RETIREMENT HEALTH CARE BENEFIT. The District will provide all unit members with a minimum of twenty (20) years of District service regularly working an average of thirty (30) or more hours per week a retirement benefit upon retirement at or above the age of 55 as follows: medical coverage for a maximum of ten (10) years or until Medicare eligible with the District contributing towards the District base plan $1,900 effective July 1, 2008 and $2,000 effective July 1, 2009. Xxxxxxxx retirees who select an alternate plan will be responsible for any additional cost. Or retired unit members may receive monthly reimbursement for out of District medical plans by providing monthly statements that contain the subscriber’s name, address, plan name, period of coverage and monthly cost. Additionally, if the medical coverage is in the spouse’s name, the retired unit member must also provide documentation that states the unit member is a covered member under the plan. The initial documentation must be provided with the first monthly statement and annually thereafter. The monthly reimbursement cannot exceed $158.34 (effective July 1, 2008) and $166.67 (effective July 1, 2009) or the total amount of the invoice, whichever is less. Unit members must elect this benefit at the time of their retirement from the District. Retired unit members will be eligible to enroll in the District dental plan at their own expense.
RETIREMENT HEALTH CARE BENEFIT. An employee who satisfies the above eligibility conditions will be entitled to receive a fixed, annual post-retirement health care benefit. The amount of the annual post- retirement health care benefit will vary based on service in excess of 15 years. The annual benefit amount shall be calculated as follows: - $35 per year of Eligible Service for employees with at least 85 points at the time of retirement Eligible Service is defined as years of Pensionable Service at the time of retirement in excess of 15 years. The maximum Eligible Service is 20 years and the maximum annual benefit is $700. For e.g.: Age at retirement: 55 Pensionable Service at retirement: 32.5 Points at retirement: 87.5 Eligible Service at retirement: 32.5-15=17.5 Annual benefit amount: 17.5 x $35 = $612.50
RETIREMENT HEALTH CARE BENEFIT. The Company and Executive agree as follows with respect to the provision of health care benefits to Executive and members of his immediate family, in accordance with Section 8(d) of the Employment Agreement, entitled "Severance; Employee Benefits Post-
RETIREMENT HEALTH CARE BENEFIT. When a staff person meets the above definition and retires they are entitled to receive the following post retirement health care benefit(s):
