Common use of Retiree Benefit Options Clause in Contracts

Retiree Benefit Options. The District shall contribute a maximum of $10,000.00 towards the “employee only” medical premium. The District contribution benefit amount shall be available for a maximum of ten (10) years or Medicare eligibility or exhaustion of the individual retiree’s benefit amount, whichever occurs first. To be eligible, an employee must have a minimum of fifteen (15) years of service credit in the Romoland School District. Leaves, not to exceed one year, taken under the provisions of the Collective Bargaining Agreement, shall not constitute a break in service. The retiree must be at least fifty-five (55) years of age and drawing STRS/PERS benefits. Unit members shall have the option to cover their spouse at their cost, provided the spouse is eligible for coverage. The District shall set aside a dollar amount in accordance with the yearly amount recommended through the Xxxxxx actuarial study and adjust it in accordance with future actuarial study requirements. The bargaining teams shall annually examine the set-aside amount and review the demand on the amount in order to consider the adequacy of funding.