Common use of Retiree Medical Insurance Grant ("Defined Benefit Plan") Clause in Contracts

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 2.B of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, and/or Medicare premiums as provided in Sections 2.A.4.a, 2.A.4.b, and 2.A.4.c of this Article a. Effective January 1, 2023 the Retiree Medical Insurance Grant shall be an amount based on thirty one dollars and seventy seven cents ($31.77) per month for each full year of service to a maximum of seven hundred and ninety-four dollars and twenty-five cents ($794.25) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant. c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 employment and who meet the eligibility requirements as set forth in Section 2.B 4.B of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or and required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or and required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward towards the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, plan and/or Medicare premiums as provided in Sections 2.A.4.a4.A.4.a, 2.A.4.b4.A.4.b, and 2.A.4.c 4.A.4.c, of this Article. a. Effective January 1, 2023 2020, the Retiree Medical Insurance Grant shall be an amount based on thirty one twenty seven dollars and seventy seven four cents ($31.7727.74) per month for each full year of service to a maximum of seven six hundred and ninety-four three dollars and twenty-five fifty cents ($794.25693.50) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they he/she terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant. c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 employment and who meet the eligibility requirements as set forth in Section 2.B 5.B of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or and required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or and required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward towards the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, plan and/or Medicare premiums as provided in Sections 2.A.4.a5.A.4.a, 2.A.4.b5.A.4.b, and 2.A.4.c 5.A.4.c, of this Article. a. Effective January 1, 2023 202016, the Retiree Medical Insurance Grant shall be an amount based on thirty one twenty seven dollars and seventy seven four cents ($31.7727.74) twenty-five dollars and fifty cents ($25.50) per month for each full year of service to a maximum of six hundred and thirty-seven dollars and fifty cents ($637.50) six hundred and ninety-four three dollars and twenty-five fifty cents ($794.25693.50) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they he/she terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant. c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 2.B 2.B., of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, and/or Medicare premiums as provided in Sections 2.A.4.a., 2.A.4.b., and 2.A.4.c 2.A.4.c., of this Article. (09/28/06) a. Effective January 1, 2023 2014, the Retiree Medical Insurance Grant shall be an amount based on thirty one twenty two dollars and seventy seven cents ($31.7722.07) per month for each full year of service to a maximum of seven five hundred and ninety-four fifty one dollars and twenty-seventy five cents ($794.25551.75) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 a Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they he/she terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant.. (09/28/06) c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.. (09/28/06)

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 employment and who meet the eligibility requirements as set forth in Section 2.B 5.B of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or and required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or and required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward towards the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, plan and/or Medicare premiums as provided in Sections 2.A.4.a5.A.4.a, 2.A.4.b5.A.4.b, and 2.A.4.c 5.A.4.c, of this Article. a. Effective January 1, 2023 2016, the Retiree Medical Insurance Grant shall be an amount based on thirty one twenty-five dollars and seventy seven fifty cents ($31.7725.50) per month for each full year of service to a maximum of seven six hundred and ninetythirty-four seven dollars and twenty-five fifty cents ($794.25637.50) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they he/she terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant. c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.

Retiree Medical Insurance Grant ("Defined Benefit Plan"). A. Retiree Medical Insurance Grant 1. 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 employment and who meet the eligibility requirements as set forth in Section 2.B 4.B of this Article. 2. Upon paid Authority retirement, an eligible retiree who has enrolled in a “qualified health plan” (as defined in the Authority Retiree Medical Plan effective January 1, 1997) or in Medicare as stated in the Retiree Medical Plan and/or and required by the "qualified health plan" shall receive a Retiree Medical Insurance Grant. 3. An eligible former employee who terminated from Authority service prior to retirement, who is fifty-five (55) years of age or older, and who is enrolled in a recognized health plan or Medicare as stated in the Retiree Medical Plan and/or and required by the "recognized health plan," shall receive a Retiree Medical Insurance Grant. 4. The Retiree Medical Insurance Grant may be applied only toward towards the cost of retiree and dependent coverage in a “qualified health plan,” as reimbursement for a portion of the cost of eligible former employee and dependent coverage in a recognized health plan, plan and/or Medicare premiums as provided in Sections 2.A.4.a4.A.4.a, 2.A.4.b4.A.4.b, and 2.A.4.c 4.A.4.c, of this Article. a. Effective January 1, 2023 20230, the Retiree Medical Insurance Grant shall be an amount based on thirty one onetwenty seven dollars and seventy seven sevenfour cents ($31.7731.7727.74) per month for each full year of service to a maximum of seven sevensix hundred and ninety-four fourthree dollars and twenty-five fivefifty cents ($794.25794.25693.50) per month. On January 1 of each calendar year, the amount of such Retiree Medical Insurance Grant shall be adjusted by the average percentage increase in Authority health plan premiums no later than the effective dates of such increase, 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 Authority employees who retire from the Authority and 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 Authority “qualified health plan” and shall have ninety (90) days after attaining age sixty-five (65) to enroll in Medicare. Should a retiree fail to enroll in either a “qualified health plan” or Medicare during the aforementioned periods or should they he/shethey terminate coverage or fail to make necessary payments, the retiree and dependents shall forfeit any right to a Retiree Medical Insurance Grant. c. All former employees who did not retire from the Authority and who are eligible for a Retiree Medical Insurance Grant shall not receive the Grant until such employees reach age fifty-five (55) and request the Authority to commence distribution of the Grant no later than ninety (90) days from the former employee’s 55th birthday. Upon such request, the eligible former employees must show proof of enrollment in a recognized health plan. A reimbursement for a portion of the cost of premiums will be provided to the eligible former employees in accordance with the Retiree Medical Plan provisions. The eligible former employees will be required to provide the Authority with a copy of the premium bill and cancelled check or other recognized proof of payment for reimbursement.