R ETIREE HEALTH BENEFIT Sample Clauses

R ETIREE HEALTH BENEFIT. A) Employees hired after April 18, 2011, who have 5 years of Kings County continuous service immediately prior to retirement, are age 50 or older, and retire in good standing from the County at the time of their separation from Kings County employment will receive a percentage of the dollar value of accrued sick leave (at time of retirement) put into an “account” to be used toward Kings County health insurance premiums only, at a rate not to exceed the family option per month until the employee, and/or spouse (if covered) is eligible for Medicare or the payout benefit is exhausted, whichever occurs first. When an employee and/or spouse, if covered, reach Medicare eligibility the remaining money may be used for Medicare supplemental premiums until the money runs out. The retiree health benefit percentage shall be as follows: Percent of compensation Service (based on hours) Hours Retiree Health Benefit 14,561 – 43,680 25% 43,681 – 58,240 35% 58, 241 and over 45% To qualify for the retiree health benefit, the employee, spouse, and/or any dependents to be covered must be enrolled in the County’s existing health benefit plan at the time of the employee’s retirement from County service. Retiree health benefit payments may be used toward coverage for the employee’s spouse and/or dependents only so long as they are eligible for coverage under the plan, have not reached Medicare eligibility or, in the case of children, only to the age permitted under the plan contract as dependent children. If the employee dies after retirement (or while still employed in good standing) prior to Medicare eligibility and there is money remaining in the account, the employee’s spouse and/or covered dependent(s) may continue to use the account toward Kings County health insurance premiums or Medicare supplemental insurance premiums if eligible as stated above. Any unused balance in the account remains the property of the County. B) Employees hired prior to April 18, 2011, who separate in good standing shall be allowed a one time irrevocable election to decide whether to receive the retiree health benefit option (if eligible) or cash as follows: Percent of Percent of Compensation Compensation Service (based on hrs) OR (based on hrs) Hours Cash Health Benefit 14,561 – 58,240 20% 40% 58,241 and over 20% 50% Taxes will be paid by the employee on the full cash distribution, or the portion of the deposit into the account that could have been taken in cash. Additionally, the cash benefit is ...