Common use of Retired Employee Medical-Hospitalization Insurance Clause in Contracts

Retired Employee Medical-Hospitalization Insurance. The Board will contribute during the 2015-2016 fiscal year the sum of $330.00 per month, and for all teachers retiring at the end of the 2015- 2016 school year or later, the Board will contribute the sum of $400.00 per month toward the cost of the premium for the medical/hospitalization plan for individual coverage. Retirees who earned the early retirement incentive bonus prior to July 1, 2001, and chose family coverage, the Board will contribute $400 per month for family coverage. To be eligible for this benefit the retired employee must be at least 57 years of age and have provided at least 16 years of continuous service to the School District at the time of retirement. The District contribution shall be terminated when the employee reaches the age of Medicare eligibility. If a court of law or state or federal agency shall determine that Medicare eligibility language is unlawful, the employee shall receive the benefits in this paragraph for a period of seven (7) years after the employment. Retired employees will remain eligible, with all expenses paid by the employee, for group health insurance benefits. The cost of dependent coverage shall be borne by the retired employee with all premiums payable in advance. Such benefits shall apply to teachers retiring after the adoption of this Agreement, and shall not become retroactive.