Retirement Health Care Benefits. Health insurance as set forth in Article 23 of this Agreement shall be provided for the first month of retirement. Dental and vision care shall be continued for the first twelve (12) months of retirement.
Retirement Health Care Benefits. The Company offers post-retirement benefits to its retired employees. The New York Community Bank plan provides comprehensive medical coverage through a major insurance company, subject to an annual deductible co-payment percentage and an offset against other insurance available to the retiree. The plan covers most medical expenses, including hospital services, doctors' visits, x-rays, and prescription drugs. Employees retiring after January 1, 1994 are required to share costs of the plan with the Bank, based upon a formula that takes into account age and years of service. The CFS Bank post-retirement plan provides life insurance coverage to retirees under an unfunded plan. Life insurance coverage in the first year of retirement is equal to three times annual pay at retirement, reduced by 10% (the "reduction amount"). For the next four years, life insurance coverage is reduced each year by the reduction amount. The maximum benefit is $50,000 on the earlier of (a) the fifth anniversary of retirement or (b) attaining age 70. The Company accrues the cost of such benefits during the years that an employee renders the necessary service. The following tables set forth the disclosures required under SFAS No. 132, as described on page 46 of this report, for the two benefit plans, combined, in 2000 and for the Queens County Savings Bank plan, alone, in 1999 and 1998: Post-retirement Benefits ------------------------ (in thousands) 2000 1999 ------------------------------------------------------------------------------- CHANGE IN BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 4,535 $ 3,110 Service cost 226 89 Interest cost 347 205 Actuarial gain (98) (83) Benefits paid (122) (135) ------------------------------------------------------------------------------- Benefit obligation at end of year $ 4,888 $ 3,186 =============================================================================== CHANGE IN PLAN ASSETS: Fair value of assets at beginning of year $ -- $ -- Actual return on plan assets -- -- Employer contribution 184 -- Benefits paid (184) (170) ------------------------------------------------------------------------------- Fair value of assets at end of year $ -- $ (170) ================================================================================ FUNDED STATUS: Accrued post-retirement benefit cost $(6,181) $(4,252) Employer contribution 184 -- Total net periodic benefit cost 548 (170) -----------------------------------------------------------...
Retirement Health Care Benefits. A. An employee who has taken superannuation retirement, has retired with thirty (30) or more years of credited service in PSERS or has taken disability retirement may continue to purchase the District’s coverage after retirement until the month in which he/she turns sixty-five years of age or until he/she is covered by another plan. If a retiree is eligible to be covered as an employee by another employer-provided health plan, he/she will not be eligible to remain enrolled in the District’s plan during that period of eligibility. However, the retiree will be eligible to be reinstated in the District’s plan whenever eligibility for coverage in the other employer-provided health plan ceases. Coverage will be purchased at the COBRA rate, unless the retiree qualifies for District-subsidized health care coverage as addressed in paragraphs B and C, and will be the coverage that is provided to the majority of the District’s active employees.
