Common use of Retired Employee Clause in Contracts

Retired Employee. Effective October 29, 1998 OPTIONS agrees to allow employees opting for early retirement to continue to participate in Sunlife semi-private, extended health benefits (excluding over the counter prescriptions) and dental plans, as outlined below, (or comparable coverage with another carrier) to age 65, with the employee assuming total responsibility for paying the full premium. Deductibles will be $15.00 (single) and $25.00 (family), providing the monthly premiums are 100% paid by the early retiree. In addition to the standard benefits, coverage will include vision care (maximum $90.00 every 24 months, contact lenses included as well as a hearing aid allowance (lifetime maximum $500.00 per individual). Dental coverage would be capped at $1,000.00 per year per person and will include coverage for dentures at 50% reimbursement to the maximum of $1,000.00 per year. Reimbursement would be 80% of the total benefit cost covered, except dental-denture coverage which is at 50%. NOTE: This plan requires 75% early retiree participation.

Retired Employee. Effective October 29, 1998 OPTIONS agrees to allow employees opting for early retirement to continue to participate in Sunlife Clarica semi-private, extended health benefits (excluding over the counter prescriptions) and dental plans, as outlined below, (or comparable coverage with another carrier) to age 65, with the employee assuming total responsibility for paying the full premium. Deductibles will be $15.00 (single) and $25.00 (family), providing the monthly premiums are 100% paid by the early retiree. In addition to the standard benefits, coverage will include vision care (maximum $90.00 every 24 months, contact lenses included as well as a hearing aid allowance (lifetime maximum $500.00 per individual). Dental coverage would be capped at $1,000.00 per year per person and will include coverage for dentures at 50% reimbursement to the maximum of $1,000.00 per year. Reimbursement would be 80% of the total benefit cost covered, except dental-denture coverage which is at 50%. NOTE: This plan requires 75% early retiree participation.

Retired Employee. Effective October 29, 1998 OPTIONS agrees to allow employees opting for early retirement to continue to participate in Sunlife semi-private, extended health benefits (excluding over the counter prescriptions) and dental plans, as outlined below, (or comparable coverage with another carrier) to age 65, with the employee assuming total responsibility for paying the full premium. Deductibles will be $15.00 (single) and $25.00 (family), providing the monthly premiums are 100% paid by the early retiree. In addition to the standard benefits, coverage will include vision care (maximum $90.00 every 24 months, contact lenses included as well as a hearing aid allowance (lifetime maximum $500.00 per individual). Dental coverage would be capped at $1,000.00 per year per person and will include coverage for dentures at 50% reimbursement to the maximum of $1,000.00 per year. Reimbursement would be 80% of the total benefit cost covered, except dental-dental- denture coverage which is at 50%. NOTE: This plan requires 75% early retiree participation.