Common use of Retiree Cash Option Clause in Contracts

Retiree Cash Option. A retiree, after verifying to the Employer that they are covered by health insurance through their spouse, may elect not to participate in the health insurance plan currently offered to retirees. 1. In such event, retirees who elect not to participate in such plan shall be paid a sum of twelve hundred dollars ($1,200) annually (prorated at $100 per month) which shall be paid on the first pay in January for the previous year. 2. If a retiree elects not to participate in the health insurance plan, they will not be allowed to re-enter the plan until the next regular scheduled enrollment period. However, if a retiree loses health insurance coverage through their spouse, the retiree will be allowed to re-enter the retiree health insurance plan offered by the Employer on the first day of the succeeding month after verifying said loss of coverage to the Employer. 3. This cash option shall no longer be available to a retiree once they reach full Medicare eligibility. The cash option shall be prorated through the month the retiree reaches full Medicare eligibility at a rate of $100 per month. 4. This cash option shall not be available upon retirement for employees with a hire date on or after 1/1/13.

Retiree Cash Option. A retiree, after verifying to the Employer that they are he is covered by health insurance through their his spouse, may elect not to participate in the health insurance plan currently offered to retirees. 1. In such event, retirees who elect not to participate in such plan shall be paid a sum of twelve hundred dollars ($1,200) annually (prorated at $100 per month) which shall be paid on the first pay in January for the previous year. 2. If a retiree elects not to participate in the health insurance plan, they he will not be allowed to re-enter the plan until the next regular scheduled enrollment period. However, if a retiree loses health insurance coverage through their his spouse, the retiree will be allowed to re-enter the retiree health insurance plan offered by the Employer on the first day of the succeeding month after verifying said loss of coverage to the Employer. 3. This cash option shall no longer be available to a retiree once they reach he reaches full Medicare eligibility. The cash option shall be prorated through the month the retiree reaches full Medicare eligibility at a rate of $100 per month. 4. This cash option shall not be available upon retirement for employees with a hire date on or after 1/1/13.

Retiree Cash Option. A retiree, after verifying to the Employer that they are covered by health insurance through their spouse, may elect not to participate in the health insurance plan currently offered to retirees. 1. In such event, retirees who elect not to participate in such plan shall be paid a sum of twelve hundred dollars ($1,200) annually (prorated at $100 per month) which shall be paid on the first pay in January for the previous year. 2. If a retiree elects not to participate in the health insurance plan, they will not be allowed to re-enter the plan until the next regular scheduled enrollment period. However, if a retiree loses health insurance coverage through their his spouse, the retiree will be allowed to re-enter the retiree health insurance plan offered by the Employer on the first day of the succeeding month after verifying said loss of coverage to the Employer. 3. This cash option shall no longer be available to a retiree once they reach full Medicare eligibility. The cash option shall be prorated through the month the retiree reaches full Medicare eligibility at a rate of $100 per month. 4. This cash option shall not be available upon retirement for employees Employees with a hire date on or after 1/1/13July 1, 2013.