was hired.
ii. If such faculty member meets eligibility as defined in (b) (1) (a) above but retires after June 30, 2014, he/she shall pay a premium contribution in accordance with the following table: Table 1: Base Salary at retirement Premium Contribution Less than $90,000 20% $90,000-99,999 22% $100,000-109,999 24% $110,000-119,999 26% $120,000-129,999 27% $130,000-139,999 28% $140,000-149,999 29% $150,000 + 30% When such faculty member reaches age 65, he/she will no longer be eligible for the active plan but may obtain the post-65 Medicare Supplement Plan and must pay the percentage of contribution under Table 1 above.
(b) A faculty member who, by June 30, 2014, has not met the retirement eligibility criteria that were in place when he or she was hired will not be eligible for any retiree medical benefits prior to age 65. However, he/she will be eligible for the Medicare Supplement Plan when he/she reaches 65 and will pay premiums in accordance with the Post-65 Medicare Supplement Chart shown in Appendix C.
i. Exception #1: Current faculty as of ratification of this Agreement who were not grandfathered under Section (b) (1) (a) above, but who nonetheless have fifteen
Pre-65 Retirement Medical Insurance i. A faculty member whose qualifying years for retirement have been in Benefit Groups A, B, C or D may retire from the University prior to age 65 (Medicare eligibility), and elect to receive medical insurance coverage through the same plan offered to active bargaining unit members, provided that by June 30, 2014, such faculty member has met the retirement eligibility criteria that were in place when they were hired.
ii. If such faculty member meets eligibility as defined in (b) (1) (a) above but retires after June 30, 2014, they shall pay a premium contribution in accordance with the following table: Table 1: Less than $90,000 20% $90,000-99,999 22% $100,000-109,999 24% $110,000-119,999 26% $120,000-129,999 27% $130,000-139,999 28% $140,000-149,999 29% $150,000 + 30% When such faculty member reaches age 65, they will no longer be eligible for the active plan but may obtain the post-65 Medicare Supplement Plan and must pay the percentage of contribution under Table 1 above.
(b) A faculty member who, by June 30, 2014, has not met the retirement eligibility criteria that were in place when they were hired will not be eligible for any retiree medical benefits prior to age 65. However, they will be eligible for the Medicare Supplement Plan when they reach 65 and will pay premiums in accordance with the Post-65 Medicare Supplement Chart shown in Appendix C.
i. Exception #1: Current faculty as of ratification of this Agreement who were not grandfathered under Section (b) (1) (a) above, but who nonetheless have fifteen (15) years of qualifying service with the University by June 30, 2014, may retire at age 62 and may elect to receive medical insurance coverage through the same plan offered to active bargaining unit members but shall pay 60% of the medical insurance premium until they reach the age of 65 years. When such faculty member reaches age 65, they will no longer be eligible for the active plan but may obtain the post-65 Medicare Supplement Plan and must pay the percentage of contribution under Table 1 in Section (b) (1) (a) ii on the prior page.
ii. Exception #2: Any faculty member who was employed on December 31, 2011 and who, on or after July 1, 2014, meets the retirement eligibility criteria that were in place when they were hired may retire before age 65 and may obtain the pre-65 retiree medical insurance coverage through the same plan offered to active bargaining unit members, provided they pay 100% of the premium for such coverage. When such a facult...
