Retiree Medical Insurance Grant Sample Clauses

Retiree Medical Insurance Grant. 1. Effective August 1, 1993, and as amended herein, the County implemented a Retiree Medical Insurance Plan (Plan) for employees who have retired from County service and who meet the eligibility requirements set forth in this Section 5. 2. As set forth pursuant to the September 2006 reopener between the parties, the County will: (a) fund the cost of the Retiree Medical Insurance Plan; and (b) establish a trust to administer the Retiree Medical Insurance Plan. 3. Upon paid County retirement, an eligible retiree shall receive a Plan Grant (Grant). The Grant may be applied only towards the cost of retiree and dependent coverage in a County-offered health insurance plan and/or Medicare premiums as provided below. a. For eligible retirees the Grant shall be an amount based on ten (10) dollars per month for each full year of service in an Eligible Classification up to a maximum of twenty-five (25) years. In each fiscal year, the amount of such Grant shall be adjusted by the average percentage increase in County health plan premiums no later than the effective dates of such increases, not to exceed five (5) percent per year. Effective on January 1, 2008, the maximum Grant adjustment will be limited to three (3) percent per year. In no case shall the Grant exceed the actual cost of the health insurance and/or Medicare premiums. b. For eligible employees retiring after September 12, 2006, the Grant will be adjusted as follows: The Grant will be reduced by seven and one-half percent (7-1/2%) per year for each year of age the employee is less than age 60, based upon the employee’s age on his or her retirement date. For the purpose of deferred retirement, the date on which the deferred retiree takes active retirement will be deemed the retirement date. The Grant will be increased by seven and one-half percent (7-1/2%) per year for each year of age the employee is greater than age 60, based upon the employee’s retirement date. For the purposes of the Grant increase, no years of age after age 70 will be considered. For the purpose of deferred retirement, the date on which the deferred retiree takes active retirement will be deemed the retirement date. The Grant for all eligible retirees (including retirees on disability) and surviving dependents will be reduced by fifty percent (50%) the first day of the month the retiree or surviving dependent becomes eligible for both Medicare Part A (without paying a premium) and Medicare Part B. For retirees and surviving dependents...
Sample 1See All (4)
AutoNDA by SimpleDocs
Retiree Medical Insurance Grant. The Authority shall administer a Retiree Medical Insurance Grant plan, which will also be referred to herein as a "defined benefit plan," for employees who have retired or terminated from Authority service and who meet the eligibility requirements as set forth in Section 5.B. of this Article. During the term of this MOU, the parties agree that either side may reopen labor negotiations on the topic of retiree medical insurance if being discussed with Local 3631 and the COA.
Sample 1
Retiree Medical Insurance Grant. 1. Effective August 1, 1993, the County shall administer a Retiree Medical Insurance Grant plan for employees who have retired from County service and who meet the eligibility requirements set forth in Section 8.B., below. 2. Upon paid County retirement, an eligible retiree who has enrolled in an AOCDS or County-offered health plan or Medicare Part A or Part B shall receive a Retiree Medical Insurance Grant. 3. An employee who separates from County service prior to meeting the eligibility requirements for the Retiree Medical Insurance Grant shall receive a lump sum cash payment equal to 1% of salary for each year of qualifying service in accordance with D., below. 4. The Retiree Medical Insurance Grant may be applied only towards the cost of retiree and dependent coverage in an AOCDS or County-offered health insurance plan and/or Medicare premiums as provided in A.4.a. and A.4.b., below. a. Upon implementation, the Retiree Medical Insurance Grant shall be an amount based on ten (10) dollars per month for each full year of service to a maximum of two hundred fifty (250) dollars per month. In each calendar year, the amount of such Grant shall be adjusted by the average percentage increase in County health plan premiums, not to exceed five (5) percent per year. In no case shall the Retiree Medical Insurance Grant exceed the actual cost of the health insurance and/or Medicare premiums. b. All employees who become eligible for a Retiree Medical Insurance Grant shall be provided a one (1) time opportunity of at least thirty (30) days to enroll in an AOCDS offered health plan or Medicare. Should a retiree fail to enroll during the aforementioned thirty (30) day periods or should he or she terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant.
Sample 1
Retiree Medical Insurance Grant. 1. Effective August 1, 1993 the County shall administer a Retiree Medical Insurance Program for employees who have retired from County service and who meet the eligibility requirements set forth in Section 5.B., below. 2. Upon paid County retirement, an eligible retiree who has enrolled in a County-offered health plan or Medicare Part A or Part B shall receive a Retiree Medical Insurance Grant. 3. An employee who separates from County service prior to meeting the eligibility requirements for the Retiree Medical Insurance Grant shall receive a lump sum cash payment equal to one (1) percent of salary for each year of qualifying service in accordance with D., below. 4. The Retiree Medical Insurance Grant may be applied only towards the cost of retiree and dependent coverage in a County-offered health insurance plan and/or Medicare premiums as provided in A.4.a. and A.4.b. below. a. Upon implementation, the Retiree Medical Insurance Grant shall be an amount based on ten (10) dollars per month for each full year of service to a maximum of two hundred fifty (250) dollars per month. In each fiscal year, the amount of such Grant shall be adjusted by the average percentage increase in County health plan premiums no later than the effective dates of such increases, not to exceed five (5)percent per year. In no case shall the Retiree Medical Insurance Grant exceed the actual cost of the health insurance and/or Medicare premiums. b. All employees who become eligible for a Retiree Medical Insurance Grant shall be provided a one (1) time opportunity of at least thirty (30) days to enroll in a County-offered health plan or Medicare. Should a retiree fail to enroll during the
Sample 1
Retiree Medical Insurance Grant. 1. Effective August 1, 1993, as amended herein, the County implemented a Retiree Medical Insurance Plan (Plan) for employees who have retired from County service and who meet the eligibility requirements set forth in this Section 4. 2. Upon paid County retirement, an eligible retiree shall receive a Plan Grant (Grant). The Grant may be applied only towards the cost of retiree and dependent coverage in a County-offered health insurance plan and/or Medicare premiums as provided below. a. For eligible retirees the Grant shall be an amount based on ten (10) dollars per month for each full year of service in an Eligible Classification up to a maximum of twenty-five (25) years. In each fiscal year, the amount of such Grant shall be adjusted by the average percentage increase in County health plan premiums no later than the effective dates of such increases, not to exceed five (5) percent per year. Effective on January 1, 2008, the maximum Grant adjustment will be limited to three
Sample 1

Related to Retiree Medical Insurance Grant

  • 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 Medical Insurance All regular Employees may choose to be covered by the medical plan for which the British Columbia Medical Plan is the licensed carrier. Benefits and premiums shall be in accordance with the existing policy of the plan. The Employer will pay one hundred percent (100%) of the regular premium.

  • Medical Insurance The Company shall provide to Executive, Executive's spouse and children, at its sole cost, such health, dental and optical insurance as the Company may from time to time make available to its other executive employees.

  • 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.

  • Optical Insurance 1. The Board shall provide Group I employees a vision plan comparable to the VSP 3 plan. 2. The Board shall provide Group II employees a vision plan comparable to the VSP 1 plan.

  • Retiree Health Insurance Retired members of the Department receiving, or to receive City of Lincoln monthly pension checks, may participate in the group comprehensive health care plan for active City employees, provided that each retiree so desiring will execute the required forms in a timely fashion, and further provided that each retiree will be required to pay the full monthly cost at the current rates subject to any rate increases which may occur from time to time. Such payment will be made by payroll deduction from pension checks, or by direct payment in the case of an early retiree.

  • Key Person Life Insurance The Company will maintain key person life insurance in an amount not less than $1,200,000 on the life of E. Xxxxxxx Xxxxx and pay the annual premiums therefor naming the Company as the sole beneficiary thereof for at least three years following the Effective Date.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!