Retiree Health Care Fund. The Employer shall begin to immediately pre-fund the Retiree Health Care Plan by establishing a separate fund called the "Retiree Health Care Fund." The Employer shall annually budget sufficient funds to contribute to the Retiree Health Care fund, based upon the actuarially determined amount to be reserved for the future cost of retiree health care premiums. All persons hired by the Employer on or after October 1, 2007 shall not be required to make contributions to the Retiree Health Care Fund as referenced in this Section. Employees who were hired prior to October 1, 2007 are required to contribute three (3%) percent of their bi-weekly base pay to this fund. Such monies shall be deposited into the “Retiree Health Care Fund” to fund future health care benefits for the retiree, spouse and *eligible dependents. If the employee quits or leaves employment for any reason prior to becoming eligible for retirement benefits and/or retiree health care benefits, the employee shall be refunded the amount the employee has contributed to the Retiree Health Care Fund, along with the accumulated interest thereon as determined by the Employer.
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