Common use of Retiree Medical Benefits Clause in Contracts

Retiree Medical Benefits. Teachers who retired from the Monroe County Community School Corporation prior to August 15, 2004 and who had completed ten years of employment with the MCCSC receive the same Board contributions toward the medical and dental insurance program premiums as do active employees of the Monroe County Community School Corporation until the month before the retired teacher becomes eligible for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005, unless the retiree elects to discontinue such coverage earlier. In order to be eligible for such continuation of coverage, the retiree must have been enrolled in the plan or plans they wished to continue in the school year immediately preceding retirement unless otherwise eligible pursuant to IC 5-10-8-2.6 Teachers who retire on or after August 15, 2004 who have completed at least 10 years of continuous service with MCCSC and qualify for unreduced Teachers’ Retirement Fund benefits shall remain on the MCCSC medical and dental plans until the retired teacher becomes eligible for Medicare by paying the full premium. (Group 1) For teachers that retired from Monroe County Community School Corporation after August 15, 2004, but prior to August 15, 2005, who at retirement had completed at least ten (10) years of employment in the Monroe County Community School Corporation and who were at least age 55 on August 31, 2005, the following applies: (Group 2) For teachers who, as of August 15, 2005, had completed at least ten (10) years of employment in the Monroe County Community School Corporation, and; (1) Who were at least age 55 on August 31, 2005, but who had not retired, or (2) Will attain eligibility for unreduced benefits under INPRS (age 65 and 10 years of INPRS credited service, age 60 and 15 years of INPRS credited service, or age 55 and age in INPRS credited service equal or greater than 85) on or before August 31, 2015, but who have not retired, The Board has established and shall maintain a pooled VEBA (Voluntary Employee Beneficiary Association) plan pursuant to Section 501(c)(9) of the Internal Revenue Code. For teachers in Group 2, the following will apply when the teacher actually retires from Monroe County Community School Corporation: The School Corporation agrees to provide an amount equal to the present value of $212.80 monthly if the retiree had single coverage or $468.88 monthly if the retiree had family coverage, plus $17.35 monthly if the retiree had single dental coverage or $62.11 monthly if the retiree had family dental coverage for each month between their actual retirement date and the month before their eligibility for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005. The assumed interest rate for purposes of determining the present value shall be 5%. In order to be eligible for the amounts shown, the retiree must have been enrolled in the plan or plans they wish to continue in the school year immediately preceding retirement. This present value shall be deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in the retiring teacher’s name. The deposit shall first come from a pooled VEBA (Voluntary Employee Beneficiary Association) account and if that account is exhausted, then from the School Corporation.

Retiree Medical Benefits. Teachers who retired from the Monroe County Community School Corporation prior to August 15, 2004 and who had completed ten years of employment with the MCCSC receive the same Board contributions toward the medical and dental insurance program premiums as do active employees of the Monroe County Community School Corporation until the month before the retired teacher becomes eligible for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005, unless the retiree elects to discontinue such coverage earlier. In order to be eligible for such continuation of coverage, the retiree must have been enrolled in the plan or plans they wished to continue in the school year immediately preceding retirement unless otherwise eligible pursuant to IC 5-10-8-2.6 Teachers who retire on or after August 15, 2004 who have completed at least 10 years of continuous service with MCCSC and qualify for unreduced Teachers’ Retirement Fund benefits shall remain on the MCCSC medical and dental plans until the retired teacher becomes eligible for Medicare by paying the full premium. (Group 1) For teachers that retired from Monroe County Community School Corporation after August 15, 2004, but prior to August 15, 2005, who at retirement had completed at least ten (10) years of employment in the Monroe County Community School Corporation and who were at least age 55 on August 31, 2005, the following applies: (Group 2) For teachers who, as of August 15, 2005, had completed at least ten (10) years of employment in the Monroe County Community School Corporation, and; (1) Who were at least age 55 on August 31, 2005, but who had not retired, or (2) Will attain eligibility for unreduced benefits under INPRS (age 65 and 10 years of INPRS credited service, age 60 and 15 years of INPRS credited service, or age 55 and age in INPRS credited service equal or greater than 85) on or before August 31, 2015, but who have not retired, The Board has established and shall maintain a pooled VEBA (Voluntary Employee Beneficiary Association) plan pursuant to Section 501(c)(9) of the Internal Revenue Code. For teachers in Group 2, the following will apply when the teacher actually retires from Monroe County Community School Corporation: The School Corporation agrees to provide an amount equal to the present value of $212.80 monthly if the retiree had single coverage or $468.88 monthly if the retiree had family coverage, plus $17.35 monthly if the retiree had single dental coverage or $62.11 monthly if the retiree had family dental coverage for each month between their actual retirement date and the month before their eligibility for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005. The assumed interest rate for purposes of determining the present value shall be 5%. In order to be eligible for the amounts shown, the retiree must have been enrolled in the plan or plans they wish to continue in the school year immediately preceding retirement. This present value shall be deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in the retiring teacher’s name. The deposit shall first come from a pooled VEBA (Voluntary Employee Beneficiary Association) account and if that account is exhausted, then from the School Corporation. (a) The School Corporation has provided an amount equal to the present value of $300.00 payable monthly for each full month between their assumed retirement date and their eligibility for Medicare coverage, as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005. This present value was deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in 2006 from the HEA 1120 bond proceeds. (b) Present value contributions to a VEBA (Voluntary Employee Beneficiary Association) account on behalf of a teacher will vest with that teacher once the teacher has satisfied the following requirements: (1) The teacher must be at least fifty-five (55) years of age. (2) The teacher must have at least ten (10) years of experience with the Monroe County Community School Corporation.

Retiree Medical Benefits. Teachers who retired from the Monroe County Community School Corporation prior to August 15, 2004 and who had completed ten years of employment with the MCCSC receive the same Board contributions toward the medical and dental insurance program premiums as do active employees of the Monroe County Community School Corporation until the month before the retired teacher becomes eligible for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005, unless the retiree elects to discontinue such coverage earlier. In order to be eligible for such continuation of coverage, the retiree must have been enrolled in the plan or plans they wished to continue in the school year immediately preceding retirement unless otherwise eligible pursuant to IC 5-10-8-2.6 Teachers who retire on or after August 15, 2004 who have completed at least 10 years of continuous service with MCCSC and qualify for unreduced Teachers’ Retirement Fund benefits shall remain on the MCCSC medical and dental plans until the retired teacher becomes eligible for Medicare age 65 by paying the full premium. (Group 1) For teachers that retired from Monroe County Community School Corporation after August 15, 2004, but prior to August 15, 2005, who at retirement had completed at least ten (10) years of employment in the Monroe County Community School Corporation and who were at least age 55 on August 31, 2005, the following applies: (Group 2) For teachers who, as of August 15, 2005, had completed at least ten (10) years of employment in the Monroe County Community School Corporation, and; (1) Who were at least age 55 on August 31, 2005, but who had not retired, or (2) Will attain eligibility for unreduced benefits under INPRS the Indiana State Teachers Retirement Fund (age 65 and 10 years of INPRS TRF credited service, age 60 and 15 years of INPRS TRF credited service, or age 55 and age in INPRS TRF credited service equal or greater than 85) on or before August 31, 2015, but who have not retired, The Board has established and shall maintain a pooled VEBA (Voluntary Employee Beneficiary Association) plan pursuant to Section 501(c)(9) of the Internal Revenue Code. For teachers in Group 2, the following will apply when the teacher actually retires from Monroe County Community School Corporation: The School Corporation agrees to provide an amount equal to the present value of $212.80 monthly if the retiree had single coverage or $468.88 monthly if the retiree had family coverage, plus $17.35 monthly if the retiree had single dental coverage or $62.11 monthly if the retiree had family dental coverage for each month between their actual retirement date and the month before their eligibility for Medicare coverage as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005. The assumed interest rate for purposes of determining the present value shall be 5%. In order to be eligible for the amounts shown, the retiree must have been enrolled in the plan or plans they wish to continue in the school year immediately preceding retirement. This present value shall be deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in the retiring teacher’s name. The deposit shall first come from a pooled VEBA (Voluntary Employee Beneficiary Association) account and if that account is exhausted, then from the School Corporation. (a) The School Corporation has provided an amount equal to the present value of $300.00 payable monthly for each full month between their assumed retirement date and their eligibility for Medicare coverage, as prescribed by 42 USC 1395 et. seq. as in effect on August 15, 2005. This present value was deposited into an individual VEBA (Voluntary Employee Beneficiary Association) account in 2006 from the HEA 1120 bond proceeds. (b) Present value contributions to a VEBA (Voluntary Employee Beneficiary Association) account on behalf of a teacher will vest with that teacher once the teacher has satisfied the following requirements: (1) The teacher must be at least fifty-five (55) years of age. (2) The teacher must have at least ten (10) years of experience with the Monroe County Community School Corporation. (c) If at the time the employment relationship is severed with the Monroe County Community School Corporation a teacher does not meet the vesting requirements pursuant to section (b) above, the VEBA (Voluntary Employee Beneficiary Association) account shall be forfeited, and such forfeitures will be used to offset the Monroe County Community School Corporation contributions for Group 4. (d) In making the present value determination the following assumptions were used: