Retirement and Retiree Health Care Sample Clauses

Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior to January 1, 2011.
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Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior October 26, 2010 Subject to the terms and conditions herein provided, the Court agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan prior to October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired prior to October 26,2010, who elect to retire on or after October 26, 2010 shall be two and one- half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.
Sample 1
Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior to January 1, 2011 General. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who are present participants in the Plan or who become participants in the Plan during the term of this Agreement. Part-time employees hired prior to January 1, 2011, who later become participants in the Monroe County Retirement System as full- time hires, shall have their pension benefits administered under the provision of Section 1, herein. In accordance with the provisions of said Ordinance, regular full-time seniority employees will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. The monthly benefit formula applicable to retirement for all regular full-time seniority employees in the bargaining unit who elect to retire shall be two and one half (2.5%) percent of the employee's final average compensation multiplied by her years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of her credited service producing the highest average compensation contained within the period of 120 months of her credited service immediately preceding the date her employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.
Sample 1
Retirement and Retiree Health Care. “Retired employees (Superior Officers) with twenty five (25) years of creditable service in the State PFRS will be entitled to fully paid health and dental plan benefits for the retiree, spouse and eligible children for the life of the retiree”. The coverage and carrier will be the same as active employees. A Superior Officer who is on a state approved disability retirement as found by the PFRS shall be covered by the provisions of Chapter 88:PL 1974. All Superior Officers, who retire and give proper notification (Two Weeks) of their intent to retire shall be granted or paid for any accumulated or accrued sick time, vacation time, holidays or compensatory time earned through their actual date of retirement. MEDICAL CO-PAYS Prescriptions will be as follows: HMO $10.00 to $10.00 (Generic Brand) per prescription $10.00 to $15.00 (Name Brand) per prescription $10.00 to $35.00 (Formulary) per prescription PPO $8.00 to $10.00 (Generic Brand) per prescription $15.00 to $20.00 (Name Brand) per prescription $15.00 to $35.00 (Formulary) per prescription Health Benefits will be as follows: HMO $5.00 to $ 15.00 per visit PPO $10.00 to $20.00 per visit The Borough of Collingswood is possibly going to change to the State Health Benefits Program in the calendar year 2008. For the period of January 2007 through July 2008 the present medical carrier and benefit level will remain without change or costs for the employee. The collective bargaining agreement may be opened during the contract period for this reason only. The employees shall continue to receive the same level of benefits if the change to the State Health Benefits Program is mutually accepted by both parties at that time.
Sample 1
Retirement and Retiree Health Care. 1. Retirement Benefits for Full-Time Employees Hired Prior to May 4, 2010.
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Retirement and Retiree Health Care. Section 17.1. Retirement Plan for Employees Hired Prior to January 1, 2011 General. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who are present participants in the Plan or who become participants in the Plan during the term of this Agreement. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. The monthly benefit formula applicable to retirement for all employees in the bargaining unit shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%)of final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the Employer last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.
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Retirement and Retiree Health Care 
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Related to Retirement and Retiree Health Care

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Retiree Health Benefits 1. There is currently in effect a retiree health benefit program for retired members of LACERS under LAAC Division 4, Chapter 11. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3.

  • Resignation and Retirement Any Trustee may resign his trust or retire as a Trustee, by written instrument signed by him and delivered to the other Trustees or to any officer of the Trust, and such resignation or retirement shall take effect upon such delivery or upon such later date as is specified in such instrument.

  • RETIREE HEALTH SAVINGS PLAN Effective December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • EMPLOYEE HEALTH CARE 233. Pursuant to the Charter, the City contributes whatever rate is applicable per month directly into the City Health Service System for each employee who is a member of the Health Service System. Subsequent City contributions will be set pursuant to the Charter.

  • Health Care Benefits (a) Each regular full-time employee may elect coverage for himself and his eligible dependents* under one of the following health insurance plans:

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

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