Program Number Three Sample Clauses

Program Number Three. Retirement with Optional Deposit to HRA or Ben- efits Purchase. Program Number Three is available only for unit members whose first day of regular, non-substitute, continuous certificated service with the Office occurred after July 1, 2001. 1. For all eligible unit members, an amount not to exceed $25,000 will be deposited into a HRA, or will be applied towards the purchase of continued health and welfare benefits after his/her last date of active service. The fund amount shall be pro-rated for part-time unit members as defined. If the unit member chooses a deposit into a HRA or chooses to have the amount applied towards the purchase of continued health benefits, these amounts shall not be used by STRS in the calculation of his/her retirement annuity. 2. In order to receive the full amount, the retiring unit member must have: a) provided a minimum of twenty(20) years continuous full time certificated service with the Humboldt County Office of Education immediately preceding the date of retirement; or b) been legally entitled to 1.0 FTE status on the seniority roster for the academic year in which the date of retirement is to take effect and had previously served twenty (20) years continuous full time regular, non-substitute service during his/her employment with the Of- fice. 3. In order to receive a prorated amount, the retiring unit member must have provided the equivalent of twenty (20) years continuous full time certificated service with the Humboldt County Office of Education during his/her employment. The pro-ration of the amount available to the retiree shall be based on the average annual certificated service rendered HCOE since the employee’s first year of certificated employ- ment. 4. In order for the unit member to be able to opt for the purchase of benefits after retirement, he/she must have been previously covered during the twelve (12) calendar months immediately preceding the date of retirement.