Retiree Medical. (i) The Executive shall be entitled to receive retiree medical benefits during his lifetime in accordance with the eligibility requirements and plan offerings for access to retiree medical benefits provided generally to full-time employees of the Company. The Executive may cover his spouse or dependents eligible at the time of retirement. The cost of such benefits for the Executive, his spouse and eligible dependents, will be 100% of the premiums and shall be reimbursed by the Company in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the year following the year in which the premiums were incurred, and in accordance with the other requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions). Depending on the plan, all or a portion of the reimbursement may be taxable. Such benefits shall include prescription drug coverage, but not dental or vision benefits unless included in the medical plan.
(ii) Upon reaching Medicare eligibility due to age, Medicare shall become the primary payor of medical/prescription benefits for the Executive, his spouse or eligible dependents as applicable.
(iii) In the event that the Company terminates retiree access to medical and/or prescription benefits generally for retirees, the Executive shall be entitled to an annual reimbursement from the Company upon proof of continued coverage for comparable medical and/or prescription coverage under an individual policy or other group policy, subject to a maximum total annual reimbursement of one and one-half times the applicable premium of the plan in effect at the time retiree access is terminated at the appropriate coverage level, and subject to maximum annual inflation adjustment thereafter of five (5) percent.
(iv) Upon the death of the Executive, a surviving spouse will continue eligibility and reimbursement as described above. Surviving dependent children will not receive premium reimbursement beyond the COBRA continuation period. For all other COBRA qualifying events other than the death of the Executive, reimbursement will cease upon commencement of the COBRA continuation period.
(v) The Executive acknowledges and agrees that the benefit provided under this Section 4(g) replaces any and all benefits the Executive may have been entitled to under the SPX Corporation Retirement Health Plan for Top Management, if applicable.
Retiree Medical. UTC shall, or shall cause a member of the UTC Group to, assume and retain, and no member of the Carrier Group or Otis Group shall assume or retain any Liabilities with respect to (i) the UTC subsidized retiree medical coverage with respect to each Employee and Former Employee who qualifies for coverage as of December 31, 2019, and (ii) access only retiree medical coverage with respect to Former Group Employees.
Retiree Medical. If the Executive would have become entitled to benefits under the Company’s post-retirement health care insurance plans, as in effect immediately prior to the Employment Termination Date or, if more favorable to the Executive as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, had the Executive’s employment terminated at any time during the period of thirty-six (36) months after the Employment Termination Date, the Company shall provide such post-retirement health care insurance benefits to the Executive and the Executive’s dependents commencing on the later of (i) the date on which such coverage would have first become available and (ii) the date on which the applicable benefits described in Section 3.2(c) terminate. Except for any reimbursements under the applicable group health plan that are subject to a limitation on reimbursements during a specified period, the amount of expenses eligible for reimbursement under this Section 3.2(e), or in-kind benefits provided, during the Executive’s taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of the Executive. The Executive’s right to reimbursement or in-kind benefits pursuant to this Section 3.2(e) shall not be subject to liquidation or exchange for another benefit. To the extent that the benefits provided to the Executive pursuant to this Section 3.2(e) are taxable to the Executive and are not otherwise exempt from Section 409A, any amounts to which the Executive would otherwise be entitled under this Section 3.2(e) during the first six months following the date of the Executive’s Separation From Service shall be accumulated and paid to the Executive on the date that is six months following the date of his Separation From Service.
Retiree Medical. If the Executive would have become entitled to benefits under the Company’s post-retirement health care insurance plans, as in effect immediately prior to the Employment Termination Date or, if more favorable to the Executive as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, had the Executive’s employment terminated at any time during the period of thirty-six (36) months after the Employment Termination Date, the Company shall provide such post-retirement health care insurance benefits to the Executive and the Executive’s dependents commencing on the later of (i) the date on which such coverage would have first become available and (ii) the date on which the applicable benefits described in paragraph (c) of this Section 3.2 terminate.
Retiree Medical. Employee shall be eligible for lifetime medical coverage, upon retirement, subject to the monthly payment limit of the Kaiser Plan premium amount for an employee and spouse. Eligibility for lifetime medical is subject to the Employee completing ten (10) years of continuous service at the level of Department Head or above and retiring from the City of Fontana as an annuitant of the Public employees Retirement System (PERS). Employee shall cease to be eligible for lifetime medical coverage paid by the City if the Employee reinstates as an active member of PERS or otherwise fails to meet the PERS definition of an annuitant.
Retiree Medical. 31.04.1 For employees hired before June 30, 1996, the City agrees to pay the premiums for employee-only health coverage for all employees, with at least five (5) years of service, who retire after July 17, 1999 and as long as the employee maintains enrollment in one of the City health plans. Employees receiving disability retirements shall be eligible for retiree health coverage until they are covered by another health plan (such as another employer or through a spouse). Retirees may elect to continue coverage for a spouse under the retiree group medical plan provided that the spouse is covered by the group plan at the time the employee retires and maintains enrollment. The retiree is responsible for the additional monthly premium.
31.04.2 When the City contributes toward retiree premiums, the maximum allowable shall be based on the lowest single rate for active employees. This maximum allowable City contribution shall not apply to persons who retire prior to the date this MOU is adopted by the Milpitas City Council.
31.04.3 Employees hired after June 30, 1996, shall be subject to the following provisions with respect to the retiree health plan benefits: Upon completion of the first through the ninth year of service, and upon retirement, the City shall provide 25% of the lowest cost single medical insurance premium payment for the employee only (no more than any active employee’s single lowest cost premium rate), as long as the employee remains in one of the City sponsored health care programs. Upon completion of the ninth year, this payment of the retiree's medical insurance shall increase to 50%. Upon completion of the fourteenth year, this payment of the retiree's medical insurance shall increase to 75%. Upon completion of the nineteenth year, this payment of the retiree's medical insurance shall increase to 100%.
Retiree Medical. If you meet the eligibility requirements for retiree medical benefits as of the Effective Date, other than the requirement to commence pension payments, and your employment is terminated on account of the change of control during the Severance Protection Period, you will be eligible for Times Mirror's pre-age 65 retiree medical coverage and the post-age 65 Medigap Reimbursement program, or an equivalent or better health care plan provided by Tribune Company to retirees.
Retiree Medical. 1.13.1 Effective July 1, 2000 the City established the Fund by having contributed $112,500. The contributions were prudently invested by the City. Xxxxxxxx retirees started receiving contributions of $100 per month starting July 1, 2000.
1.13.2 Since October 2006, the City contributed $50 per month per active employee to the Retiree Medical Fund.
1.13.3 Effective December 6, 2011 the City discontinued making monthly contributions to the Retiree Medical Trust Fund.
1.13.4 Effective the first pay period following October 1, 2016, the City shall contribute $100 per month per active employee to the IBEW Retiree Medical Trust, as defined below.
1.13.5 IBEW Local #47 has previously established a Retiree Medical Trust (TRUST). The purpose of the trust is to help pay premiums for health insurance for employees who retire from bargaining unit classifications on or after April 1, 1998. The trust is the successor to the IBEW Local #47/City of Riverside Health Insurance Premium Contribution Fund (FUND) for retirees. The trust must meet state law and applicable federal law pre-tax rules and regulations.
1.13.6 The trust shall determine all criteria for retiree medical benefits and keep the City informed of eligibility rules and benefit levels. It is contemplated that retirees who are temporarily disqualified may regain eligibility. In such event, if during the period of ineligibility they did not maintain coverage in a City sponsored health program at their own expense, they may apply for readmission to a City sponsored health insurance program for retirees. If the insurer won’t let them back in and they qualify for and obtain an individual program of medical insurance the Fund will make the appropriate contributions to them for so long as they remain insured and eligible. Neither the Union nor the city is a guarantor of readmission or admission to a City sponsored health plan or to any other health insurance plan. Any current employee who retires relying in whole or in part upon the availability of this benefit is not entitled to a continuation of the benefit beyond the funded amount. The continuation of this benefit is subject to the negotiation process and may be terminated through negotiations or by exhaustion of the Fund amount. In such event, the retiree will have no further right or entitlement to a continuation of this benefit. This section titled “Retiree Medical” is subject to the savings and separability language of this Memorandum of Understanding and it is...
Retiree Medical. Following Executive's entitlement to continued active employee benefits pursuant to Section 3(b), if Executive is eligible for retiree medical benefits, using the eligibility criteria in effect immediately prior to the Change of Control, Executive shall be entitled to, and Company shall be required to pay, retiree medical coverage at the same benefit level and at the same cost to Executive as specified by the retiree medical plan in effect immediately prior to the Change of Control; provided, that for all purposes under this Section 3(e), Executive will be credited with an additional number of years of service and age equal to the Severance Multiple beyond that eligible to be taken into account under the retiree medical plan as of the Termination Date.
Retiree Medical. For Home/Hospital teachers under age 65 who retire after July 1, 2008, the District shall continue payment of the employee only premium for medical and dental plans up to the end of the month in which the employee’s sixty-fifth (65th) birthday occurs pursuant to the following eligibility criteria: In order to qualify for retiree health benefits, Home/Hospital teachers must have earned five years of vesting service credit with San Xxxx Unified School District. For purposes of determining five years of qualifying service, teachers must be in paid status for at least 75% of the required workdays for five years. Paid leaves shall qualify as service. Unpaid leaves do not represent service for the purpose of determining retiree health benefits.
