RETIREMENT HEALTH CARE PLAN. The parties specifically agree that granting of the Post Retirement Health Care Plan shall not form part of, or be interpreted as part of the Collective Agreement. Effective the first of the month following 6 months after ratification or as soon as the administrative systems are available, the Company will establish a Post-retirement Health Care Plan for the payment of post-retirement health care benefits. The provisions of the Plan are summarized below:
RETIREMENT HEALTH CARE PLAN. No later than sixty (60) days following the effective date of the 2010 Agreement, the parties agree that the Village shall establish a post-employment health care plan for all bargaining unit employees. To implement such plan, the Village is authorized to contribute the amount of 3% of salary per pay period on behalf of each bargaining unit employee to the employee’s account. Additionally, the value of an employee’s sick leave buy back at retirement pursuant to Section 14.17 shall be contributed to the employee’s account. Each bargaining unit employee shall pay the ongoing administrative cost of the account.
