Common use of Retiree Health Benefit Clause in Contracts

Retiree Health Benefit. 1. Teachers who retire after completing the contract year will continue to have insurance coverage and existing Board contributions through the last day of July if they meet the following conditions: a) The teacher has twenty (20) years of service in the Corporation; b) The teacher retires after reaching fifty-five (55) years of age; c) The teacher has not reached the age of sixty-five (65) before July 31 of the year of retirement; and, d) The teacher submits a letter to the Superintendent's Office by May 1 stating that the teacher is retiring. A teacher who does not meet the May 1 deadline, but meets all of the other retirement requirements above, shall have insurance coverage and existing Board contributions through the last day of June. A teacher who retires before the contract year is complete shall have insurance coverage and existing Board contributions through the end of the month in which the teacher last worked. 2. In addition to the benefit in number 1 above, teachers who have over 20 years of service to the School Corporation on July 1, 2012, will qualify for a health insurance benefit at the time they retire. The Board will pay a contribution toward group health insurance premiums for single health care coverage for the employee only, beginning the first month following retirement and ending the month in which the employee reaches sixty-five (65) years of age, provided that the employee elects to receive this benefit. A teacher who retires before reaching fifty-five (55) years of age or after sixty-five (65) years of age will receive no Board contribution toward payment of the premium for group health coverage at any time following retirement from the School Corporation. The contribution for teachers who qualify for this benefit will be subject to the following limitations: 30 or more years of service to the Corporation on July 1, 2012 $22,000.00 25-29 years of service to the Corporation on July 1, 2012 $13,000.00 20-24 years of service to the Corporation on July 1, 2012 $6,300.00 3. The School Corporation will make an additional matching contribution of up to 1.00% (see Appendix V) of the teacher’s annual base salary to all teachers to help with future healthcare costs. The Corporation’s contributions will be placed in a 401(a) account on a per-pay basis. 4. In addition, any teacher enrolled in the health insurance plan at the time of retirement may continue coverage in the group health insurance plan during retirement at their cost until the end of the month prior to the teacher’s sixty-fifth (65th) birthday. All participants must maintain continuous coverage.

Retiree Health Benefit. 1. Teachers who retire after completing the contract year will continue to have insurance coverage and existing Board contributions through the last day of July if they meet the following conditions: a) The teacher has twenty (20) years of service in the Corporation; b) The teacher retires after reaching fifty-five (55) years of age; c) The teacher has not reached the age of sixty-five (65) before July 31 of the year of retirement; and, d) The teacher submits a letter to the Superintendent's Office by May 1 May1 stating that the teacher is retiring. A teacher who does not meet the May 1 deadline, but meets all of the other retirement requirements above, shall have insurance coverage and existing Board contributions through the last day of June. A teacher who retires before the contract year is complete shall have insurance coverage and existing Board contributions through the end of the month in which the teacher last worked. 2. In addition to the benefit in number 1 above, teachers who have over 20 years of service to the School Corporation on July 1, 2012, will qualify for a health insurance benefit at the time they retire. The Board will pay a contribution toward group health insurance premiums for single health care coverage for the employee only, beginning the first month following retirement and ending the month in which the employee reaches sixty-five (65) years of age, provided that the employee elects to receive this benefit. A teacher who retires before reaching fifty-five (55) years of age or after sixty-five (65) years of age will receive no Board contribution toward payment of the premium for group health coverage at any time following retirement from the School Corporation. The contribution for teachers who qualify for this benefit will be subject to the following limitations: 30 or more years of service to the Corporation on July 1, 2012 $22,000.00 25-29 years of service to the Corporation on July 1, 2012 $13,000.00 20-24 years of service to the Corporation on July 1, 2012 $6,300.00 3. The School Corporation will make an additional matching contribution of up to 1.00% (see Appendix V) of the teacher’s annual base salary to all teachers to help with future healthcare costs. The Corporation’s contributions will be placed in a 401(a) account on a per-pay basis. 4. In addition, any teacher enrolled in the health insurance plan at the time of retirement may continue coverage in the group health insurance plan during retirement at their cost until the end of the month prior to the teacher’s sixty-fifth (65th) of their 65th birthday. All participants must maintain continuous coverage.