Common use of RETIREMENT/DEATH/DISABILITY BENEFITS Clause in Contracts

RETIREMENT/DEATH/DISABILITY BENEFITS. ‌ 32.01 The City of Rapid City participates in a Retirement Special Pay Plan, which provides a tax advantage and Social Security advantage when employees terminate their employment. The administration and participation in the Pay Plan shall be in accordance with South Dakota Codified Law. 32.02 Employees who qualify for the retirement plan which is described in SDCL 3-12, known as the South Dakota Retirement System, shall be entitled to participate in said plan in accordance with the terms, conditions, and limitations of said plan. 32.03 An employee who is a member of the South Dakota Retirement System and is also a member of the City’s Group Insurance Plan, may, at the time of retirement, remain as a member of the City’s Group Insurance Plan, provided the employee pays all expenses of the Plan. Any such payments shall be made at the time specified by the City, and it shall be the duty of the retiree to see that the payments are received on or before the date specified. Failure to deliver payment at or before the date specified may cause the insurance to lapse, and the City shall not be responsible for collection. Eligibility for the employee’s retention of their membership in the City’s Group Insurance Plan shall be dependent on the employee meeting the requirements for retirement set forth under the provisions of the South Dakota Retirement System for the class of employee under which retirement eligibility was earned. The employee must have been employed by the City of Rapid City immediately preceding the employee’s retirement date. 32.04 Any employee who retires from the City consistent with the rules of the South Dakota Retirement System, but chooses not to delay receiving their retirement benefits, shall be eligible for group health insurance coverage under the provisions of this Section as if they remained in the system. 32.05 The City agrees to pay 100% of the cost of an employee’s contributions to the Group Health Insurance Plan for each employee who retires provided the employee meets the following conditions: A. The employee retires in accordance with the provisions of the South Dakota Retirement System and employed with the City at least 20 years or; B. The employee retires due to a medical disability or; C. The employee who retires under A or B above must have participated in the City’s Health Insurance at least five (5) years immediately preceding such retirement. The retiree’s Health Insurance benefit expires upon the retiree becoming eligible for Medicare/Medicaid or reaching age 65.

RETIREMENT/DEATH/DISABILITY BENEFITS. ‌ 32.01 The City of Rapid City participates in a Retirement Special Pay Plan, which provides a tax advantage and Social Security advantage when employees terminate their employment. The administration and participation in the Pay Plan shall be in accordance with South Dakota Codified Law. 32.02 Employees who qualify for the retirement plan which is described in SDCL 3-12, known as the South Dakota Retirement System, shall be entitled to participate in said plan in accordance with the terms, conditions, and limitations of said plan. 32.03 An employee who is a member of the South Dakota Retirement System and is also a member of the City’s Group Insurance Plan, may, at the time of retirement, remain as a member of the City’s Group Insurance Plan, provided the employee pays all expenses of the Plan. Any such payments shall be made at the time specified by the City, and it shall be the duty of the retiree to see that the payments are received on or before the date specified. Failure to deliver payment at or before the date specified may cause the insurance to lapse, and the City shall not be responsible for collection. Eligibility for the employee’s retention of their membership in the City’s Group Insurance Plan shall be dependent on the employee meeting the requirements for retirement set forth under the provisions of the South Dakota Retirement System for the class of employee under which retirement eligibility was earned. The employee must have been employed by the City of Rapid City immediately preceding the employee’s retirement date. 32.04 Any employee who retires from the City consistent with the rules of the South Dakota Retirement System, but chooses not to delay receiving their retirement benefits, shall be eligible for group health insurance coverage under the provisions of this Section as if they remained in the system. 32.05 The City agrees to pay 100% of the cost of an employee’s contributions to the Group Health Insurance Plan for each employee who retires provided the employee meets the following conditions: A. The employee retires in accordance with the provisions of the South Dakota Retirement System and employed with the City at least 20 years or; B. The employee retires due to a medical disability or; C. The employee who retires under A or B above must have participated in the City’s Health Insurance at least five (5) years immediately preceding such retirement. The retiree’s Health Insurance benefit expires upon the retiree becoming eligible for Medicare/Medicaid or reaching age 65.