Retiree Insurances & Cost Sharing Sample Clauses

Retiree Insurances & Cost Sharing. The Town shall provide and pay for the following insurance for an employee and their spouse of record at the time of retirement, except as otherwise specified, who has retired in accordance with the provisions of Plan B of the Connecticut Municipal Employees Retirement Fund (Retirement Fund) after completion of twenty-five (25) years of service with the Town Fire Department, which may include military service time as provided for in said Retirement Fund, or who has received a disability retirement as the result of a work-related injury. a) Group retiree supplemental coverage b) Life insurance in the amount of $4,000 for the retired employee only Retired employees under the age of 65 shall receive the same medical coverage specified in Section 23.1(a)-(c) for active employees of the Unit, until they reach age 65 at which time they shall be provided the medical insurances listed above. Said employees will be allowed an annual open enrollment period to switch between insurance plans. If an employee on disability retirement is receiving insurance benefits under this Section and becomes employed elsewhere and is eligible to receive or purchase insurance benefits of any type from his new employer or dies, then the Town shall have no further obligation to the employee or his spouse to provide said insurance benefits from the date of said new employment regardless of the employee’s future employment status or the date of death. Employees on disability retirement shall be required to notify the Town immediately if they secure employment which provides benefits. An employee retiring after July 1, 1998, who was employed prior to May 1, 1997, and who is eligible for retiree health benefits, shall be required to co-pay for health insurance benefits at the rate of seventy-five percent (75%) of the yearly amount active employees are paying at the time of retirement except as otherwise provided for herein. Employees who retire after July 1, 2002 shall cost share one hundred percent (100%) of the yearly amount active employees are paying at the time of retirement except as otherwise provided for herein. The manner in which said co- payments are made shall be specified by the Town. For employees hired after July 1, 2005, they shall not be able to receive the mentioned insurance coverage for their spouse of record when they retire. Upon retirement, employees may not elect the PPO insurance coverage unless the retiree has an out of state permanent residence and the PPO insura...
Sample 1
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Retiree Insurances & Cost Sharing. The Town shall provide and pay for the following insurance for an employee and their spouse of record at the time of retirement, except as otherwise specified, who has retired in accordance with the provisions of Plan B of the Connecticut Municipal Employees Retirement Fund (Retirement Fund) after completion of twenty-five (25) years of service with the Town Fire Department, which may include military service time as provided for in said Retirement Fund, or who has received a disability retirement as the result of a work-related injury. a) Group retiree supplemental coverage b) Life insurance in the amount of $4,000 for the retired employee only Retired employees under the age of 65 shall receive the same medical coverage specified in
Sample 1

Related to Retiree Insurances & Cost Sharing

  • Retiree Insurance Retired employees and their dependents shall be entitled to continued coverage under the district sponsored group health insurance program, provided the retired employee makes written application with the clerk of the board of education for such continued coverage within thirty (30) days following the retirement of the employee. Retired employees electing continued coverage shall be required to make the monthly premium payment for such continued coverage in advance of the due date of the premium to the carrier. The premium amount will be determined by the carrier. Such payment shall be made to the Board of Education or directly to the insurance carrier, as may be determined by the board. The coverage under the group health-care benefits will cease at such time as (1) the retired employee attains eligibility for Medicare, (2) the retired employee fails to make the required premium payments on a timely basis, or (3) the retired employee becomes covered or is eligible to be covered under a group plan of another employer. For purposes of this provision, retired means those employees who have terminated employment and are receiving a retirement or disability benefit from K.P.E.R.S.

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.

  • Cost Sharing a) With respect to the funding in C6.1a), should there be an amount of employee co-pay, the Trust shall advise boards what that amount shall be. Unless advised otherwise, there will be no deductions upon the Participation Date. b) Any further cost sharing or funding arrangements as per previous local collective agreements in effect as of August 31, 2014 remain status quo.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Insurance Costs (08/19) Contractor shall be financially responsible for all premiums, deductibles, self-insured retentions, and self-insurance.

  • Retiree Medical Insurance Retiree insurance coverage is included within each medical plan for all retirees under the age of 65 years, through self-payment. The Employer shall make available an appropriate medical plan for all eligible retirees ages 65 years or older.

  • Basic Coverages Subd. 1. Faculty

  • Basic Coverage Contractor shall provide and maintain at the JBE’s discretion and Contractor’s expense the following insurance during the Term:

  • Reinsurance Premiums A. The total Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium, the EPB Reinsurance Premium and the GMIB Reinsurance Premium, each of which is defined separately in this article. B. The Reinsurance Premium rates and structure described above are subject to change in accordance with the criteria described in Article XV. GMDB AND EPB ------------ C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB CESSION PREMIUM -------------------- D. The GMDB Reinsurance Premium is expressed in terms of basis points and is defined in Exhibit II. E. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the greater of the average aggregate GMDB value and the average aggregate account value for the reporting month. This value shall be applied to the GMDB Cession Premium rates per premium class on a 1/12th basis. EPB CESSION PREMIUM ------------------- F. The EPB Reinsurance Premium is an asset-based premium rate, expressed in terms of basis points, and is defined in Exhibit II. G. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the average aggregate account value for the reporting month. This value shall be applied to the annualized EPB reinsurance premium rates per premium class on a 1/12th basis. The total EPB Cession Premium due for the month is the sum of the premiums calculated for each premium class. SPOUSAL CONTINUANCES -------------------- H. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating Reinsurance Premiums. The new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new cessions, a spousal continuation of a Reinsured Contract may be ceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D. GMIB ---- I. The GMIB cession premium ("GMIB Reinsurance Premium") is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an aggregate basis. J. The Cedent shall calculate the Reinsurer's Percentage of the greater of the average aggregate IBB value and the average aggregate account value for the reporting month. This value shall be applied to the annualized GMIB cession premium rates on a 1/12th basis.

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