Common use of Retirees Benefits Clause in Contracts

Retirees Benefits. A bargaining unit employee who was hired prior to September 1, 2004 and has attained age sixty (60) or greater and who has served not less than twenty (20) calendar years with the District, who takes a service or disability retirement with PERS, may choose between one of the following two options: 7.3.1 The employee shall continue to receive District contributions for health insurance until age sixty-five (65). The District's annual contribution shall be the same amount as the employee's last year of service (example: 2013-2014; $14,120 per FTE). 7.3.2 The employee may take a one-time cash benefit of $36,000 (prorated per FTE), paid out in three equal annual installments over three years. The first installment will be paid in the next payroll following the date the retirement takes effect, provided the District receives written notice of retirement at least 60 days prior to the date of retirement. The second and third installments will be paid on the payroll date immediately following the anniversary date of retirement. Option 2 is available only to employees who retire by the last day of the quarter following the quarter in which the employee turns sixty (60) years old. In the event the retiree receiving this benefit dies prior to receiving the full amount of the benefit he/she has chosen, retiree benefits as described in this article are not transferrable to employee's heirs, spouse or domestic partner as defined by the District.

Retirees Benefits. A bargaining unit employee who was hired prior to September 1, 2004 and has attained age sixty (60) or greater and who has served not less than twenty (20) calendar years with the District, who takes a service or disability retirement with PERS, may choose between one of the following two options: 7.3.1 The employee shall continue to receive District contributions for health insurance until age sixty-sixty five (65). The District's ’s annual contribution shall be the same amount as the employee's ’s last year of service (example: 20132011-20142012; $14,120 13,620 per FTE). 7.3.2 The employee may take a one-time cash benefit of $36,000 (prorated per FTE), paid out in three equal annual installments over three years. The first installment will be paid in the next payroll following the date the retirement takes effect, provided the District receives written notice of retirement at least 60 days prior to the date of retirement. The second and third installments will be paid on the payroll date immediately following the anniversary date of retirement. Option 2 is available only to employees who retire by the last day of the quarter following the quarter in which the employee turns sixty (60) years old. In the event the retiree receiving this benefit dies prior to receiving the full amount of the benefit he/she has chosen, retiree benefits as described in this article are not transferrable to employee's ’s heirs, spouse or domestic partner as defined by the District.